UPDATE: CarMax Posts Downbeat Q4 Results, Boosts Share Buyback
CarMax (NYSE: KMX) 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.
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