AutoZone (AZO) Shares Gain After FQ1 Results

Shares of AutoZone (NYSE: AZO) are trading higher in pre-open Tuesday after the company reported better-than-expected FQ1 results

AutoZone reported Q1 EPS of $25.69 to easily top the analyst estimate of $20.87. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.37 billion.

“Our strong sales and earnings this first quarter are a continuing testament to our AutoZoners’ commitment to going the extra mile for our customers. Our retail and commercial sales performance were consistently strong all quarter. Our commercial business growth continues to be exceptionally strong at 29.4% as the investments we are making are positioning us well in the marketplace. We are optimistic about our growth prospects for the balance of the fiscal year,” said Bill Rhodes, Chairman, President and Chief Executive Officer.

Domestic same-store sales soared 13.6% for 12 weeks to November 20.

At least three Street analysts raised their price targets on AZO stock heading into FQ1 earnings.

AutoZone stock price was up nearly 60% heading into the print.

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