For the quarter ended Aug. 29 the Memphis company earned $30.93 a share up 37% from $22.59 a share in the year-earlier quarter. Shares outstanding fell 4.3% to 23.9 million.
Revenue was $4.55 billion, up 14% from $3.99 billion a year earlier.
Analysts surveyed by FactSet were expecting earnings of $25.46 a share on revenue of $4.18 billion.
Same-store sales rose 21.8% for the quarter, above analyst expectations of 10.8%, according to FactSet.
Gross margin narrowed to 53.1% from 53.4% a year earlier due to thinner profit margins on merchandise.
Inventory increased 3.6% from the year-earlier quarter, “driven by increased product placement and new stores,” AutoZone said.
"As we begin fiscal 2021, there continues to be significant uncertainty but our team has proven that they are nimble and quickly able to adapt to this ever changing environment and provide exceptional service to our customers," said Chief Executive Bill Rhodes in a statement.
Last week, analysts at Morgan Stanley raised their price target on the company to $1,505 a share from $1,140 on expectations that the auto parts retailer would have a blowout fourth quarter.
Also last week, Wells Fargo reiterated an overweight rating while raising its price target to $1,375 from $1,300.
AutoZone did not buy back any shares during the quarter. At fiscal year-end the company had $796 million remaining under its buyback authorization.
AutoZone shares at last check were off 1% at $1,173.84. The stock earlier on Tuesday traded up as much as 4.2%.