CarMax’s revenues, net earnings and sales all fell in the second quarter of its fiscal year, according to the company’s quarterly report.

In Q2, which ended Aug. 31, the used vehicle retailer’s net revenues dropped 13.1% compared to the same span last year, finishing the quarter at $7.1 billion, while net earnings fell almost 6% to $118.6 million year-over year.

Retail sales of used vehicles were down 7.4% to 200,825 units, and wholesale vehicle sales fell to 141,837, a year-over-year drop of 11.2%.

In a news release, the company said sales were affected by “widespread inflationary pressures, higher interest rates, tightened lending standards and prolonged low consumer confidence.”

That said, margins remained solid. Gross profit per retail used unit held steady at $2,251, compared to $2,282 in 2022, and wholesale gross profit per unit actually rose $82 to $963, “despite steep market depreciation,” the report said.

That depreciation CarMax said, contributed to a nearly 15% drop in vehicles purchased from consumers and dealers.

CarMax president and CEO Bill Nash cited the company’s 30th anniversary in September as evidence of “the enduring strength of our brand,” and noted that CarMax produced “strong” gross profit per unit, reduced expenses and “stabilized” CarMax Auto Finance’s net interest margin.

“We continue to drive sequential improvements in our business despite widespread pressures across the used car industry,” he said, adding the company is taking “deliberate steps” to “[take] control of what we can.”