UPDATE: AutoZone Posts Upbeat FQ4 Profit
AutoZone (NYSE: AZO) reported better-than-expected fiscal fourth-quarter profit. However, the company's sales narrowly missed estimates.
The Memphis, Tennessee-based company posted quarterly earnings of $373.7 million, or $11.28 per share, compared to $371.2 million, or $10.42 per share, in the year-ago period.
Its revenue climbed 4.5% to $3.05 billion, while domestic same-store sales rose 2.1%. However, analysts were expecting earnings of $11.26 per share on revenue of $3.07 billion.
The company's auto-part sales dropped 1.5% to $2.94 billion, while domestic commercial sales increased 5.3% to $533.8 million.
AutoZone's gross margin widened to 52.3% from 51.8%.
The company repurchased 356 thousand shares of its common stock for $188 million during the quarter. AutoZone's inventory rose 9.8% y/y during the fiscal year.
During the quarter, the company opened 83 new stores in the US, 28 new stores in Mexico, and 1 new store in Brazil.
“We are pleased to report that the fourth quarter of fiscal 2014, on a 16 week adjusted basis, marked our thirty-second consecutive quarter of double digit earnings per share growth. Since our inception, we've been committed to providing exceptional customer service and trustworthy advice that we see as the differentiator across our industry. Simply put, our AutoZoners' passion to live our Pledge has allowed us to continue to deliver consistent, exceptional financial results," said Bill Rhodes, Chairman, President and Chief Executive Officer.
AutoZone's shares declined 1.10% to close at $526.44 on Friday.
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