AutoZone posts strong quarterly results on auto parts demand

(Reuters) – Auto parts retailer AutoZone Inc on Tuesday posted better-than-expected profit and revenue for the fourth quarter, boosted by demand for its do-it-yourself (DIY) automotive parts.

AutoZone, which competes with Advance Auto Parts and O’Reilly Automotive, reported a nearly 2% jump in domestic same-store sales in the quarter ended Aug. 26.

“While we started this quarter slowly, we saw improvements in the back half of our quarter,” CEO Bill Rhodes said in a statement.

Quarterly net sales rose about 6.4% to $5.69 billion from a year earlier. Analysts on average expected the company to post sales of $5.61 billion, according to LSEG data.

Fourth-quarter net income rose to $864 million, or $46.46 per share, compared to $810 million, or $40.51 per share, a year ago. Analysts expected $45.12 per share.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)

tagreuters.com2023binary_LYNXMPEJ8I0E9-VIEWIMAGE