CarMax Reports Losses In June And July

August 6, 2008 11:53 a.m. EST

New York, NY (AHN) - CarMax Inc. confirmed Wednesday that its used car sales are lagging, particularly at stores open for more than a year, by an average of 17 percent for the past two months. "As reported in June, the sudden and dramatic drop-off in our sales beginning Memorial Day weekend caused us to withdraw our previous sales and earnings guidance for the fiscal year," CEO Tom Folliard said in a company statement, adding this wil delay the planned opening of four stores from 2009 to 2010. CarMax also plans to reduce its work force through attrition and layoffs, if necessary, though no projections were released. The Virginia-based company operates at 98 locations.