AutoZone Inc saw sales and profit grow in the financial first quarter boosted by a strong showing from its international business.
The Memphis, Tennessee-based automotive parts retailer said total sales rose 5.1% to $4.2 billion in the 12 weeks ended November 18 from the year before with like-for-like (LFL) sales growth of 3.4%.
Sales were lifted by a strong performance in its international business where LFL sales 25.1% - domestic LFL sales rose 1.2%.
AutoZone said operating profit increased 17.4% to $848.6 million, net income advanced 10.0% to $593.5 million, while diluted earnings per share firmed 18.6% to $32.55.
“Our domestic sales results were solid despite tough comparisons from a year ago, while our international business continues to deliver exceptionally strong sales growth. We remain committed to driving sales and earnings growth throughout fiscal 2024, while returning cash to our shareholders,” said Bill Rhodes, chair, president and chief executive.
Shares in AutoZone eased 1.5% in pre-market trading.