AutoZone misses sales expectations, citing weather
AutoZone Inc.'s stock was indicated down about 3% in premarket trade Tuesday, after the automotive replacement parts retailer missed third-quarter sales expectations, citing bad weather. For the quarter ended May 7, earnings rose to $327.5 million, or $10.77 a share, from $309.1 million, or $9.57 a share, in the same period a year ago. The results included a 11-cents-per-share legal charge. The FactSet EPS consensus was $10.92. Sales rose to $2.59 billion from $2.49 billion a year ago, but was below the FactSet consensus of $2.65 billion. Same-store sales increased 2%, after rising 2.3% in the same period a year ago. "Regarding the third quarter's results, sales were below our expectations as weather negatively impacted sales primarily in Midwestern, Middle Atlantic, and Northeastern states," said Chief Executive Bill Rhodes. The stock has slumped 4.6% over the past three months through Monday, while the S&P 500 has gained 6.1%.
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