AutoZone Inc. (NYSE: AZO) reported its first quarter financial results and beat estimates in both revenue and earnings sending shares up 5.7 percent during Tuesday’s premarket hours.
For the first quarter, AutoZone reported net sales of $2.6 billion, 4.9 percent increase year over year, and beating analysts’ estimates by $50 million. The company reported an EPS of $10.00, increasing from $9.36 the year-ago quarter, and beating analysts’ estimates by $0.15.
Same store sales increased by 2.3 percent for the quarter, increasing from 1.6 percent the year-ago quarter. The company says operating expenses and sales percentages were slightly offset due to the hurricane related damages, but was still able to top estimates.
AutoZone said that the hurricanes totaled a loss of $9 million and a negative EPS impact of $0.07 for the quarter.
“Our business strengthened during the first quarter of our new year with improved same store sales results including an acceleration in our domestic Commercial sales. We were encouraged with the improvement in performance in our first quarter and are pleased with the progress we are making on our various initiatives,” said Bill Rhodes, Chairman, President and Chief Executive Officer.
“As we continue to invest capital in our business, we remain committed to our disciplined approach of increasing operating earnings and utilizing our capital effectively,” added Rhodes.