AZO - AutoZone accelerates on big bottom line beat strong same store sales growth

AutoZone (NYSE:AZO) accelerated on Monday after reporting stronger than expected profits and sales. For its fiscal third quarter, the company reported GAAP EPS of $29.03, beating expectations by $3.16, alongside revenue of $3.87 billion that bested estimates by $160 million. Domestic same store sales increased 2.6% for the quarter, a particular point of focus for management. “We are very proud to report solid same store sales growth on top of last year’s remarkable 28.9%,” CEO Bill Rhodes said. “Both our retail and commercial sales performance exceeded our expectations this quarter.” On the less positive end, operating profit decreased 2.2% year over year and inventory increased 13.9%. The company noted that inflationary pressures that built alongside growth initiatives drove these issues and are likely to continue throughout the year. “During these unique and challenging times, we strive to deliver exceptional customer service while focusing on our growth initiatives,” Rhodes said. “We

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AutoZone accelerates on big bottom line beat, strong same store sales growth