CarMax Inc.'s quarterly profit fell 55%, hit by a slowing economy and weaker consumer sentiment, and the used-car retailer said Wednesday it would suspend its guidance for the rest of the fiscal year.

Fuel-hungry light trucks and sports utility vehicles brought lower than expected sales, while

Gross profit per car fell 8.5% to $2,564. 

RBC characterized the outlook suspension as CarMax "simply throwing up their hands as they can no longer read the business with any level of certainty."

Read more at MaketWatch.

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Carmax in serious trouble
written by barry, June 19, 2008

I think Carmax is in serious trouble. They've never faced anything like this before. Did you actually read the transcript from their earnings call yesterday? I thought Thomas Folliard made a really bad effort at spin. You can read the full transcript here:

http://seekingalpha.com/article/81844-carmax-f1q09-qtr-end-5-31-08-earnings-call-transcript?page=1

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