Shares of Autozone (AZO) lost more than 6% over the past trading week. The retailer and distributor of automotive replacement parts and accessories reported its first quarter results last Tuesday before the market open.
First Quarter Results
Autozone reported first quarter revenues of $1.99 billion, up 3.5% on the year before. Growth was driven by new store openings, as same store sales rose merely 0.2% for the quarter. Revenues fell short of analysts forecasts of $2.02 billion.
Gross margins came in at 51.8%, up 70 basis points on the year before, predominately driven by higher merchandise margins. Net income rose 6.4% to $203.5 million. As a result of continued share repurchases, earnings per share rose 15.7% to $5.41 per diluted share. Earnings came in line with analysts forecasts of $5.39 per diluted share.
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