Categories AlphaGraphs, Consumer, Earnings

CarMax (KMX) Q1 profit dips 98%, misses estimates

CarMax Inc. (NYSE: KMX) reported a 98% dip in earnings for the first quarter of 2020 as the results were hurt by the combined effects of COVID-19-related store closures and restrictions on operations, as well as reduced customer traffic resulting from the economic impact of the pandemic and nationwide shelter-in-place orders.

CarMax (KMX) Reports Q1 2021 Earnings

The company grew its liquidity position during the quarter by selling through inventory and quickly aligning costs to lower sales volumes. The comparable store used vehicle revenue plunged by 40.8% and used vehicle units dipped by 41.8% for the first quarter of 2020.

During the first quarter of fiscal 2021, the company opened four stores — all in existing markets (Tampa, Philadelphia, New Orleans, and Los Angeles). The Tampa and Philadelphia stores were completed prior to the company making the decision to pause its store expansion strategy, and the New Orleans and Los Angeles stores were substantially complete at that time and CarMax chose to open them in May.

Take a look at our Consumer articles here
Also Read:  How the COVID-19 pandemic benefited food processing companies this year

Most Popular

The Coca-Cola (KO) company surpasses Q3 estimates

The Coca-Cola Company (NYSE: KO) reported third-quarter 2020 financial results before the opening bell on Thursday. The beverage giant reported a 9% fall in Q3 revenues to $8.7 billion, beating

American Airlines (AAL) slips to Q3 loss as revenues fall 73%; beats estimates

American Airlines Group Inc. (NASDAQ: AAL) reported a net loss for the third quarter of 2020, as record-low passenger traffic and widespread flight cancellations continued to impact operations. However, the

LUV Earnings: Key quarterly highlights from Southwest Airlines Q3 financial results

Southwest Airlines Co. (NYSE: LUV) reported third quarter 2020 earnings results today. Operating revenues fell 68.2% year-over-year to $1.8 billion. Net loss was $1.1 billion, or $1.96 per share, compared