AutoZone reported fiscal third quarter earnings that surpassed expectations.
The aftermarket automotive parts retailer’s earnings for the quarter ended May 4 came in at $15.99 a share, compared to $15.10 a share expected by analysts polled by FactSet. It was also higher than the year-ago quarter’s earnings of $13.42 a share.
Sales increased to $2.8 billion, from $2.7 billion in the comparable year-ago period.
Domestic same-store sales climbed +3.9%, compared to analysts estimate of +3%.
AutoZone CEO Bill Rhodes indicated that the industry fundamentals remain strong, and that the company is improving its market share position.
During its fiscal third quarter, the company repurchased 472,000 shares of its common stock for $466 million at an average price of $987 per share. As of the quarter-end, the company had $1.169 billion remaining under its existing share buyback program.