CarMax Stock Tumbles After Q2 Earnings Miss As Car Sales Slide

CarMax  (KMX)  shares fell sharply lower Thursday after the vehicle-buying website posted weaker-than-expected second quarter earnings amid a slump in overall sales that suggests weakening in the used car market. 

CarMax said earnings for the three months ending in August were pegged at 79 cents per share, a 54% slump from the same period last year and well shy of the Street consensus forecast of $1.39 per share. Group revenues, CarMax said, rose 1% to $8.1 billion, against missing analysts’ estimates of an $8.54 billion tally.