AutoNation Inc.’s first-quarter results were hampered by slower business and stay-at-home orders across most of its footprint amid the coronavirus pandemic, driving the auto retail giant to a net loss.
The nation’s largest new-vehicle retailer said Monday that first-quarter revenues dropped 6.3 percent to $4.67 billion. Lower revenues and $315 million in after-tax noncash goodwill, franchise rights and other impairment charges mostly related to COVID-19 led to a net loss of $232.3 million. That compared with net income of $92 million in 2019’s first quarter.
When adjusted for the special charges, net income from continuing operations was $82.4 million, down 4 percent. In the year-ago quarter, AutoNation had $6 million in after-tax gains on store divestitures.
AutoNation said its same-store new and used retail unit sales plunged 52 percent during the first 10 days of April but were down just 19 percent during the last 10 days of the month. For all of April, same-store new and used…