CarMax Inc. dropped the most since September after the used-vehicle retailer reported sales that missed analysts’ estimate for the first time in five quarters.
Revenue was $4.01 billion for the fiscal first quarter that ended May 31, the Richmond, Virginia-based company said in a statement Friday. The average of 14 estimates compiled by Bloomberg was $4.15 billion.
CarMax’s average selling price for used vehicles fell 1.6 percent in the quarter, according to the statement. The company posted earnings of 86 cents a share, beating the 85-cent average estimate.
The shares slid 2.4 percent to $70.27 at 11:26 a.m. in New York after falling as much as 5.2 percent, the steepest intraday decline since Sept. 23. They had gained 8.1 percent this year through Thursday, outpacing the 3 percent increase for the Standard & Poor’s 500 Index.