CarMax (KMX) shares tumbled over 9% in early trading on Thursday after reporting a profit below forecasts as demand for used vehicles slowed and the co♔mpany spent more to cover potential losses from bad loans.

The largest seller of used vehicles posted second-quarter fiscal 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.75, down $0.04 from a year ago and short of analysts’ estimates. Revenue dropped 13.1% to $7.1 billion, although that was better than♉ expected.

Retail used unit sales declined 7.4%, 澳洲幸运5官方开奖结果体彩网:comparable store used unit sales decr👍eased 9%, and wholesale unit sales d꧅ipped 11.2%.

Income from the company’s financing uꦦnit sank 26.2% to $135 million. CarMax explained the slide was because of “compression in the net interest margin percentage and a higher provision for loan losses.”

CEO Bill Nash said CarMax continued to drive sequen🔜tial improvements in its business “despite persistent widespread pressures across the used car industﷺry.”

The company noted it paused 澳洲幸运5官方开奖结果体彩网:share repurchases during the reporting quarter but intends to restart them in the current quarter. 🎐As of the end of August, it had $2.45 billion remaining🐎 in its share repurchase authorization plan. 

CarMax shares plunge♏d to their lowest level since May following the news.