UPDATE: CarMax Posts Downbeat Q4 Results, Boosts Share Buyback

CarMax

reported weaker-than-expected fiscal fourth-quarter results and increased its share-buyback plan by $1 billion. CarMax's quarterly profit fell to $99.2 million, or $0.44 per share, versus a year-ago profit of $107.2 million, or $0.46 per share. Its revenue climbed 8.8% to $3.08 billion. However, analysts were expecting earnings of $0.53 per share on revenue of $3.12 billion. CarMax's gross margin shrank to 12.5% versus 13.1%. CarMax shares fell 3.39% to $45.95 in pre-market trading.