AutoZone (AZO) fiscal Q1 earnings beat estimates
14:35, 7 December 2021
AutoZone beat estimates for its fiscal first-quarter as net income growth was driven by strong topline growth.
AutoZone, a car parts retailer, competes in the same retail space as Advance Auto Parts and O’Reilly Auto Parts.
For the fiscal first-quarter ended 20 November, net income grew to $555.2m (£419.8m) from $442.4m a year earlier. Net sales came to $3.67bn, up 16% from $3.15bn in the year-ago period.
Earnings per share
On a per-share basis, earnings rose to $25.69 per share from $18.61 a year earlier.
Analysts were expecting adjusted earnings of $20.98 per share on net sales of $3.37bn, according to figures widely available on financial news sites.
“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,” AutoZone CEO Bill Rhodes said in a press release.
Domestic same-store sales, a key retail metric, increased 13.6% over the previous year. During the period, the company opened 15 new stores in the US, two stores in Mexico and one store in Brazil, bringing the total to 6,785 stores.
In pre-market trading, the stock was up 3% at $1,930.00.
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