CarMax Stock Suffers Biggest Fall In More Than 12 Years. Consumers Prefer Lower-Priced Cars.

 CarMax’s stock was falling sharply on Thursday after the used-car dealer reported quarterly profits a bit more than half of what analysts expected. Continuing challenges in the macro environment are affecting sales.

CarMax (ticker: KMX) reported earnings per share of 79 cents for the quarter ended August. Analysts tracked by FactSet were looking for earnings of $1.39 a share. Revenue of $8.1 billion in the second fiscal quarter was also below expectations of $8.5 billion. A year earlier, in the second quarter of fiscal 2022,


earned $1.72 a share from $8 billion in sales.