CarMax (KMX) Reports Q1 Earnings: What Key Metrics Have to Say

Core Insights - CarMax reported revenue of $7.11 billion for the quarter ended May 2024, reflecting a year-over-year decline of 7.5% and an EPS of $0.97 compared to $1.16 a year ago [4] Financial Performance - The reported revenue of $7.11 billion was slightly below the Zacks Consensus Estimate of $7.2 billion, resulting in a revenue surprise of -1.14% [2] - The company experienced an EPS surprise of -2.02%, with the consensus EPS estimate being $0.99 [2] - CarMax's shares returned +3.5% over the past month, outperforming the Zacks S&P 500 composite's +3.2% change [3] Key Metrics - Comparable Store Used Vehicles Sales decreased by 6.1% year-over-year, compared to the average estimate of -2.4% [6] - Revenue per vehicle retailed for used vehicles was $26.53 thousand, slightly above the estimated $26.35 thousand [6] - Total number of stores was 245, slightly below the estimated 246 [6] - Unit sales of wholesale vehicles were 147,685, below the average estimate of 161,029 [6] - Revenue per vehicle retailed for wholesale vehicles was $8.09 thousand, below the estimated $8.38 thousand [6] - Net sales for wholesale vehicles were $1.26 billion, below the estimated $1.35 billion, representing a year-over-year decline of 17% [6] - Net sales for used vehicles were $5.68 billion, below the estimated $5.76 billion, reflecting a year-over-year decline of 5.4% [6] - Other sales and revenues from third-party finance fees were reported at -$1.70 million, worse than the estimated -$1.54 million, showing a significant year-over-year change of -666.7% [6] - Extended protection plan revenues were $118.80 million, exceeding the estimated $110.37 million, with a year-over-year increase of 6.8% [6] - Advertising and subscription revenues were $34.70 million, slightly above the estimated $34.05 million, representing a year-over-year change of +10.5% [6]