(Reuters) – CarMax on Thursday posted a lower quarterly profit amid tepid demand for preowned vehicles.
Used-vehicle demand, which was strong during the pandemic, has tapered off from those levels as easing supply chain constraints meant that carmakers could produce more new vehicles.
“While we paused the repurchase of our common stock during the third quarter of fiscal 2023, we intend to resume share repurchases in the third quarter of this year,” CarMax said.
The company’s net earnings fell to $118.6 million, or 75 cents per share, in the second quarter ended Aug. 31, from $125.9 million, or 79 cents per share, a year ago.
Net revenue was $7.07 billion, compared with $8.14 billion a year ago.
(Reporting by Nathan Gomes in Bengaluru; Editing by Maju Samuel)
