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CarMax Shares Plunge 26.9% in September Amid Earnings Miss and Macroeconomic Headwinds
CarMax Shares Plunge 26.9% in September Amid Earnings Miss and Macroeconomic Headwinds
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CarMax Inc. (KMX) suffered a 26.9% stock decline in September, starkly underperforming broader markets during a month dominated by AI tech rallies. The used-car retailer's second-quarter earnings fell short of expectations, with revenue dropping 6% to $6.59 billion and EPS declining 24.7% to $0.64.
Management announced a $150 million cost-cutting initiative and launched a new "Wanna Drive?" marketing campaign targeting digital-first competitors like Carvana (CVNA). These measures failed to offset deteriorating consumer confidence, as evidenced by the Conference Board's September index reading of 94.2—down from 97.8 in August.
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