AutoZone reported net sales of $2.8 billion for its fiscal third quarter, a year-over-year increase of 4.6%.
U.S. same-store sales were up 3.9% for the quarter, which ended May 4.
Net income increased nearly 11% to $406 million, while diluted earnings per share increased 19.2% to $15.99 per share.
“I want to thank and congratulate all AutoZoners for their efforts in delivering solid results for our third fiscal quarter,” AutoZone CEO Bill Rhodes said in a news release. “Their commitment to providing superior service again resulted in strong quarterly sales results, with solid performance in DIY while our commercial business growth rate accelerated again.”
During the quarter, AutoZone opened 35 new stores in the United States, eight stores in Mexico and three stores in Brazil. As of May 4, the company had 5,686 stores in 50 U.S. states, the District of Columbia and Puerto Rico, 576 stores in Mexico and 25 stores in Brazil, for a total count of 6,287.
“Our industry fundamentals remain strong and the industry data available to us shows we are improving our market-share position,” Rhodes said. “And, we continue to be excited about the initiatives we have underway to further enhance our inventory availability, to continue to accelerate our commercial business and to meet our customers how, when and where they want to be met with our omnichannel efforts. As we continue to invest in our business, we remain committed to our disciplined approach of increasing operating earnings and cash flow, and utilizing our balance sheet and capital effectively.”
