CarMax, Inc (NYSE:KMX) is recovering today following a revenue miss for its fiscal fourth quarter of 2017.
During its fiscal fourth quarter of the year, CarMax, Inc reported revenue of $4.08 billion. This is an increase over the $4.05 billion that was reported in the same period of the year prior. Despite this, it still came in below Wall Street’s revenue estimate of $4.17 billion for the quarter.
CarMax, Inc notes that the fourth quarter was rough for its used car sales, which were down 3.1% from the fourth quarter of 2016. It also saw comparable store used unit sales drop by 8%. Other sales and revenue reported by the company was down 4.5%. However, wholesale vehicle unit sales were up 8.9% from the same time last year.
Earnings per share reported by CarMax, Inc for the fourth quarter of the year was 77 cents. This is down from its earnings per share of 81 cents reported in the same quarter of the previous year. It also wasn’t able to reach analysts’ earnings per share estimate of 87 cents for the period.
CarMax, Inc reported net income of $122.10 million for its fiscal fourth quarter of 2017. This is down from its net income of $152.60 million from the same period of the prior year.
CarMax, Inc also outlined its expansion plans for the next 12 months in its most recent earnings report. The company says that it plans to open 15 new stores during the period and that 10 of them will be in metropolitan areas with populations of 600,000 or less.
KMX stock started the day out down 3%, but is now up 3% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
