CarMax Shares Fall 8% After Earnings Beat and New CEO Turnaround Outline

CarMax shares fell about 8% in midday trading after the used-vehicle retailer posted first-quarter results that topped Wall Street estimates.

31 compared with the 95-cent average estimate. 42 billion expected. 4 million a year earlier. 4 million. 5%, and gross profit per retail used unit dropped $230 to $2,177.

Barr said he spent his first three months reviewing operations and identifying areas for growth and cost reduction. He plans to release more details of a multi-year turnaround strategy in late fall. Barr said the plan centers on offerings, customer experience, value, and efficiency.

He noted early changes include website updates showing monthly payments and an artificial intelligence call-agent service. "Our new strategy is focused on great offerings, easy experience, adding value, running lean, all of which, again, will drive sustainable long-term growth, which will create value for our shareholders," he told CNBC.

01 billion. Shares remain up roughly 25% this year since Barr took over in March.