CarMax (NYSE: KMX) stock plummeted 14.66% in pre-market trading on Thursday after the used car retailer reported fourth-quarter earnings that fell short of analysts' expectations and announced the removal of timeframes for its long-term goals.

For the quarter ended February 28, CarMax reported earnings per share (EPS) of $0.58, significantly below the consensus estimate of $0.65-$0.68. While the company's revenue of $6.0 billion was slightly above expectations, the earnings miss and cautious outlook appear to have spooked investors.

Despite the negative market reaction, CarMax did report some positive metrics for the quarter. Used vehicle comparable store sales increased by 5.1%, and the company saw a substantial 78.8% year-over-year increase in net earnings to $89.9 million. Gross profit also rose 13.9% to $667.9 million.

However, the company's decision to remove the timeframes associated with its long-term goals due to "the potential impact of broader macro factors" seems to have overshadowed these improvements. This move signals uncertainty about the company's future growth trajectory in the face of economic headwinds.

"We are pleased with the continuing momentum across our diversified business during the fourth quarter," said Bill Nash, president and CEO of CarMax. "We delivered robust EPS growth driven by increases in unit sales and buys, strong growth in total gross profit, an increase in CAF income, and ongoing management of SG&A."

The sharp decline in CarMax's stock price reflects investor concerns about the company's ability to maintain growth and profitability in an uncertain economic environment. As the used car market faces potential challenges from factors such as inflation and changing consumer behavior, CarMax's cautious stance on long-term projections appears to have triggered a selloff.