CarMax Recovery Could Face Drag From E-Commerce Rivals

CarMax’s worst quarter is now in the rearview mirror, but the used-car retailer may have to keep looking over its shoulder as e-commerce upstarts remain hot on its tail. The company’s overall sales declined by almost 40% in the quarter ended May 31, a better number compared with estimates. Net earnings declined a startling 98% due to some loan loss provisions, but was still better than the loss analysts had expected. Gross profit was also better than expected, though it declined more than 50%. Share prices declined more than…

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