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00:02CarMax shares dropped 9% Wednesday despite the company beating quarterly earnings expectations
00:07as its new CEO outlined a turnaround strategy, according to CNBC.
00:12CarMax reported earnings of $1.31 per share and revenue of $8.01 billion,
00:19topping expectations of $0.95 and $7.42 billion respectively.
00:24Questions remain about CarMax's ability to grow and cut costs as it faces margin pressure
00:28and declining gross profit per retail used vehicle.
00:31Net revenue rose 6.2% to $8.01 billion compared with nearly $7.6 billion a year earlier.
00:39Shares are up roughly 25% this year, including a 16% gain since Keith Barr took over as CEO
00:46on March 16th.
00:47Barr said he will release more details of his multi-year turnaround plan in late fall,
00:52expressing confidence in its execution.
00:54For all things money, visit Benzinga.com.
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