Slow economy and shifting tastes hammer CarMax

carmaxfreshCarMax Inc.’s quarterly profit fell 55%, hit by a slowing economy and weaker consumer sentiment, and the used-car retailer said Wednesday it would suspend its guidance for the rest of the fiscal year.

Fuel-hungry light trucks and sports utility vehicles brought lower than expected sales, while

Gross profit per car fell 8.5% to $2,564.

RBC characterized the outlook suspension as CarMax “simply throwing up their hands as they can no longer read the business with any level of certainty.”

Read more at MaketWatch.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments