AutoZone (AZO) reported mixed results in the Fiscal first quarter. The retailer of aftermarket automotive parts and accessories reported earnings of $32.52 per share in the Fiscal first quarter, compared to $32.55 in the same period last year. This fell short of consensus estimates of $33.56 per share.
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Furthermore, the company’s revenues increased by 2.13% year-over-year to $4.3 billion in the first quarter. This was in line with Street estimates. Additionally, AZO’s comparable sales increased by 0.4% in the first quarter.
The company opened 34 new stores during the Fiscal first quarter.
AZO’s Management Comments on the Results
Phil Daniele, President and CEO commented, “Our domestic Commercial sales were up 3.2% and we were encouraged by the improving trends seen at the end of the quarter. Our international businesses continued to perform well with same store sales up just under 14% on a constant currency basis.”
Furthermore, the management remained optimistic about the company’s performance in international markets and is “well positioned for growth heading into the remainder of the fiscal year.”
AZO Buys Back Stock Worth $505M in Q1
In Q1, AZO bought back stock worth $505.2 million, repurchasing 160,000 shares at an average price per
share of $3,156.
Is AZO a Good Stock to Buy?
Analysts remain bullish about AZO stock, with a Strong Buy consensus rating based on 16 Buys, three Holds, and one Sell. Over the past year, AZO has increased by more than 20%, and the average AZO price target of $3,314.18 implies a downside potential of 0.3% from current levels. These analyst ratings are likely to change following AZO’s results today.
