Shares of AutoZone Inc. dropped 1.8% in premarket trading Tuesday, are the auto parts retailer reported fiscal fourth-quarter earnings that beat...
Shares of AutoZone Inc. AZO, -0.30% dropped 1.8% in premarket trading Tuesday, are the auto parts retailer reported fiscal fourth-quarter earnings that beat expectations, while the domestic commercial business fell short of forecasts. Net income for the quarter to Aug. 26 rose to $864.89 million, or $46.46 a share, from $810.0 million, or $40.51 a share, in the year-ago period. The FactSet consensus for earnings per share was $45.17. Net sales grew 6.4% to $5.
Meanwhile, same-store sales rose 4.5% to beat the FactSet consensus of 2.4% growth, as domestic sales increased 1.7% and international sales jumped 34.1%. “Despite lower than expected growth in domestic Commercial, we believe that the initiatives we have in place and are implementing will drive stronger growth in fiscal 2024,” said Chief Executive Bill Rhodes.
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