(Bloomberg) -- CarMax Inc (NYSE:KMX). fell in early trading after its fourth-quarter used vehicle sales missed analyst estimates, with soaring prices and anxiety over the economy keeping some customers away.
The Richmond, Virginia-based company cited declining consumer confidence and affordability, among other factors, for a 6.5% drop in the number of used cars it sold last quarter in stores that have been open at least 13 months. The average price of a car rose 40%, or $8,300, in the period ended Feb. 28 compared with a year ago, CarMax said in a statement Tuesday.
The results are yet another sign that higher costs and worries about the economy are starting to take a toll on consumer behavior. Used car prices have been a major contributor to elevated inflation readings, though they have begun to slip this year.
Shares of CarMax fell more than 4% in premarket trading.
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