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.
Get access to timely and accurate verbatim transcripts that are published within hours of the event
Most Popular
Verizon Communications (VZ) Q1 2024 Earnings: Key financials and quarterly highlights
Verizon Communications Inc. (NYSE: VZ) reported first quarter 2024 earnings results today. Total operating revenue was $33 billion, up 0.2% from the same period last year. Net income attributable to
NextTrip stands out as one of the most descriptive names in travel sector: CEO
NextTrip, Inc. (NASDAQ: NTRP) is a technology-driven travel agency that offers travel booking and interactive travel media solutions. The online platform allows travelers to book accommodation and transportation services including
What to look for when American Airlines (AAL) reports Q1 2024 earnings results
Shares of American Airlines Group Inc. (NASDAQ: AAL) rose 1% on Friday. The stock has gained over 3% over the past three months. The airline is scheduled to report its first
Comments