AutoZone has reported mixed financial results for the year’s first quarter.
The Memphis, Tennessee-based retailer of automotive parts and supplies reported earnings per share (EPS) of $36.69 U.S. and revenue of $4.24 billion U.S.
Wall Street had been looking for earnings of $36.02 U.S. a share and sales of $4.29 billion U.S.
Same-store sales during the quarter grew 1.9%, missing expectations for growth of 2.2%.
Management blamed the results on the timing of tax refunds and cold weather across much of the U.S. during the first months of the year.
However, executives said they continue to see strong demand for automotive parts as more Americans hold onto their ageing vehicles amid high prices and long wait times for new models.
AutoZone operates more than 7,000 retail locations across the United States.
The company’s stock has risen 12% in the last year and currently trades at $2,924.04 U.S. per share.
Tech Insider
