Home » CarMax is trying to recover after recent negatives
CarMax is trying to recover after recent negatives
CarMax is having troubles sustaining their recovery. After sales went back to growing during the second quarter, the massive used vehicle retail company announced that their revenue is going back into the negative.
In a conference call with investors, CEO Bill Nash and his team explained how demand trends were better than they might appear at a glance. CarMax's management also issued an update on their push into e-commerce sales, which they're hoping will help return the company to its long-term growth targets over time.
While we are disappointed to report negative comps in the quarter, they were materially affected by the dynamics and the six Houston area stores following Hurricane Harvey.
CarMax's sales gains slipped into negative territory for the third time out of the retailer's last four quarterly outings, with comparable-store sales falling 1.2%. That recent track record is weak enough that it could call into question the company's broader growth targets.