AutoZone Inc (NYSE:AZO) shares are trading slightly lower Tuesday after the company turned in third-quarter results that topped analyst expectations.
What Happened: AutoZone reported third-quarter revenue of $3.98 billion, which beat average analyst estimates of $3.86 billion, according to Benzinga Pro. The company reported quarterly earnings of $27.45 per share, which beat average estimates of $25.27 per share.
“While our Commercial sales growth accelerated 15%, our retail sales also grew impressively from a year ago. We continue to believe our initiatives to grow our business position us well for the remainder of our fiscal year,” said Bill Rhodes, chairman, president and CEO of AutoZone.
AutoZone said it opened 28 new stores in the U.S. in the third quarter, bringing total U.S. stores up to 6,196. Autozone also opened three stores in Mexico and four stores in Brazil.
AutoZone’s inventory increased 17.6% year-over-year, driven by inflation and the company’s growth initiatives.
Related Link: AutoZone Q1 Earnings Exceed Expectations
AZO Price Action: AutoZone has a 52-week high of $2,610 and a 52-week low of $1,703.
The stock was down 1.28% at 2,494.46 at time of publication, according to Benzinga Pro.
Photo: Phillip Pessar from Flickr.
