<p>CarMax Inc ((KMX)) 已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>CarMax 财报电话会议揭示了艰难的市场，专注于成本削减和数字化推进</p>
<p>CarMax 最近的财报电话会议描绘了一幅公司面临真实压力的图景，需求减弱、单位销量下降和利润压缩，但同时也在积极重塑其成本结构，并加大对数字化能力和内部金融部门的投入。管理层承认销售和盈利能力下降，以及持续的价格压力，同时强调全渠道零售、费用削减和 CarMax 汽车金融作为稳定未来几年业绩的杠杆。整体语气谨慎，短期内可见性有限，但并非没有战略乐观。</p>
<h2>数字化和全渠道发展</h2>
<p>CarMax 继续大力推进其数字化和全渠道战略，强调在技术上的重大投资，使客户能够以他们想要的方式和地点进行购物——在线、店内或两者的混合。管理层强调，提升数字购物体验是推动更好转化率和在疲软的二手车市场中捕捉需求的核心。公司正在完善其在线工具，简化数字旅程，并将这些能力紧密结合其实体业务，旨在创造无缝的端到端体验，使 CarMax 在传统经销商和纯在线竞争对手中脱颖而出。</p>
<h2>SG&amp;A 成本削减目标</h2>
<p>电话会议的一个主要主题是成本控制，CarMax 目标到 2027 财年末实现至少 1.5 亿美元的 SG&amp;A 节省。已经采取的关键措施是将客户体验中心 (CEC) 的员工人数减少 30%，管理层将其视为节省成本的步骤，同时更好地将资源与公司的全渠道模式对接。更广泛的 SG&amp;A 计划包括简化运营、利用技术减少人工工作和削减非必要支出。这些努力旨在保护在低销量环境中的盈利能力，并在需求恢复时建立一个更精简的增长平台。</p>
<h2>CarMax 汽车金融增长</h2>
<p>CarMax 汽车金融 (CAF) 突出表现，相较于去年同期收入增长 9%，本季度收入达到 1.75 亿美元。公司指出在全信用范围内持续扩张，表明 CAF 正在成为整体盈利能力日益重要的贡献者。通过在内部捕获更多融资，CarMax 可以加深每笔销售的经济效益，并可能抵消一些来自零售利润下降的压力。管理层表示，CAF 及其附属产品是公司在面对挑战性销售背景时的关键战略支柱。</p>
<h2>总销售额下降</h2>
<p>头条数字突显了需求放缓：总销售额同比下降 6.9%，零售单位销售下降 8%，二手单位可比销售下降 9%。这些数字突显了二手车行业面临的强大逆风，包括消费者的可负担性限制和价格竞争加剧。CarMax 的大规模全国模式提供了覆盖面和品牌认知度，但电话会议明确表示，销量疲软对整体业绩造成了沉重压力，并将在短期内继续成为核心挑战。</p>
<h2>批发和零售价格压力</h2>
<p>批发和零售定价动态是另一个压力来源。批发单位销售下降 6.2%，平均批发售价每单位下降约 40 美元，反映出批发环境疲软。在零售方面，平均售价仅因收购成本较高而上升，而不是因为 CarMax 能够推动有意义的价格上涨。这种组合——更高的收购成本、有限的定价能力和销量疲软——导致利润压缩，并迫使公司在采购、定价和库存周转方面更加谨慎。</p>
<h2>盈利和盈利能力挑战</h2>
<p>盈利能力急剧恶化，稀释后每股净收益从一年前的 0.81 美元降至 0.43 美元。管理层指出，重组费用和裁员是显著因素，加上销售下降和利润率收紧带来的运营压力。虽然这些成本中的一些是一次性的，但它们突显了正在进行的重组的程度。公司的战略是吸收这一短期盈利冲击，以重置其成本结构，并为在收入趋势稳定时改善杠杆做好准备。</p>
<h2>库存和成本挑战</h2>
<p>CarMax 还承认，其较高的平均售价使得车辆对价格敏感的买家吸引力下降，进一步加大了调整库存和利润率的必要性。公司计划降低利润率，以在定价上变得更具竞争力，同时全面审查其整体销售成本和运营费用。目标是在不削弱客户价值主张的情况下寻找效率，使 CarMax 能够提供更具竞争力的价格，同时保护回报。这种定价和成本管理的重新校准是恢复单位销量的核心。</p>
<h2>前瞻性指导和战略优先事项</h2>
<p>展望未来，CarMax 的指导和评论反映出一种谨慎但积极的态度。该公司报告的季度销售额为 58 亿美元，同比下降 6.9%，平均二手车售价为 26,400 美元，同比上涨 230 美元，同时每股收益下降至 0.43 美元。为了应对这些趋势，CarMax 计划降低利润率以提高竞争力，增加市场营销投资以支持流量和销售趋势，并在 2027 财年之前实现至少 1.5 亿美元的销售和管理费用节省。管理层还旨在进一步利用 CAF 和附属产品来增强盈利能力，并重新评估其成本结构，包括销售成本和数字平台的提升，以创造更流畅、高效的客户体验。这些举措共同构成了 CarMax 在不确定需求环境下的复苏计划的基础。</p>
<p>总之，CarMax 的财报电话会议强调了一个困难的季度，销售下降、利润压力和收益大幅下滑，但也突出了在成本、数字能力和内部融资方面的果断举措。投资者将密切关注利润削减、市场营销支出和结构效率是否能够恢复单位增长并恢复盈利能力。目前，语气依然谨慎，管理层更关注于建立一个精简、数字化的业务，以更好地应对当前的二手车周期，并在市场转好时抓住机会。</p>

车美仕

<p>CarMax 的第三季度财报电话会议强调了由于需求减弱、单位销量下降和利润压缩所带来的挑战。该公司正专注于削减成本、提升数字化能力以及其内部金融部门以稳定业绩。主要举措包括到 2027 财年实现 1.5 亿美元的销售和管理费用节省目标，以及减少 30% 的客户体验中心员工。CarMax 汽车金融的收入增长了 9%，但总销售额同比下降了 6.9%。该公司旨在提升数字购物体验，并调整库存和利润以保持竞争力</p>

<p>CarMax Inc ((KMX)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>CarMax Inc ((KMX)) 已召开其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
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</div><p>CarMax Earnings Call Reveals Tough Market, Focus on Cost Cuts and Digital Push</p>
<div class="lb-trans"><p>CarMax 财报电话会议揭示了艰难的市场，专注于成本削减和数字化推进</p>
