AZO - Why did AutoZone shares pop on Tuesday? A big earnings beat

AutoZone (NYSE:AZO +5.8%) accelerated on Monday after reporting stronger than expected profits and sales. Most important in the current market environment, the Memphis-based aftermarket auto parts retailer accelerated past analyst EPS estimates, reporting GAAP EPS of $29.03, beating expectations by a whopping  $3.16. Additionally, sales impressed by ticking in at $3.87 billion, $160 million above the Wall Street consensus. On the sales front, same store sales were a pleasant surprise for bulls with the 2.6% increase in the quarter also pushing past analyst estimates. Moving forward, management reiterated its belief that its fiscal fourth quarter should reflect continued outperformance even amidst a spate of adverse macroeconomic events.  “During these unique and challenging times, we strive to deliver exceptional customer service while focusing on our growth initiatives,” CEO Bill Rhodes said. “We will take nothing for granted as we continue to prudently invest in our business and remain focused on generating

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Why did AutoZone shares pop on Tuesday? A big earnings beat