Q1 2025 Carmax Inc Earnings Call Transcript
Key Points
- CarMax Inc (KMX) delivered strong retail and wholesale gross profit per unit (GPU) and grew Extended Protection Plan (EPP) margins.
- The company sourced approximately 35,000 vehicles from dealers, an all-time record.
- CarMax Inc (KMX) increased used salable inventory units by 5% year over year.
- CarMax Auto Finance (CAF) income grew by 7% year over year under tight lending standards.
- The company repurchased over $100 million in shares during the quarter.
- Total sales for the quarter were $7.1 billion, down 7% compared to last year.
- Retail unit sales declined by 3.1%, and average selling price declined approximately $700 per unit or 3% year over year.
- Wholesale unit sales were down 8.3% versus the first quarter last year.
- First-quarter net earnings per diluted share were $0.97, down from $1.44 a year ago.
- SG&A expenses for the first quarter were $639 million, up 3% or $19 million from the prior year's quarter.
Ladies and gentlemen, thank you for standing by. Welcome to the Q1 quarter fiscal year 2025 CarMax earnings release conference call. (Operator instructions) Please be advised that today's conference is being recorded, and I would now like to hand the conference over to your speaker today, David Lowenstein, VP, Investor Relations. Please go ahead.
Thank you, Savannah. Good morning, everyone. Thank you for joining our fiscal 2025 first-quarter earnings conference call. I'm here today with Bill Nash, our President and CEO, Enrique Mayor-Mora, our Executive Vice President and CFO, and Jon Daniels, our Senior Vice President, CarMax Auto Finance Operations.
Let me remind you, our statements today that are not statements of historical fact, including statements regarding the company's future business plans, prospects, and financial performance are forward-looking statements we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements
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