MEMPHIS, Tenn. AutoZone has reported net sales of $2.1 billion for its third quarter (12 weeks) ended May 5, an increase of 6.7 percent from the third quarter of fiscal 2011 (12 weeks).
Domestic same-store sales, or sales for stores open at least one year, increased 3.9 percent for the quarter. Net income for the quarter increased $21.2 million, or 9.3 percent, over the same period last year to $248.6 million, while diluted earnings increased 18.6 percent to $6.28 per share from $5.29 per share in the year-ago quarter.
For the quarter, gross profit, as a percentage of sales, was 51.6 percent, versus 51.2 percent for last year’s quarter. The company said the improvement in gross margin was primarily attributable to leveraging distribution costs due to higher sales (25 bps) and lower shrink expense. Operating expenses, as a percentage of sales, were flat to last year at 31.4 percent.