AutoZone reported on Tuesday that fiscal third-quarter revenue rose a tepid 1% to $2.62 billion, missing the $2.71 billion mark analysts surveyed at Factset expected. The company's third-quarter earnings of $11.44 a share also came in below Wall Street's predictions for earnings of $11.99 a share.
Meanwhile, AutoZone's same-store sales declined 0.8% in the U.S. for the 12-week period ended May 6. Shares of the auto supply retailer crashed 12% to $580.39 in today's trading session.
In a statement, AutoZone's CEO Bill Rhodes blamed the "very challenging spring sales season" for the auto parts retailer's lackluster quarter.
"Our sales performance for the first five weeks of our quarter was significantly below our expectations, challenged by the well-publicized timing delays in IRS tax refunds," Rhodes said. "The last seven weeks of sales demonstrated improvement, but not enough to make up for our soft start."
Here are several other auto-related companies that haven't had many good things to say of late, largely due to the slowdown in U.S. auto demand.