AZO AutoZone Inc

   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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