AutoZone First-Quarter Same-Store Sales Down

Memphis, Tenn.-based auto parts chain AutoZone Inc reported first-quarter sales up 0.3 percent to $1.286 billion, but same-store sales down 3 percent.
AutoZone said the quarter’s net income was up slightly over the same period last year to $123 million, and diluted earnings per share, reflecting net income and the benefit of the company’s share repurchase program, increased 12.7 percent to $1.52 from the year-ago $1.35. All figures in U.S. dollars.
AutoZone repurchased 400,000 shares of its common stock for $30 million during the first quarter, at an average price of $84 per share. Since 1998, cumulative share repurchases have totaled $3.7 billion, or 82.6 million shares at an average price of $45.
“Our business was challenged by the high gas prices this past quarter, as our customers continued to manage their expenditures closely and hold off on doing some preventative maintenance,” said Steve Odland, chairman, president and chief executive.