CarMax (NYSE:KMX) shares jumped more than 10% intra-day today after the company posted its Q1 results, with EPS of $1.44 coming in significantly above the Street estimate of $0.79. Revenue was $7.7 billion, beating the Street estimate of $7.49 billion.
The company experienced a 9.6% year-over-year decline in retail used unit sales and an 11.4% year-over-year decline in comparable store used unit sales.
CarMax’s president and CEO, Bill Nash, noted that despite the challenging macro environment, the company’s intentional efforts have led to positive developments in their business. In particular, unit performance in used, wholesale, consumer, and dealer purchases exhibited sequential improvements when compared to the year-over-year trends observed in the second half of the fiscal year 2023.