Shares of AutoZone, Inc. (NYSE:AZO) rose slightly Tuesday after the company posted fiscal fourth quarter results that topped expectations.
The auto parts retailer reported revenue of $5.69 billion, up 6.4% year-over-year and above Street expectations of $5.61. Earnings were $46.46 per share, up from $40.51 per share a year earlier and above projections of $45.12.
However, total domestic sales rose 3.9% to $1.49 billion, short of expectations of $1.55 billion.
“Despite lower than expected growth in domestic Commercial, we believe that the initiatives we have in place and are implementing will drive stronger growth in fiscal 2024,” CEO Bill Rhodes said in a statement
Shares of AutoZone ticked up 2% Tuesday morning to $2,525.79.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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