CarMax stock falls about 10% as CEO steps down, releases outlook
A CarMax dealership in Santa Rosa, California, on April 11, 2023.
Justin Sullivan | Getty Images
DETROIT – Shares of CarMax Inc. fell about 10% during premarket trading Thursday after the used car retailer announced a weak preliminary outlook for its current fiscal quarter and said CEO Bill Nash would be unexpectedly stepping down.
The preliminary outlook for its third fiscal quarter includes an 8% to 12% decrease in comparable store used unit sales and net earnings per diluted share of between 18 cents and 36 cents, including 9 cents in non-recurring expenses related primarily to the leadership shakeup and other workforce reductions.
Regarding its CEO, the company said board member David McCreight, a retail clothing executive who has…
