AutoZone Announces Q3 2014 Earnings

AutoZone, Inc. AZO today announced its third quarter fiscal 2014 earnings results. In the release, company President and Chief Executive Officer, Bill Rhodes said, "We are pleased to report our thirty-first consecutive quarter of double digit earnings per share growth. AutoZoners across the company are dedicated to providing superior service to our customers and that dedication is evidenced in our consistently strong performance." Highlights from the company's third quarter include:

• Net sales of $2.3 billion, a 6.2 percent increase year-over-year.
• Domestic same-store sales growth of 4 percent.
• Net income of $285.2 million, a 7.4 percent increase yea-over-year.
• Diluted EPS increase of 16.4 percent to $8.46.
• Gross margin of 52 percent of sales.

The company repurchased 795 thousand of its shares worth $420 million. At the end of the third quarter, AutoZone had a balance of $307 million in its current share repurchase authorization. The company is scheduled to host an earnings conference call Tuesday, May 27th at 10:00 am (EDT). The call can be accessed at AutoZone's corporate website.