CarMax hits the skids as management removes timelines from its financial goals on trade chaos
CarMax still has goals; it’s just not thinking of them in terms of time any more. In its earnings report on Thursday, CarMax said it’s backing away from the time frames attached to its long-term financial goals because of trade volatility.
“We are focused on growing the business, and we continue to make progress toward our long-term goals. However, we are removing the timeframes associated with them given the potential impact of broader macro factors.”
It’s a similar move to one Delta Air Lines made Wednesday, when it pulled its full-year guidance and warned of the possibility of a recession. Shares of the used vehicle retailer were down more than 8% in premarket trading.
CarMax said it sold 301,811 vehicles between its retail and wholesale businesses in the fourth quarter, short of analyst expectations of 312,800.
