AutoZone Increases Sales But Misses Expectations
September 18 2018 - 9:50AM
Dow Jones News
By Aisha Al-Muslim
AutoZone Inc. reported its sales rose in the latest quarter as
the distributor of automotive replacement parts and accessories
sold more goods this summer in the Rust Belt and increased its
commercial sales.
The Memphis, Tenn.-based company reported net sales in the
fourth quarter jumped 1.3% to $3.56 billion, but slightly missed
the FactSet consensus forecast of $3.6 billion. Domestic same-store
sales grew 2.2%, missing the FactSet estimate of a 2.5%
increase.
AutoZone recorded a profit of $400.3 million, or $15.02 a share,
down from $433.9 million, or $15.27 a share, a year earlier.
Adjusted earnings were $18.54 a share, beating the $17.92 a share
analysts polled by Thomson Reuters were looking for.
The company adjusted its earnings for charges related to the
termination of its pension plans of $93.7 million, net of tax
benefit, during the quarter. The pension plans had been frozen
since fiscal 2003.
The stock fell 5.3% to $708 a share in premarket trading
Tuesday. Shares are up about 33% in the last year.
Separately, AutoZone announced a new next-day home delivery
program of up to 100,000 different parts and accessories. For most
customers, an order can be placed as late as 10 p.m. for next-day
delivery, the company said. The program is available in 83 markets
as the company looks to grow its online purchases segment.
AutoZone now has more than 6,200 stores in the U.S., Mexico and
Brazil.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
September 18, 2018 09:35 ET (13:35 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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