AutoZone (NYSE:AZO), a prominent automotive replacement parts and accessories retailer and distributor, announced its fourth-quarter financial results, surpassing analysts’ expectations.
In the fourth quarter, AutoZone reported earnings per share of $46.46, exceeding the Street estimate of $45.22. The company’s quarterly revenue amounted to $5.69 billion, surpassing the Street estimate of $5.62 billion. The company experienced a 1.7% increase in U.S. same-store sales.
CEO Bill Rhodes commented on the results, acknowledging a slow start to the quarter but highlighting improvements in the latter part of the period. He expressed confidence that the company’s ongoing initiatives will drive stronger growth in fiscal 2024, despite lower-than-expected growth in domestic Commercial.