AutoZone shares fall on good statistics-report
2022.12.06 13:51
AutoZone shares file, report better than expected
Budrigannews.com – (NYSE) AutoZone Despite exceeding consensus expectations, the company’s fiscal first-quarter earnings report sent shares plunging on Tuesday.
The automotive retailer’s earnings per share of $27.45 on $4 billion in revenue beat analyst expectations of $25.26 on $3.86 billion in revenue. At the time of this writing, Autozone shares are down more than 3%.
In contrast, AutoZone’s inventory increased 17.6% compared to the previous year as a result of inflation and the company’s growth initiatives. However, same-store sales, or sales for stores that have been open for at least one year, increased 5.6% for the quarter.
“Our retail sales also increased impressively from a year ago, while our commercial sales growth accelerated by 15%. Bill Rhodes, Chairman, President, and Chief Executive Officer, made the following statement: “We continue to believe that our initiatives to grow our business position us well for the remainder of our fiscal year.”
Even though the share price of the company fell on Tuesday, its stock has risen by more than 16% this year. It hit an intraday high of more than $2,600 per share a week ago.
