Shares of CarMax fell 9% Wednesday after the company beat Wall Street's quarterly earnings expectations and its new CEO detailed a high-level turnaround strategy for the company.

Here's how the company performed in its first fiscal quarter, compared with average estimates compiled by LSEG:

Earnings per share: $1.31 vs. 95 cents expected

$1.31 vs. 95 cents expected Revenue: $8.01 billion vs. $7.42 billion expected

Despite the beats, questions remain about the company's ability to grow and cut costs under the plan as it faces tougher market conditions. The used-vehicle retailer reported margin pressure and declining gross profit per retail used vehicle.

CarMax's total gross profit was $854.4 million, down 4.4% compared with last year's first fiscal quarter. Retail used vehicle gross profit decreased 9.5% and retail gross profit per used unit was $2,177, down $230 from last year's all-time record, the company said. Its net revenue was up 6.2% compared with nearly $7.6 billion a year earlier.

CarMax reported net earnings of $185.6 million, down 11.8% from $210.4 million in the same period last year.

Shares of CarMax are still up roughly 25% this year, including a roughly 16% increase since Keith Barr, a former CEO of InterContinental Hotels Group , began leading the company on March 16.

Barr said he will release more details of his plan — which is expected to take multiple years to execute — in late fall, but he noted that leadership is "super confident about it."

"Our new strategy is focused on great offerings, easy experience, adding value, running lean, all of which, again, will drive sustainable long-term growth, which will create value for our shareholders," he told CNBC during an interview.