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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; [email protected]

Stock News for Autozone (AZO)
03/21/201716:49:24Quarterly Report (10-q)
03/21/201716:42:03Statement of Changes in Beneficial Ownership (4)
03/21/201716:29:48Current Report Filing (8-k)
03/21/201716:05:00AutoZone Authorizes Additional Stock Repurchase
03/17/201717:33:59Statement of Changes in Beneficial Ownership (4)
03/06/201716:44:42ALLDATA Signs Reseller Agreement with Rhiag Group in Italy
03/03/201717:45:00AutoZone to Attend Upcoming Conferences
03/01/201717:11:12Statement of Changes in Beneficial Ownership (4)
02/28/201707:16:09Current Report Filing (8-k)
02/28/201706:59:00AutoZone 2nd Quarter Same Store Sales Flat for Q2; EPS Increases...
02/27/201714:40:29ALLDATA Manage® Online Now Offers Integrated American Tire Distributors...
02/14/201710:50:38Amended Statement of Ownership (sc 13g/a)
02/09/201715:39:26Amended Statement of Ownership (sc 13g/a)
02/06/201713:33:59Amended Statement of Ownership (sc 13g/a)
02/03/201709:41:15Amended Statement of Ownership (sc 13g/a)
01/24/201717:20:54AutoZone to Release Second Quarter Earnings February 28, 2017
01/20/201714:50:18AutoZone Hiring 12,000 Across U.S. This Spring
01/19/201717:30:55Amended Statement of Ownership (sc 13g/a)
01/11/201717:09:48Statement of Changes in Beneficial Ownership (4)
01/03/201717:05:23Statement of Changes in Beneficial Ownership (4)

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