AutoZone (NYSE: AZO) reported earnings of $24.64 in the fiscal second quarter of FY23 versus $22.30 in the same period last year and beating analysts’ consensus estimate of $21.64 per share.
The retailer of aftermarket automotive parts and accessories reported sales of $3.7 billion in Q2, up 9.5% year-over-year and surpassing analysts’ expectations by $130 million. Same-store sales in the U.S. increased by 5.3% in Q2
The company’s inventory increased 13.9% year-over-year in the second quarter driven by inflation with a net inventory of negative $227,000.
During the second quarter, AZO bought back 372,000 shares for $906 million at an average price of $2,434 per share. At the end of Q2, the company still had $1.8 billion remaining under its current stock buyback program.
During the second quarter, AutoZone opened 30 new stores in the U.S., one in Mexico, and five in Brazil.
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Wall Street analysts are cautiously optimistic about AZO stock with a Moderate Buy consensus rating based on 12 Buys, three Holds and one Sell.