Auto parts retailer AutoZone (AZO) - Get Report on Tuesday reported weaker-than-expected fiscal fourth-quarter adjusted earnings but same-store sales rose amid ongoing demand for after-market car parts and accessories at the company's brick-and-mortar retail stores.
The Memphis, Tenn.-based company said it earned net income of $565.2 million, or $22.59 a share, vs. $494 million, or $15.02 a share, in the year-ago quarter.
Excluding an extra week in its fiscal fourth quarter and prior-year pension plan termination costs, adjusted net income for the quarter was $524.3 million, or $20.95 a share. Analysts polled by FactSet had been expecting earnings of $21.77 a share.
Sales increased to $4 billion, above the $3.9 billion expected by analysts, while same-store sales - a key metric in retail - rose 3%, also above analysts' forecasts.
For the full fiscal year, the company earned $1.62 billion, or $63.43 a share, vs. $1.34 billion, or $48.77 a share, a year earlier. Analysts polled by FactSet had been expecting full-year per-share earnings of $62.53 a share.
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Sales came in at $11.9 billion, an increase of 5.7% from the prior year and also above analysts' forecasts, while full-year same-store sales rose 3%.
Shares of AutoZone were up 0.33%, or $3.84 a share, at $1,157.09 in early trading on Tuesday.