AutoZone (AZO) falls 2% despite earnings beat

AutoZone (NYSE: AZO), a leading retailer and distributor of automotive replacement parts and accessories, has reported its financial results for the fourth quarter, exceeding analyst expectations.

In its fourth fiscal quarter, AutoZone reported earnings per share of $46.46, surpassing the consensus estimate of $45.22 by $1.24. The company's revenue for the quarter came in at $5.69 billion, beating the consensus estimate of $5.62 billion.

U.S. same-store sales rose 1.7%.

"While we started this quarter slowly, we saw improvements in the back half of our quarter. 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 Bill Rhodes, Chairman, President and Chief Executive Officer.

“While we turn our focus to performance in the new fiscal year, we will remain committed to prudently investing capital in our business, and we will be steadfast in our long-term, disciplined approach to increasing operating earnings and cash flows while utilizing our balance sheet effectively,” he added.

AutoZone opened 53 new stores and closed one in the U.S. The total location count was 7,140, up 1.4% on a sequential basis.

By Senad Karaahmetovic

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