AutoZone reports Q2 profit up 6%
Memphis, Tenn. AutoZone reported that its fiscal second-quarter profit rose 6% as it managed costs and recorded higher sales from new stores.
The company earned $123.3 million, compared with a year-ago profit of $115.9 million.
Revenue rose to $1.51 billion from $1.45 billion in the period ended Feb. 13. Meanwhile, AutoZone said domestic same-store sales rose 1%.
The retailer opened 24 new stores in the United States and nine in Mexico during the quarter.
AutoZone has benefited during the recession as consumers delayed buying new vehicles and instead hold on to their existing cars longer. This has kept older vehicles in service longer and created higher demand for spare parts.