RTTNews | Sep 24, 2020 10:46AM EDT

10:46 Thursday, September 24, 2020 (RTTNews.com) - CarMax, Inc. (KMX) shares are down nearly 12 percent on Thursday morning trade, though the company reported an improved profit for the second quarter.

The retailer of used cars reported an increase in the second-quarter earnings to $296.7 million from $233.6 million in the prior year. On a per-share basis, earnings were $1.79, up from $1.08 in the prior year. On average, 13 analysts polled by Thomson Reuters were looking for earnings of $1.08 per share.

Revenue for the quarter increased 3.29 percent to $5.37 billion from $5.20 billion a year ago. Analysts expected revenue of $5.21 billion.

Shares are currently at $93.06, down 12.15 percent from its previous close of $105.93. The stock has been bearish after reaching near its all-time peak on Wednesday.

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