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AutoZone’s Domestic same-store sales rose 1.9% in its latest quarter.
Billy Blume/Dreamstime.com
AutoZone
reported fiscal third-quarter earnings that beat expectations on Tuesday, but net sales and same-store sales for the automotive replacement parts maker were below consensus.
AutoZone
(ticker: AZO) posted third-quarter earnings of $34.12 a share, higher than analysts’ estimates of $31.51. Net sales for the period were about $4.09 billion, slightly below forecasts of $4.12 billion.
Domestic same-store sales rose 1.9% in the quarter, lower than estimates that called for an increase of 4.1%.
“While weaker-than-expected sales for the month of March meaningfully affected our results this quarter, we are excited about our initiatives and believe we are well positioned for future growth,” said Bill Rhodes, AutoZone chairman, president and CEO, in the earnings release.
Shares of AutoZone slid 6.3% to $2,454.93 on Tuesday trading, while the
S&P 500
was down 0.7%. The stock was on pace for its largest percent decrease since May 18, 2022, when it fell 9.5%, according to Dow Jones Market Data. AutoZone was the worst performer in the S&P 500.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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