CarMax (KMX) Falls to All-Time Low as Q2 Earnings Disappoint

We recently published 10 Big Names Investors Are Dumping. CarMax, Inc. (NYSE:KMX) is one of the companies that heavily bled in Thursday’s trading.

Shares of CarMax fell to an all-time low on Thursday, as investors disposed of positions after disappointing second-quarter earnings results.

During the session, the company fell to its lowest 52-week price of $42.75 before slight buying trimmed its losses to end the day just down by 20.07 percent at $45.60 apiece.

This followed surprisingly disappointing financial and operating results, with retail used unit sales declining 5.4 percent, and comparable same-store sales decreasing 6.3 percent.

Net income declined by 28.16 percent to $95.4 million from $132.8 million in the same period last year, while net sales and operating revenues dropped by 6 percent to $6.59 billion from $7.013 billion year-on-year.

“While this was a challenging quarter, we remain confident in our long-term strategy and the strength of the earnings model that we have built. We are excited about the recent launch of our new brand positioning campaign `Wanna Drive?’ that brings our differentiated omni-channel experience to life and underscores our ongoing commitment to empowering the customer,” said CarMax, Inc. (NYSE:KMX) President and CEO Bill Nash.

Additionally, CarMax, Inc. (NYSE:KMX) said it would continue to drive selling, general, and administrative expenses efficiency, targeting at least $150 million in cost savings over the next 18 months.

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Disclosure: None. This article is originally published at Insider Monkey.