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May 24, 2022, 7:09 a.m. EDT

AutoZone stock rallies after earnings beat, surprise increase in same-store sales

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By Tomi Kilgore

Shares of AutoZone Inc. /zigman2/quotes/209114484/composite AZO +0.50% rose 1.1% in premarket trading Tuesday, after the automotive replacement parts retailer reported fiscal third-quarter earnings that rose above expectations and surprise growth in same-store sales, citing strength in both retail and commercial sales. Net income for the quarter to May 7 was $592.6 million, or $29.03 a share, after earnings of $596.2 million, or $26.48 a share, in the year-ago period, as the weighted average number of diluted shares outstanding declined 9.3% to 20.41 million. The FactSet consensus was for earnings per share of $26.18. Sales grew 5.9% to $3.87 million, above the FactSet consensus of $3.71 billion, while same-store sales growth of 2.6% beat expectations of a 0.1% decline. Cost of sales increased 7.1% to $1.86 billion, as gross margin contracted to 51.9% from 52.4%. The company spent $900 million to repurchase 449,000 shares during the quarter. The stock has lost 13.9% year to date through Monday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% has declined 16.6%.

/zigman2/quotes/209114484/composite
US : U.S.: NYSE
$ 2,159.81
+10.69 +0.50%
Volume: 110,828
July 1, 2022 4:00p
P/E Ratio
19.16
Dividend Yield
N/A
Market Cap
$42.09 billion
Rev. per Employee
$158,174
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/zigman2/quotes/210599714/realtime
US : S&P US
3,825.33
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p
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