AutoZone (AZO), a retailer of automotive parts, reported first-quarter earnings of $13.47 per share, which surpassed analysts’ expectation of $12.21 per share. The earnings beat was driven by a lower effective tax rate, primarily due to the recent tax reform.
Net sales for the quarter was in line with the market consensus at $2.64 billion, 2% higher than the year-over period. Domestic same-store sales improved 2.7% during the quarter. Analysts had expected a 2% increase.
“Our industry fundamentals remain strong and we continue to be excited about the initiatives we have underway to further enhance our inventory availability, to continue to accelerate commercial and to meet our customers how, when and where they want to be met with our omnichannel initiatives,” CEO Bill Rhodes said.
Gross profit rose to 53.7% from 52.8% in the first quarter of last year, driven by the impact of the sale of two businesses last year as well as higher merchandise margins.
AZO shares were up 1.9% during pre-market trading on Tuesday. The stock has increased by 12% so far this year.
Among rivals, Advanced Auto Parts (AAP) reported its strongest comparable store sales in eight years, for the most recent quarter. There was a proportionate growth in net sales, which pushed up earnings by 20% to $1.56 per share.
Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for
Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.
Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted