AutoZone posts strong quarterly results on auto parts demand
Reuters
Published Sep 19, 2023 07:32AM ET
Updated Sep 19, 2023 07:42AM ET
(Reuters) - Auto parts retailer AutoZone Inc (NYSE:AZO) on Tuesday posted better-than-expected profit and revenue for the fourth quarter, boosted by demand for its do-it-yourself (DIY) automotive parts.
AutoZone, which competes with Advance Auto Parts (NYSE:AAP) and O'Reilly (NASDAQ:ORLY) Automotive, reported a nearly 2% jump in domestic same-store sales in the quarter ended Aug. 26.
"While we started this quarter slowly, we saw improvements in the back half of our quarter," CEO Bill Rhodes said in a statement.
Quarterly net sales rose about 6.4% to $5.69 billion from a year earlier. Analysts on average expected the company to post sales of $5.61 billion, according to LSEG data.
Fourth-quarter net income rose to $864 million, or $46.46 per share, compared to $810 million, or $40.51 per share, a year ago. Analysts expected $45.12 per share.
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Written By: Reuters
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