AutoZone Boosts Repurchase Authorization by $750 Million
March 24 2015 - 5:20PM
Dow Jones News
By Josh Beckerman
AutoZone Inc. (AZO) has increased its stock-buyback
authorization by $750 million, saying its continued financial
strength enables the company to enhance stockholder returns.
The car-parts retailer said on March 3 that it had $544 million
remaining under a prior buyback program as of Feb. 14, the end of
its second quarter. At the time, the company's year-to-date
buybacks totaled $326 million.
In after-hours trading, AutoZone shares were flat at
$667.45.
Increased inventory and new store openings led to
better-than-expected results in the second quarter. AutoZone has
recently benefited from the decline in fuel prices that has boosted
the automotive industry as a whole. At locations open at least a
year, domestic sales rose 3.6%.
Write to Josh Beckerman at josh.beckerman@wsj.com
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