CarMax reports 17 percent drop in revenue for the first quarter

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Used car retailers continue to be hard hit by the recession with CarMax showing a drop of 17 percent in net sales and operating revenues for the first quarter. The Richmond-based Fortune 500 company released figures today, showing a drop to $1.83 billion, down from $2.21 billion, compared with the first quarter of last year.

Total gross profit declined 2 percent, to $276.2 million, despite the 17 percent decline in total revenues. While customer traffic continued to be weak during the recession, CEO Tom Folliard noted in a statement that the company “did see improvement in the first quarter compared with the fourth quarter of fiscal 2009. On a year-over-year basis, sales execution improved notably, which partially offset the decline in traffic.”  The full earnings report can be found here.

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