Carmax reported fourth-quarter revenue of $5.63 billion, which missed the consensus estimate of $5.79 billion, according to Benzinga Pro. The company reported quarterly earnings of 32 cents per share, which missed estimates of 49 cents per share.
CarMax shares are trading lower after the company reported a fourth-quarter FY24 sales decline of 1.7% year-on-year to $5.63 billion. The company reiterated its goal to sell more than 2 million combined retail and wholesale units annually. However, the company extended the timeframe to between fiscal year 2026 and fiscal year 2030 due to uncertainty in the timing of market recovery.
The negative mood on Wall Street may persist as investors await the release of another inflation report, which will have significant implications for the near-term trend in cons
Companies Reporting Before The Bell
• Kore Group Holdings (NYSE:KORE) is estimated to report quarterly loss at $0.05 per share on revenue of $77.79 million.
The CNN Money Fear and Greed index showed a further decline in the overall market sentiment, with the index remaining in the "Neutral" zone on Wednesday.
U.S. stocks closed lower on Wednesday following the release of inflation data for March.