AutoZone 2Q Profit Climbs 13%, Surpasses Street's View

By RetailFOXBusiness

AutoZone (NYSE:AZO) beat the Street on Tuesday by posting a 13% rise in fiscal second-quarter net income thanks in part to a healthy same-store sales jump of nearly 6%.

The largest U.S. auto-parts retailer said it earned $166.9 million, or $4.15 a share, last quarter, compared with a profit of $148.1 million, or $3.34 a share, a year earlier. Analysts had called for EPS of $4.04.

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Memphis-based AutoZone said its sales climbed 8.6% to $1.8 billion, compared with the   Street’s view of $1.78 billion.

Same-store sales gained 5.9%. Gross margins expanded to 51.3% from 50.9%.

AutoZone said this past quarter marked its 13th straight quarter of 20%-plus EPS growth.

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“We remain committed to our disciplined approach of growing operating earnings while efficiently utilizing our capital,” CEO Bill Rhodes said in a statement.

Shares of AutoZone, which have rallied more than 12% so far this year, rose 2.43% to $375.00 ahead of the opening bell.

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