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CarMax posts 19.5% revenue growth and 80% EPS jump in fiscal Q2

CarMax also plans to resume share buybacks in fiscal Q3, and the stock rose more than 5% after the results.

Reported · Written up by our desk · Results

CarMax reported fiscal Q2 results that showed signs of momentum in its turnaround effort, with revenue rising 19.5% and earnings per share jumping 80%, MarketBeat Ratings reported.

The company attributed the progress to its Shift into GEAR strategy, which it said centers on improving offerings and pricing and inventory, simplifying the customer experience, increasing transaction profitability, and running lean to reduce operating costs.

CarMax said it plans to resume share buybacks in Q3, which MarketBeat Ratings described as a signal that management expects the improvements to be durable.

MarketBeat Ratings also noted that CarMax shares rose more than 5% following the report.

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