Auto parts retailer AutoZone’s earnings and same-store sales exceeded expectations for the quarter ending November 17.
Net income increased to $13.47 per share, from $10 a share of the year-ago period. Analysts surveyed by FactSet had expected earnings per share of $12.21. "Net income and diluted earnings per share benefited from a lower effective income tax rate, primarily due to tax reform," the company said in its earnings statement.
Domestic same-store sales rose +2.7% in the quarter from the same period a year ago, beating analysts’ estimates of +2% increase. Total sales increased to $2.64 billion from $2.59 billion.