CarMax (NYSE:KMX) is trading more than 7 percent lower today despite posting a 4 percent increase in net income in its second quarter when compared to last year. The used car dealership said that the weak economy and soft consumer confidence lead to a drop in customer traffic. The company reported a net income of $111.9 million, or 49 cents per share in the second quarter, up from a year ago earnings of $107.9 million, or 48 cents per share. Net sales during the three month period grew by 11 percent to $2.59 billion as wholesaler car sales where strong and overall prices where higher.
CarMax reported that used vehicles unit sales jumped by 7 percent but that sales at store open at least one year dropped by 2 percent.
CarMax is currently trading 7.25 percent lower today at a price of $25.44. Analyst on average hold a price target of $38.21 on CarMax.
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