AutoZone on Tuesday reported fiscal third-quarter earnings that beat expectations, but the auto parts maker’s net sales and same-store sales came in below consensus.
AutoZone (ticker: AZO) reported earnings of $34.12 per share for the third quarter, beating analyst estimates of $31.51. Net sales for the period were approximately $4.09 billion, slightly below guidance of $4.12 billion.
Domestic…
AutoZone on Tuesday reported fiscal third-quarter earnings that beat expectations, but the auto parts maker’s net sales and same-store sales came in below consensus.
AutoZone (ticker: AZO) reported earnings of $34.12 per share for the third quarter, beating analyst estimates of $31.51. Net sales for the period were approximately $4.09 billion, slightly below guidance of $4.12 billion.
Domestic same-store sales rose 1.9% for the quarter, beating estimates that called for a 4.1% increase.
“While weaker than expected sales in March significantly impacted our results for the quarter, we are excited about our initiatives and believe we are well positioned for future growth,” said Bill Rhodes, chairman, president and CEO of AutoZone’s earnings release.
AutoZone shares fell 6.3% to $2,454.93 on Tuesday, while the S&P 500 fell 0.7%. According to Dow Jones Market Data, the stock was on track for its largest percentage decline since May 18, 2022, when it fell 9.5%. AutoZone was the worst performer in the S&P 500.
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Write to Emily Dattilo at [email protected]