AutoZone shares fall as FQ2 revenue misses forecasts

Investing.com -- AutoZone shares fell after the auto parts retailer reported fiscal second-quarter results that topped profit expectations but missed on revenue.

The company reported Q2 earnings per share (EPS) of $27.63, ahead of the $27.17 analyst estimate. Revenue came in at $4.27 billion, just below the consensus forecast of $4.31 billion.

The company’s shares dipped more than 7% in premarket trading Tuesday.

Net sales increased 8.1% year over year. Same-store sales, defined as sales from domestic and international stores open at least one year, rose 3.3% on a constant-currency basis.

Regionally, domestic comparable sales advanced 3.4% in constant currency, while international same-store sales grew 2.5%.

“I want to thank our AutoZoners across the company for delivering solid financial results this past quarter. We continue to be pleased with our strategies to grow sales," said Phil Daniele, President and CEO of AutoZone.

"While our international sales, in constant currency, were slightly below our expectations, we believe our market share continues to grow as we outpace our competition in both Mexico and Brazil."

The company’s operating profit declined 1.2% year over year to $698.5 million.

You May Also Be Interested In

• Etsy upgraded to buy at BofA on durable growth, buyback potential
• Deutsche Bank calls Treasury buyback doubling similar to ’operation twist’
• Bernstein upgrades Analog Devices on Q3 beat, improving risk-reward