AutoZone slides after sales miss (AZO)

pulse

September 18, 2018 2:56 PM

AutoZone shares fell as much as 6% in early trading, but trimmed their losses as US markets opened.

AutoZone

Shares fell as much as 6% in early trading.
The auto-parts retailer launched a next day home-delivery program

AutoZone was down as much as 6% in premarket trading Tuesday after the auto-parts retailer reported fiscal fourth-quarter sales that missed Wall Street estimates. Shares have trimmed their losses and are now lower by less than 2.5%.

The company said sales edged up 1.1% versus a year ago to$3.55 billion $3.59 billion that analysts surveyed by Bloomberg were expecting. Domestic same-store sales, or sales at US stores open at least one year, increased 2.2% for the quarter, missing the 2.3% increase that was anticipated.

$400.3 million or $15.02 a share, a 7.7% decrease versus a year ago

For the fiscal year endedAugust 25, 2018, sales climbed 3.1% to$11.2 billion while earnings increased 10.7% to$48.77 a share.

AutoZone also announced the launch of a next-day home-delivery program, which will allow the retailer to deliver local-market inventory to about 80% of the US population.

AutoZone shares were down 3.6% this year through Monday.

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