AutoZone Q3 Profit Increases - Quick Facts

(RTTNews) - Automotive parts retailer AutoZone Inc. (AZO) reported that its third-quarter net income increased to $285.16 million or $8.46 per share, from $265.58 million or $7.27 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $8.45 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $2.34 billion from $2.21 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $2.34 billion for the quarter. Domestic same store sales, or sales for stores open at least one year, increased 4.0% for the quarter.

"We are pleased to report our thirty-first consecutive quarter of double digit earnings per share growth...While failure related categories were particularly strong in the second quarter, as expected, the deferrable maintenance categories rebounded in the third quarter and we expect that trend to continue through the summer. Our inventory availability test initiatives continue to show promise although we still have significant testing to complete before we determine our long-term approach. As we have routinely stated, we will remain committed to our disciplined approach to growing operating earnings and utilizing our capital effectively," said Bill Rhodes, Chairman, President and Chief Executive Officer.