AutoZone sales rise below expectations
Memphis – AutoZone reported net sales of $2.2 billion for third quarter fiscal 2013, representing a 4.5% increase from $2.1 billion during the same period in fiscal 2012. Meanwhile, net income increased almost 7% from $248.6 million to $265.6 million. Same store sales experienced a slight 0.1% dip compared to third quarter fiscal 2012.
AutoZone chairman, president and CEO Bill Rhodes said improved inventory assortment helped drive increased sales. “While sales results for the quarter finished below our expectations, we were pleased to see noticeable improvements in our performance during the final four weeks of the quarter, specifically in our more recently challenged Northeastern and Midwestern markets,” said Rhodes.
During the quarter, AutoZone opened 33 new stores, relocated three stores, and closed one store in the U.S. and opened seven new stores in Mexico.