By Angela Chen 

AutoZone Inc. said Tuesday that increased inventory and new store openings drove it to better-than-expected results in the February quarter.

In addition, Memphis-based Autozone, a retailer of car parts, has recently benefited from the decline in fuel prices that has boosted the automotive industry as a whole.

AutoZone Chief Executive Bill Rhodes said the company believes its improved performance was boosted by more product placement and its recent acquisition of Interamerican Motor Corp. Inventory was up 12% from the year before, while the company opened 37 new stores in the U.S. and five in Mexico.

At locations open at least a year, domestic sales rose 3.6% for the quarter ended Feb. 14.

Overall, AutoZone reported a profit of $212 million, or $6.51 a share, up from $193 million, or $5.63 a share, a year earlier.

Revenue rose 8% to $2.14 billion.

Analysts had projected per-share earnings of $6.38 and revenue of $2.12 billion, according to Thomson Reuters.

Auto-part sales improved 8% to $2.06 billion. Domestic commercial sales rose 13% to $372 million.

Shares of Autozone, which were inactive premarket, have risen 5% this year through Monday's close.

Write to Angela Chen at angela.chen@dowjones.com

Access Investor Kit for AutoZone, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US0533321024

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

AutoZone (NYSE:AZO)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more AutoZone Charts.
AutoZone (NYSE:AZO)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more AutoZone Charts.