AZO - Here's Why AutoZone Stock Hit a New All-Time High Today
2024-02-27 14:39:00 ET
Shares of auto-parts retail chain AutoZone (NYSE: AZO) hit new all-time highs on Tuesday after the company reported financial results for its fiscal second quarter of 2024. As of 1:45 p.m. ET, AutoZone stock was up almost 6%.
In Q2 (which ended on Feb. 10), AutoZone generated net sales of $3.9 billion, which was up almost 5% from the same quarter of last year. The growth came from opening new stores and a modest 3% increase in same-store sales .
AutoZone's sales were basically what the market was expecting, but its profits outperformed. In Q2, the company had an operating-profit margin of 19.3%. That's up from an operating margin of 18.2% in the prior-year period.
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Here's Why AutoZone Stock Hit a New All-Time High Today