Shares in CarMax (KMX) slumped 6% in pre-market trading after the vehicle retailer posted a drop in Q4 sales and a profit slump as it cut prices to boost demand.
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The group said that retail used unit sales decreased 0.8% and comparable store used unit sales declined 1.9% during Q4. Gross profit per retail used unit of $2,115 declined from last year’s record fourth quarter by $207.