CarMax Q1 sales $3.23 billion vs. $5.37 billionChristian Fernsby ▼ | June 19, 2020
CarMax reported results for the first quarter ended May 31, 2020.
Performance CarMax store
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. ■