RICHMOND, Va. (AP) -- Auto retailer CarMax Inc. said Monday its second-quarter
earnings plunged 78% as a weak economy and high gasoline prices eroded its sales.The Richmond, Va.-based company said earnings for the quarter ended Aug. 31 fell to $14 million, or 6 cents per share, from $65 million, or 29 cents per share, in the same quarter last year.
Total sales fell 13% to $1.84 billion from $2.12 billion a year ago. CarMax (KMX, Fortune 500) said same-store sales, or sales at stores open at least a year, tumbled 17% during the quarter.
http://money.cnn.com/2008/09/22/news/companies/CarMax-plunge.ap/index.htm?postversion=2008092209
My Response: It seems interesting to me how all the little guys in business start to become a major factor in our economy. Although I know that it is the small businesses that keep our economy afloat, they never receive any credit for it until we hit a recession. We need to recognize more small businesses that effect our economies growth, to show our appreciation for their help.
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