Market News

AutoZone in the Red Despite Solid Q1 Results

Shares of AutoZone (NYSE: AZO) were down in morning trading on Tuesday even as the retailer of automotive parts and accessories reported positive fiscal Q1 results.

AZO posted net sales of $4 billion in fiscal Q1 up 8.6% year-over-year and beating consensus estimates by $130 million.

Diluted earnings came in at $27.45 per share, an increase of 6.9% year-over-year and surpassing analysts’ estimates of $25.26.

Bill Rhodes, Chairman, President and CEO of AutoZone commented, “Their efforts allowed us to deliver solid same store sales results on top of last year’s very strong 13.6%.  While our Commercial sales growth accelerated 15%, our retail sales also grew impressively from a year ago.”

Wall Street analysts view AZO stock as a Strong Buy. This consensus rating is based on nine Buys and three Holds.

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