AutoZone (NYSE:AZO +5.8%) accelerated on Monday after reporting stronger than expected income and sales.
Most critical in the current industry environment, the Memphis-primarily based aftermarket vehicle sections retailer accelerated earlier analyst EPS estimates, reporting GAAP EPS of $29.03, beating expectations by a whopping $3.16. In addition, gross sales amazed by ticking in at $3.87 billion, $160 million higher than the Wall Street consensus.
On the product sales entrance, similar retail store gross sales ended up a nice shock for bulls with the 2.6% improve in the quarter also pushing past analyst estimates. Transferring ahead, management reiterated its perception that its fiscal fourth quarter should really mirror continued outperformance even amidst a spate of adverse macroeconomic activities.
“During these one of a kind and tough moments, we attempt to provide fantastic purchaser assistance while focusing on our advancement initiatives,” CEO Monthly bill Rhodes reported. “We will acquire absolutely nothing for granted as we continue to prudently invest in our company and stay concentrated on making reliable returns on funds.”
Go through much more on the conversely pessimistic report from Progress Car Components (AAP).