NEW YORK (TheStreet) -- Shares of AutoZone (AZO) - Get Report are up 2.46% to $665.49 in morning trading today after the company reported 2015 second quarter results that beat analysts' estimates.

The Memphis, TN-based auto parts retailer reported quarterly profit of $6.51 per share on revenue of $2.14 billion, surpassing analysts' expectations for earnings of $6.38 and revenue of $2.12 billion, according to Reuters.  Domestic same-store rose 3.6% from a year ago.

"We continued to diligently work on our inventory availability initiatives, including recently expanding our multi-deliveries per week test to more than 300 additional stores. Also, the expanded hard parts inventory we have deployed throughout our chain over the last year continues to be a contributor to our sales success," CEO Bill Rhodes said.

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"While we have continued to strategically invest in our business in order to support our growth, we remain committed to our disciplined approach to growing operating earnings and utilizing our capital effectively," Rhodes added.

Under its share repurchase program, AutoZone repurchased 43,000 shares of its common stock for $26 million during the second quarter, at an average price of $606 per share.

For the quarter, gross profit, as a percentage of sales, was 52.2%, versus 52.1% for last year's quarter, due to higher merchandise margins.

SeparatelyTheStreet Ratings team rates AUTOZONE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate AUTOZONE INC (AZO) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: AZO Ratings Report

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