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CarMax Q1 sales $3.23 billion vs. $5.37 billion

Christian Fernsby ▼ | June 19, 2020
CarMax reported results for the first quarter ended May 31, 2020.
CarMax store
Performance   CarMax store
First quarter performance significantly impacted by the Coronavirus pandemic. More than 80% of the days in the quarter were negatively impacted by a mix of store closures and limited operations. In addition, open stores were also impacted by occupancy restrictions. For the quarter, comparable store used unit sales declined 42%.

Sales have progressively improved since hitting a trough in early April; comparable store used unit sales for the two weeks ended June 14 were within 10% of last year’s sales, with many stores generating positive comparable stores sales.

Strong margin management execution during a period of unprecedented depreciation; used and wholesale gross profit per unit for the first quarter were $1,937 and $978, respectively.

Grew our liquidity position during the quarter by selling through inventory and quickly aligning costs to lower sales volumes.