</div><p>CarMax’s latest earnings call painted a picture of a company under real pressure from softer demand, weaker unit volumes, and margin compression, but also one that is actively reshaping its cost base and doubling down on digital capabilities and its in‑house finance arm. Management acknowledged declines in sales and profitability and persistent pricing headwinds, while emphasizing initiatives in omnichannel retail, expense reduction, and CarMax Auto Finance as levers to stabilize performance over the next few years. The overall tone was cautious, with limited near-term visibility, but not without strategic optimism.</p>
<div class="lb-trans"><p>CarMax 最近的财报电话会议描绘了一幅公司面临真实压力的图景，需求减弱、单位销量下降和利润压缩，但同时也在积极重塑其成本结构，并加大对数字化能力和内部金融部门的投入。管理层承认销售和盈利能力下降，以及持续的价格压力，同时强调全渠道零售、费用削减和 CarMax 汽车金融作为稳定未来几年业绩的杠杆。整体语气谨慎，短期内可见性有限，但并非没有战略乐观。</p>
</div><h2>Digital and Omnichannel Development</h2>
<div class="lb-trans"><h2>数字化和全渠道发展</h2>
</div><p>CarMax continued to lean heavily into its digital and omnichannel strategy, highlighting significant investments in technology that allow customers to shop how and where they want—online, in-store, or a hybrid of both. Management stressed that enhancing the digital shopping experience is central to driving better conversion rates and capturing demand in a softer used-car market. The company is refining its online tools, streamlining the digital journey, and tying these capabilities tightly to its physical footprint, aiming to create a seamless end-to-end experience that can differentiate CarMax from traditional dealers and purely online competitors.</p>
<div class="lb-trans"><p>CarMax 继续大力推进其数字化和全渠道战略，强调在技术上的重大投资，使客户能够以他们想要的方式和地点进行购物——在线、店内或两者的混合。管理层强调，提升数字购物体验是推动更好转化率和在疲软的二手车市场中捕捉需求的核心。公司正在完善其在线工具，简化数字旅程，并将这些能力紧密结合其实体业务，旨在创造无缝的端到端体验，使 CarMax 在传统经销商和纯在线竞争对手中脱颖而出。</p>
</div><h2>SG&amp;A Cost Reduction Goal</h2>
<div class="lb-trans"><h2>SG&amp;A 成本削减目标</h2>
</div><p>A major theme of the call was cost discipline, with CarMax targeting at least $150 million in SG&amp;A savings by the end of fiscal 2027. A key action already taken is a 30% reduction in its Customer Experience Center (CEC) workforce, which management framed as both a cost-saving step and a move to better align resources with the company’s evolving omnichannel model. The broader SG&amp;A program includes simplifying operations, leveraging technology to reduce manual work, and trimming non-essential spending. These efforts are designed to protect profitability in a lower-volume environment and build a leaner platform for growth when demand recovers.</p>
<div class="lb-trans"><p>电话会议的一个主要主题是成本控制，CarMax 目标到 2027 财年末实现至少 1.5 亿美元的 SG&amp;A 节省。已经采取的关键措施是将客户体验中心 (CEC) 的员工人数减少 30%，管理层将其视为节省成本的步骤，同时更好地将资源与公司的全渠道模式对接。更广泛的 SG&amp;A 计划包括简化运营、利用技术减少人工工作和削减非必要支出。这些努力旨在保护在低销量环境中的盈利能力，并在需求恢复时建立一个更精简的增长平台。</p>
</div><h2>CarMax Auto Finance Growth</h2>
<div class="lb-trans"><h2>CarMax 汽车金融增长</h2>
</div><p>CarMax Auto Finance (CAF) stood out as a relative bright spot, posting a 9% year-over-year increase in income to $175 million for the quarter. The company noted continued expansion across the full credit spectrum, signaling that CAF is becoming an increasingly important contributor to overall profitability. By capturing more financing in-house, CarMax can deepen its economics per sale and potentially offset some of the pressure from weaker retail margins. Management indicated that CAF, along with ancillary products, is a key strategic pillar as the company navigates a challenging sales backdrop.</p>
