AutoZone Inc. shares fell back fractionally as the auto-parts retailer reported a 10% jump in profit, while its sales benefitted from strength in its international business.
AutoZone’s
AZO,
fiscal first-quarter net income rose to $593.46 million, or $32.55 a share, from $539.32 million, or $27.45 a share, in the year-ago quarter.
The company’s latest earnings per share figure of $32.55 a share beat the FactSet consensus estimate of $26.75 a share.
Sales rose 5.1% to $4.19 billion, in line with analyst estimates.
AutoZone’s total store count rose by 25 net new stores for a total of 7,165 in the U.S., Mexico and Brazil.
“Domestic sales results were solid despite tough comparisons from a year ago, while our international business continues to deliver exceptionally strong sales growth,” said Chief Executive Bill Rhodes.
AutoZone’s stock dipped 0.3% on Tuesday. The stock is up by 7.7% in 2023, compared to an 18.6% rise by the S&P 500.
Read the full article here
