AutoZone comes out of the gate fast as earnings surge
AutoZone topped Wall Street’s first-quarter earning estimates amid an acceleration of its commercial growth and a solid performance from its DIY business.
Net income surged 25.1% to $351.4 million, or $13.47 a share, for the period ended from $281.0 million, or $10.00 a share, from the year-ago period. Analysts had expected earnings per share of $12.21.
Sales increased to $2.64 billion fro $2.59 billion, in line with estimates. Same-store sales rose a better-than-expected 2.7%.
“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 omni-channel initiatives,” said Bill Rhodes, chairman, president and CEO. “As we continue to invest in our business, we remain committed to our disciplined approach of increasing operating earnings and cash flow, and utilizing our balance sheet and capital effectively.”
As of November 17, 2018, the company had 5,631 stores in 50 states in the U.S., the District of Columbia and Puerto Rico, 567 stores in Mexico, and 20 stores in Brazil for a total store count of 6,218.