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AutoZone Reports Net Sales of $1.7 Billion in the Second Quarter

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MEMPHIS, Tenn. — AutoZone has reported net sales of $1.7 billion for its second quarter (12 weeks) ended Feb. 12 – an increase of 10.3 percent from the second quarter of fiscal 2010. Domestic same store sales, or sales for stores open at least one year, increased 7.1 percent for the quarter.

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Net income for the quarter increased $24.7 million, or 20 percent, over the same period last year to $148.1 million, while diluted earnings increased 35.8 percent to $3.34 per share from $2.46 per share in the year-ago quarter.

For the quarter, gross profit as a percentage of sales was 50.9 percent (versus 50 percent for last year’s quarter). The company said this improvement in gross margin was attributable to higher margins on merchandise gross (45 bps) and lower shrink expense (39 bps). The increased merchandise gross margins continued to benefit this quarter from increased penetration of Duralast product sales and lower acquisition costs.

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