<div class="lb-trans"><p>CarMax 汽车金融 (CAF) 突出表现，相较于去年同期收入增长 9%，本季度收入达到 1.75 亿美元。公司指出在全信用范围内持续扩张，表明 CAF 正在成为整体盈利能力日益重要的贡献者。通过在内部捕获更多融资，CarMax 可以加深每笔销售的经济效益，并可能抵消一些来自零售利润下降的压力。管理层表示，CAF 及其附属产品是公司在面对挑战性销售背景时的关键战略支柱。</p>
</div><h2>Decline in Total Sales</h2>
<div class="lb-trans"><h2>总销售额下降</h2>
</div><p>The headline numbers underscored the demand slowdown: total sales fell 6.9% year-over-year, with retail unit sales down 8% and used unit comparable sales declining by 9%. These figures highlight the intensity of the headwinds facing the used-auto sector, including affordability constraints for consumers and heightened competition on price. CarMax’s large-scale, national model provides reach and brand recognition, but the call made clear that volume softness is weighing heavily on overall performance and will remain a core challenge in the near term.</p>
<div class="lb-trans"><p>头条数字突显了需求放缓：总销售额同比下降 6.9%，零售单位销售下降 8%，二手单位可比销售下降 9%。这些数字突显了二手车行业面临的强大逆风，包括消费者的可负担性限制和价格竞争加剧。CarMax 的大规模全国模式提供了覆盖面和品牌认知度，但电话会议明确表示，销量疲软对整体业绩造成了沉重压力，并将在短期内继续成为核心挑战。</p>
</div><h2>Wholesale and Retail Price Pressures</h2>
<div class="lb-trans"><h2>批发和零售价格压力</h2>
</div><p>Wholesale and retail pricing dynamics were another source of pressure. Wholesale unit sales declined 6.2%, and average wholesale selling prices slipped by about $40 per unit, reflecting a weaker wholesale environment. On the retail side, the average selling price rose only because acquisition costs were higher, not because CarMax was able to push through meaningful price increases. This combination—higher acquisition costs, limited pricing power, and softer volumes—contributes to margin compression and forces the company to be more surgical in how it buys, prices, and turns inventory.</p>
<div class="lb-trans"><p>批发和零售定价动态是另一个压力来源。批发单位销售下降 6.2%，平均批发售价每单位下降约 40 美元，反映出批发环境疲软。在零售方面，平均售价仅因收购成本较高而上升，而不是因为 CarMax 能够推动有意义的价格上涨。这种组合——更高的收购成本、有限的定价能力和销量疲软——导致利润压缩，并迫使公司在采购、定价和库存周转方面更加谨慎。</p>
</div><h2>Earnings and Profitability Challenges</h2>
<div class="lb-trans"><h2>盈利和盈利能力挑战</h2>
</div><p>Profitability deteriorated sharply, with net earnings per diluted share dropping to $0.43 from $0.81 a year earlier. Management pointed to restructuring expenses and workforce reductions as notable factors, layered on top of the operational pressure from lower sales and tighter margins. While some of these costs are one-time in nature, they underscore the extent of the restructuring underway. The company’s strategy is to absorb this near-term earnings hit in order to reset its cost structure and position the business for improved leverage when revenue trends stabilize.</p>
<div class="lb-trans"><p>盈利能力急剧恶化，稀释后每股净收益从一年前的 0.81 美元降至 0.43 美元。管理层指出，重组费用和裁员是显著因素，加上销售下降和利润率收紧带来的运营压力。虽然这些成本中的一些是一次性的，但它们突显了正在进行的重组的程度。公司的战略是吸收这一短期盈利冲击，以重置其成本结构，并为在收入趋势稳定时改善杠杆做好准备。</p>
</div><h2>Challenges in Inventory and Costs</h2>
