CarMax Q1 FY2023 EPS $1.56, down 40.7% YoY; used car sales decline 11%

CARMAX INC

2023-Q1 EPS reported $1.56 revenue$9,311,621,000

Net revenues $9.3B (+21% YoY) driven by higher average selling prices; total unit sales fell 5.5% to 427,257.
Retail used unit sales down 11% to 240,950; comp store used unit sales declined 12.7%.
CAF income $204.5M (-15.4% YoY) as provision for loan losses swung $82.2M vs. prior year income.
Gross profit per retail used unit improved $134 to $2,339; wholesale units up 2.7% to 186,307.
Repurchased 1.6M shares for $157.6M; $2.62B remaining under authorization.

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