AutoZone beats revenue estimates. Here’s why the stock is falling.
AutoZone reported fiscal third-quarter earnings that beat expectations on Tuesday, but net sales and same-store sales for the auto parts maker were below consensus.
AutoZone (ticker: AZO ) posted third-quarter earnings of $34.12 per share, beating analysts’ estimates of $31.51. Net sales for the period were around $4.09 billion, slightly below forecasts of $4.12 billion.
Domestic…
AutoZone reported fiscal third-quarter earnings that beat expectations on Tuesday, but net sales and same-store sales for the auto parts maker were below consensus.
AutoZone (ticker: AZO ) posted third-quarter earnings of $34.1[ads1]2 per share, beating analysts’ estimates of $31.51. Net sales for the period were around $4.09 billion, slightly below forecasts of $4.12 billion.
Domestic same-store sales rose 1.9% in the quarter, missing estimates calling for a 4.1% increase.
“While weaker-than-expected March sales impacted our results this quarter, we are pleased with our initiatives and believe we are well positioned for future growth,” said Bill Rhodes, chairman, president and CEO of AutoZone, in the earnings release.
Shares of AutoZone fell 6.3% to $2,454.93 in Tuesday trading, while the S&P 500 was down 0.7%. The stock was on pace for its biggest percentage decline since May 18, 2022, when it fell 9.5%, according to Dow Jones Market Data. AutoZone was the worst performer in the S&P 500.
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Write to Emily Dattilo at emily.dattilo@dowjones.com
