AutoZone Up In Pre-market On Upbeat Quarterly Results
Shares of AutoZone, Inc. (AZO), a retailer of automotive replacement parts and accessories, are up more than 2% in pre-market on Monday after reporting better-than-expected quarterly results.
Net income in the fourth quarter increased to $810.04 million or $40.51 per share from $785.77 million or $35.72 per share in the year-ago quarter, on higher sales.
On average, 18 analysts polled by Thomson-Reuters expected the company to report earnings of $38.38 per share.
Sales for the quarter rose 8.9% to $5.35 billion from $4.91 billion last year, driven by retail as well commercial business growth. The consensus estimate was for $5.15 billion.
The company said its commercial business growth continued to be strong at 22%. Domestic same store sales, or sales for stores open at least one year, increased 6.2% for the quarter.
AZO closed at $2,165.65, up 0.97% on Friday. It has traded in the range of $1,559.43-$2,362.24 in the last 52 weeks.
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