AutoZone Reports First-Quarter Earnings

AutoZone (NYSE:AZO) reported first-quarter earnings that missed market expectations. The company’s shares traded marginally lower in premarket trading Tuesday.

Key Financial Metrics

• Earnings Per Share (EPS): $32.52 (missed $33.60 estimate)
• Revenue: $4.3 billion (in line with consensus)

Comparable Sales Performance

• Overall Growth: 0.4% (prior year: 3.4%, estimate: 0.45%)
• Domestic Comparable Sales: 0.3% (last year: 1.2%, forecast: 0.74%)
• International Comparable Sales: 1% (last year: 25.1%, estimate: 1.02%)

Phil Daniele, President and CEO of AutoZone, expressed gratitude to employees for delivering solid first-quarter results. He remains optimistic about growth for the remainder of the fiscal year, citing initiatives aimed at improving customer service and market share.

Operating Profit and Gross Margin

• Operating Profit: $841.1 million (0.9% decline YoY, below $848.3 million projection)
• Gross Margin: 53% (compared to last year’s 52.8%, in line with forecasts)