AutoZone on Tuesday reported fiscal third-quarter results that beat expectations, but the auto parts maker’s net sales and same-store sales were below consensus.
AutoZone (ticker: AZO) posted third-quarter earnings of $34.12 per share, beating analysts’ estimates of $31.51. Net sales for the period were approximately $4.09 billion, slightly below the forecast of $4.12 billion.
Domestic…
AutoZone on Tuesday reported fiscal third-quarter results that beat expectations, but the auto parts maker’s net sales and same-store sales were below consensus.
AutoZone (ticker: AZO) posted third-quarter earnings of $34.12 per share, beating analysts’ estimates of $31.51. Net sales for the period were approximately $4.09 billion, slightly below the forecast of $4.12 billion.
National same-store sales increased 1.9% in the quarter, below estimates that called for a 4.1% increase.
“While weaker than expected March sales significantly impacted our results this quarter, we are excited about our initiatives and believe we are well positioned for future growth,” said Bill Rhodes, President and Chief Executive Officer. of AutoZone, in the publication of the results.
AutoZone shares slid 6.3% to $2,454.93 on Tuesday, while the S&P 500 fell 0.7%. The stock was on course for its biggest percentage decline since May 18, 2022, when it fell 9.5%, according to Dow Jones Market Data. AutoZone was the worst performer in the S&P 500.
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Write to Emily Dattilo at emily.dattilo@dowjones.com