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AutoZone Earnings Beat Estimates. The Stock Drops Anyway.
AutoZone stock was falling after the auto-parts retailer reported strong earnings for the fiscal third quarter, but same-store sales, and sales overall, were disappointing. AutoZone posted adjusted earnings of $36.69 a share on sales of $4.24 billion for the quarter ended May 4. “Domestically, our sales performance was negatively impacted at the start of the quarter due to the timing of tax refunds while the cooler than usual weather across several areas of the country negatively impacted our results later in the quarter,” CEO Phil Daniele said in the earnings release.
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