CarMax appoints interim CEO, flags weak Q3 outlook; shares drop

Carmax

06/11/2025 14:56

Updates

** Shares of used-car retailer CarMax KMX.N slump 14% to $35 in early trading

** Board member David McCreight named interim CEO and president

** McCreight is set to replace current CEO Bill Nash, effective December 1

** Co expects Q3 net earnings per share of 18 cents to 36 cents, well below estimates of 70 cents, according to data compiled by LSEG

** Also expects Q3 comparable store sales decrease of 8% to 12%

** J.P. Morgan cuts KMX rating to "underweight" from "neutral", slashes PT to $30 from $50, showing a 26.5% downside from the stock's last close

** Including session moves, shares down 57% YTD

 (Reporting by Apratim Sarkar in Bengaluru)

 ((Apratim.Sarkar@thomsonreuters.com))