US-based specialty retailer and distributor of automotive replacement parts and accessories, AutoZone Inc (NYSE:AZO) saw its shares rise in premarket trade on Tuesday after it reported market-beating fourth quarter results.
The company said net income for the quarter to August 26 rose to US$433.9mln or $15.27 a share, from US$426.8mln, or US$14.30 a share, the same period last year.
READ: AutoZone shares dive after third quarter revenue and earnings miss expectations
Excluding non-recurring items, which includes a gain from the adoption of a new accounting standard, adjusted earnings per share came to US$5.18, above market consensus for US$5.11.
Revenue rose by 3.3% to US$3.51bn, beating the US$3.49bn consensus..
Domestic same-store sales grew 1.0%, but fell short of expectations for a 1.6% rise. The company blamed this on the continuing headwinds from two consecutive mild winters.
Inventory increased 6.9%, as inventory per location rose to US$644,000 from US$625,000, the company said in a statement.
In premarket, its shares were up 4.72% at US$590.0 and then in the regular session put on 2.5% to US$577.50 each.