Severe weather, the coronavirus pandemic, lower sellable inventory than a year ago and calendar shifts all had an impact on CarMax's fiscal fourth quarter, as the nation's largest used-vehicle retailer reported higher sales and lower profits.
CarMax's net sales and operating revenue grew 4.1 percent to $5.16 billion in the period ended Feb. 28, while net earnings fell 2.3 percent to $209.9 million.
The company separately on Thursday announced the acquisition of Edmunds for $404 million. CarMax had bought a minority stake in the automotive-listings and research company for $50 million last year. The full acquisition, expected to be completed in June, will help CarMax with its omnichannel retail efforts while giving Edmunds CarMax's national scale and infrastructure.
In an earnings call Thursday, CarMax CEO Bill Nash said a key piece of the partnership has led to both CarMax and Edmunds offering an instant-offer tool on their websites. Nash said CarMax is …