Autozone 3Q profit rises but misses Street's view
Autozone 3rd-quarter profit, revenue climbs, but results miss Wall Street's expectations
MEMPHIS, Tenn. (AP) -- AutoZone's third-quarter net income rose 7 percent, as acquisition costs fell and sales improved.
The auto parts retailer earned $265.6 million, or $7.27 per share, for the period ended May 4. That's up from $248.6 million, or $6.28 per share, a year earlier.
Analysts polled by FactSet, on average, expected higher earnings of $10.40 per share. Revenue for the Memphis, Tenn., company increased 5 percent to $2.21 billion from $2.11 billion.
Both edged out Wall Street expectations.
Revenue at stores open at least a year dipped 0.1 percent. Analysts pay close attention to comparable-store revenue as a measure of a retailer's health because the volatility of stores recently opened or closed are stripped out.
AutoZone Inc. had 5,109 stores worldwide at the quarter's end.
