Shares of CarMax Inc ( KMX ) are trading slightly higher in premarket today.

The company reported a first-quarter FY25 total net sales and operating revenues decline of 7.5% year-on-year to $7.11 billion, missing the analyst consensus estimate of $7.245 billion.

The company sold 358,817 units through combined retail and wholesale channels, a decrease of 5.3% year-over-year.

Total retail used vehicle unit sales fell 3.1% to 211,132 compared to the prior year’s first quarter. Comparable store used unit sales decreased 3.8%.

CarMax Auto Finance’s (CAF) income of $147.0 million grew 7.0% from the prior year due to growth in CAF’s average managed receivables and net interest margin percentage.

The company bought 314,000 vehicles from consumers and dealers, down 8.6% compared to last year.

Gross profit was $791.9 million, down 3.1% year-over-year. EPS of $0.97 missed the consensus estimate of $1.00.

Selling, general and administrative expenses increased 14.1% year-over-year to $638.6 million.

KMX held cash and equivalents of $914.47 million as of May-end and had $2.26 billion remaining available for repurchase under the outstanding authorization.

“I am encouraged by the trends we saw in the first quarter including continued year-over-year price declines, improvements in vehicle value stability, and ongoing growth in upper funnel demand,” said President and CEO Bill Nash.

Price Action: CarMax ( KMX ) shares are trading higher by 1.46% at $72.40 in premarket at last check Friday.