CarMax’s worst quarter is now in the rearview mirror, but the used-car retailer may have to keep looking over its shoulders as e-commerce upstarts remain hot on its tail. The company’s overall sales declined by almost 40% in the quarter ended May 31, a better number compared with estimates. Net earnings declined a startling 98% due to some loan loss provisions, but was still a positive number compared with the negative number analysts expected. Gross profit was also better than expected, though it declined more than 50%.

Source: Wall Street Journal June 19, 2020 17:15 UTC