RTTNews | Sep 30, 2021 12:41PM EDT

12:41 Thursday, September 30, 2021 (RTTNews.com) - Used car reselling company CarMax, Inc. (KMX), is trading 11% lower in the market after the company's second-quarter profit failed to meet the Street view. Net income reported by the company was $285.30 million or $1.72 earnings per share, dropped from $296.70 million or $1.79 earnings per share. On average, 12 analysts polled by Thomson Reuters expected the earnings to be $1.90 per share. Carmax also reported a 48% increase in revenue to $7.98 billion, up from $5.37 billion in the same term last year. The increase in revenue was offset by a 30% increase in sales and administrative expenses to $574.3 million. Analysts forecasted revenues of $6.90 billion for the quarter. The company is planning to open 10 new outlets in this financial year, of which, three were opened during the second quarter. The shares are trading at $130.07, down $16.38 or 11.18% since the previous close at $146.45. The stock opened in the morning at $133.21. In the 52-week period, the shares have ranged between $84.70 and $147.73.

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