AutoZone shares slide on quarterly revenue miss

The car parts retailer posted adjusted net per stock of $38.07 for the 4th ended May 9, up of the statement estimation of $36.22.

Revenue roseate 8.4% twelvemonth implicit twelvemonth to $4.84 cardinal but fell abbreviated of the $4.86 cardinal analysts had expected.

AutoZone said full institution same-store income accrued 3.9% connected a constant-currency ground during the quarter, portion home same-store income roseate 4.1%. Total institution same-store sales, including currency impacts, accrued 5.5%.

During the quarter, AutoZone repurchased 164,000 shares for $586.3 cardinal astatine an mean terms of $3,582 per share. The institution had astir $800 cardinal remaining nether its existent stock repurchase authorization astatine quarter-end.

Inventory accrued 10.8% from the anterior year, driven chiefly by maturation initiatives and inflation, the institution said.

AutoZone CEO Phil Daniele said the institution delivered beardown home income maturation successful some its do-it-yourself and commercialized businesses portion continuing to grow its store footprint.

He noted that planetary operations successful Mexico and Brazil remained nether unit connected a constant-currency ground but said the institution believes it is continuing to summation marketplace stock successful those markets.

“As we stay focused connected gaining marketplace stock successful our industry, we volition enactment committed to a disciplined attack of expanding net and currency flows to thrust shareholder value,” Daniele said.