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AutoZone 3Q Profit Rises 12% On Sales, Margin Growth

DOW JONES NEWSWIRES AutoZone Inc.'s (AZO) fiscal third-quarter earnings rose 12% as the largest U.S. auto-parts retailer booked stronger sales and margins, helping results beat analysts' expectations. Analysts have been fretting that high gasoline prices are threatening AutoZone and other retailers as consumers drive less--which gives them fewer broken parts to replace--and trade in old cars for more fuel-efficient models. Earlier this month, smaller rival Advance Auto Parts Inc. (AAP) turned in disappointing fiscal first-quarter results in contrast to the previous few quarters when profits surged as consumers bought parts to extend the lives of older cars. For the quarter ended May 7, AutoZone reported a profit of $227.4 million, or $5.29 a share, up from $202.7 million, or $4.12 a share, a year earlier. Revenue increased 8.6% to $2 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $4.98 on revenue of $1.92 billion. Gross margin rose to 51.2% from 50.7% on higher merchandise margin and lower losses from theft. Domestic same-store sales were up 5.3%. Inventory grew 8.9% amid an increase in store count. The company opened opened 43 new stores, closed one store, replaced one store in the U.S., bringing the total to 4,467. Shares of AutoZone--of which hedge-fund billionaire Edward Lampert is a major holder--closed Monday at $276.78 and were inactive premarket. The stock is up 50% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Advance Auto Parts (AAP)
DateTimeHeadline
05/01/201518:58:05Sterne Agee CRT Reaffirms Buy Rating for Advance Auto Parts (AAP)
04/30/201515:28:31Additional Proxy Soliciting Materials (definitive) (defa14a)
04/07/201516:52:21Statement of Changes in Beneficial Ownership (4)
04/07/201516:51:56Statement of Changes in Beneficial Ownership (4)
04/07/201516:51:56Statement of Changes in Beneficial Ownership (4)
04/07/201516:51:56Statement of Changes in Beneficial Ownership (4)
04/07/201516:51:56Statement of Changes in Beneficial Ownership (4)
04/07/201516:51:29Statement of Changes in Beneficial Ownership (4)
04/07/201516:51:02Statement of Changes in Beneficial Ownership (4)
04/07/201516:50:37Statement of Changes in Beneficial Ownership (4)
04/06/201510:18:25Additional Proxy Soliciting Materials (definitive) (defa14a)
04/06/201510:09:02Proxy Statement (definitive) (def 14a)
03/05/201507:27:36BMW Denies Report on Talks With Apple to Develop Cars - Report
03/03/201517:30:27Annual Report (10-k)
03/02/201508:30:00Advance Auto Parts Appoints Todd Greener Senior Vice President...
02/19/201516:52:09Statement of Changes in Beneficial Ownership (4)
02/19/201516:51:44Statement of Changes in Beneficial Ownership (4)
02/19/201516:51:44Statement of Changes in Beneficial Ownership (4)
02/19/201516:51:20Statement of Changes in Beneficial Ownership (4)
02/19/201516:51:20Statement of Changes in Beneficial Ownership (4)

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