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AutoNation profit falls 21.8 pct on lower vehicle sales

Aug 2 (Reuters) - AutoNation Inc, the largest U.S. auto retail chain, on Wednesday reported a 21.8 percent fall in quarterly profit hurt by lower new vehicle sales.

New car retail sales at the Fort Lauderdale, Florida-based company dropped 6.7 percent to 79,892 units, in the second-quarter ended June 30. Used-car sales rose 2.9 percent to 58,266 units.

Key automakers have reported declining sales for the past few months, with July being the fifth straight month in which volumes fell as car companies cut back on sales to daily rental fleets.

AutoNation's revenue per vehicle for new cars rose 2.3 percent to $36,686, and fell 2.1 percent to $19,413 for used vehicles.

The company's net income from continuing operations fell to $87.7 million, or 86 cents per share, in the quarter, from $112.1 million, or $1.08 per share, a year earlier.

Revenue fell 3 percent to $5.28 billion. On a same-store basis, sales fell 2 percent.

Up to Tuesday's close, shares fell about 14 percent this year. (Reporting by Rachit Vats in Bengaluru; Editing by Shounak Dasgupta)