The company’s inventory increased 17.6% over the same period last year, driven by inflation and growth initiatives. Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was negative $249 thousand versus negative $207 thousand last year and negative $240 thousand last quarter.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on AZO:
- AutoZone in the Red Despite Solid Q1 Results
- AutoZone 1st Quarter Same Store Sales Increase 5.6%; EPS Increases to $27.45
- AutoZone price target raised to $2,792 from $2,533 at Truist
- AutoZone price target raised to $2,850 from $2,450 at Wells Fargo
- AutoZone price target raised to $2,600 from $2,350 at Wedbush