CarMax Inc. (KMX) reported earnings on Fri 19 June 20 (b/o)

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Used car retailer CarMax (KMX) said Friday it had net income of $4.978 million, or 3 cents a share in its fiscal first quarter to May 31, down from $266.7 million, or $1.59 a share, in the year-earlier period, weighed down by the coronavirus pandemic. Sales fell to $3.23 billion from $5.37 billion. The FactSet consensus was for EPS of 4 cents and sales of $2.72 billion.

"More than 80% of the days in the quarter were negatively impacted by a mix of store closures and limited operations," the company said. Open stores were further impacted by occupancy restrictions. Same-store used unit sales declined 42%. Sales have picked up since hitting a trough in early April and same-store used unit sales for the two weeks to June 14 were within a 10% range of last year's sales. "We continued our omni-channel rollout and launched new initiatives, such as contactless curbside pickup, a temporary extension of our 90-day warranty and CAF payment assistance to meet the near-term needs of our customers; we introduced social distancing and enhanced sanitation procedures; and we shifted our entire wholesale business from in-person to online auctions," Chief Executive Bill Nash said in a statement.

The company had $658 million in cash and $1.08 billion in unused capacity on its revolving credit facility, as of May 31. Shares have gained 12% in the year to date, while the S&P 500 (SPX) has fallen 4%.