AutoZone (AZO) has reported mixed financial results for its fiscal fourth quarter.
The automotive parts retailer announced earnings per share (EPS) of $56.06 U.S., which topped the $54.30 U.S. that was forecast on Wall Street.
However, revenue of $6.60 billion U.S. fell short of the $6.71 billion U.S. consensus estimate among analysts who track the company’s progress. Sales were up 5.6% from a year earlier.
The Memphis, Tennessee-based company also reported that its same-store sales increased 1.5% year-over-year, missing Wall Street’s target for a 3.8% advance.
AutoZone’s management team blamed the mixed results on increased prices for gasoline and rising interest rates, which have dampened consumer spending.
“In spite of a difficult selling environment the first eight weeks of our quarter, we remained committed to executing on our strategies,” said AutoZone CEO Phil Daniele in the company’s earnings release.
AutoZone is the largest retailer of aftermarket automotive parts and accessories in the U.S., with 8,000 locations and 130,000 employees.
AZO stock has declined 32% over the past 12 months to trade at $2,803.25 U.S. per share.
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