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AutoZone Pulls Off a Surprise in Q3 Earnings, Sales Miss

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AutoZone Inc. (NYSE: AZO) reported earnings of $36.69 per share for third-quarter fiscal 2024 (ended May 4, 2024), up 7.5% year over year. Earnings surpassed the Zacks Consensus Estimate of $35.72 per share. Net sales grew 3.5% year over year to $4,235.5 million. The top line marginally missed the Zacks Consensus Estimate of $4,292 million.

In the reported quarter, domestic commercial sales totaled $1.14 billion, up from $1.11 billion recorded in the year-ago period. Domestic same-store sales (sales at stores open at least for a year) were flat.

Gross profit increased to $2.26 billion from the prior-year quarter’s $2.14 billion. Operating profit increased 4.8% year over year to $900 million.

AutoZone, Inc. Price, Consensus and EPS Surprise

AutoZone, Inc. Price, Consensus and EPS Surprise

AutoZone, Inc. price-consensus-eps-surprise-chart | AutoZone, Inc. Quote

Store Opening & Inventory

During the quarter, AutoZone opened 32 new stores …

Full story available on Benzinga.com

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