<div class="lb-trans"><h2>库存和成本挑战</h2>
</div><p>CarMax also acknowledged that its higher average selling prices have made vehicles less attractive to price-sensitive buyers, intensifying the need to adjust its approach to inventory and margins. The company plans to lower margins to become more competitive on pricing, while simultaneously conducting a comprehensive review of its overall cost of goods sold and operating expenses. The goal is to find efficiencies without undermining the customer value proposition, enabling CarMax to offer sharper prices and still protect returns. This recalibration of pricing and cost management is central to regaining traction in unit volumes.</p>
<div class="lb-trans"><p>CarMax 还承认，其较高的平均售价使得车辆对价格敏感的买家吸引力下降，进一步加大了调整库存和利润率的必要性。公司计划降低利润率，以在定价上变得更具竞争力，同时全面审查其整体销售成本和运营费用。目标是在不削弱客户价值主张的情况下寻找效率，使 CarMax 能够提供更具竞争力的价格，同时保护回报。这种定价和成本管理的重新校准是恢复单位销量的核心。</p>
</div><h2>Forward-Looking Guidance and Strategic Priorities</h2>
<div class="lb-trans"><h2>前瞻性指导和战略优先事项</h2>
</div><p>Looking ahead, CarMax’s guidance and commentary reflect a cautious but proactive stance. The company reported quarterly sales of $5.8 billion, down 6.9% from the prior year, and an average used vehicle selling price of $26,400, up $230 year-over-year, alongside the EPS decline to $0.43. To counter these trends, CarMax plans to lower margins to improve competitiveness, increase marketing investments to support traffic and sales trends, and deliver at least $150 million in SG&amp;A savings by fiscal 2027. Management also aims to further leverage CAF and ancillary products to bolster profitability and is reassessing its cost structure, including COGS and digital platform enhancements, to create a more streamlined, efficient customer experience. Together, these initiatives form the backbone of CarMax’s recovery playbook in an uncertain demand environment.</p>
<div class="lb-trans"><p>展望未来，CarMax 的指导和评论反映出一种谨慎但积极的态度。该公司报告的季度销售额为 58 亿美元，同比下降 6.9%，平均二手车售价为 26,400 美元，同比上涨 230 美元，同时每股收益下降至 0.43 美元。为了应对这些趋势，CarMax 计划降低利润率以提高竞争力，增加市场营销投资以支持流量和销售趋势，并在 2027 财年之前实现至少 1.5 亿美元的销售和管理费用节省。管理层还旨在进一步利用 CAF 和附属产品来增强盈利能力，并重新评估其成本结构，包括销售成本和数字平台的提升，以创造更流畅、高效的客户体验。这些举措共同构成了 CarMax 在不确定需求环境下的复苏计划的基础。</p>
</div><p>In summary, CarMax’s earnings call underscored a difficult quarter marked by falling sales, margin pressures, and a sharp drop in earnings, but also highlighted decisive moves on costs, digital capabilities, and in-house financing. Investors will be watching closely to see whether margin cuts, marketing spend, and structural efficiencies can revive unit growth and restore profitability. For now, the tone remains cautious, with management focused less on near-term upside and more on building a leaner, more digitally enabled business that can better weather the current used-car cycle and capture upside when the market turns.</p>
<div class="lb-trans"><p>总之，CarMax 的财报电话会议强调了一个困难的季度，销售下降、利润压力和收益大幅下滑，但也突出了在成本、数字能力和内部融资方面的果断举措。投资者将密切关注利润削减、市场营销支出和结构效率是否能够恢复单位增长并恢复盈利能力。目前，语气依然谨慎，管理层更关注于建立一个精简、数字化的业务，以更好地应对当前的二手车周期，并在市场转好时抓住机会。</p>
</div>

车美仕财报电话会议：销售额下滑，成本削减力度加大