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AutoZone Q3 Earnings Miss Estimates Despite Sales Growth
AutoZone Q3 Earnings Miss Estimates Despite Sales Growth
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AutoZone’s fiscal third-quarter earnings fell short of Wall Street expectations, reporting $35.36 per share against a projected $36.78. The dip in earnings contrasts with a 5.4% rise in net sales to $4.46 billion, surpassing estimates. Domestic same-store sales grew 5%, while the company expanded its global footprint to over 7,500 locations.
Investors reacted swiftly, sending shares down 3.71% to $3,684.38 in afternoon trading. The automotive parts retailer completed $250 million in share repurchases during the quarter, a MOVE that failed to offset concerns about profitability pressures.
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