AutoZone Inc. (NYSE: AZO) today announced its second-quarter fiscal 2011 financial results. The company reported a 20% increase in its second-quarter profit on the back of improving margins in its Duralast product line and higher revenue. The company�s second-quarter results also came in ahead of analysts� estimates.
AutoZone reported second-quarter net income of $148.1 million, or $3.34 per share, compared with a net income of $123.3 million, or $2.46 per share reported for the same period in the previous year. The company�s second-quarter revenue increased 10% to $1.66 billion. Analysts were expecting the company to report net income of $3.07 per share on revenue of $1.63 billion.
The company reported a 7.1% increase in sales at U.S. stores opened at least a year. During the second quarter of fiscal 2011 the company opened 21 new stores in the U.S., and 8 new stores in Mexico.
Commenting on the second-quarter financial results, Bill Rhodes, chairman, president and CEO of AutoZone, said that the company is pleased to announce another quarter of strong performance. Rhodes further said that the company remains committed to executing its 2011 operating theme of ITEAM Going the Extra Mile.
Following the better-than-expected second-quarter financial results, shares of AutoZone rose in today�s trading. The stock reached a high of $267.98 in mid-day trading, and at last check, it was up 2.03% to $263.19, with volume up from daily average of 504,556 to 794,221.
AutoZone shares have a 52-week range of $162.57-$276. The stock is currently trading above its 50-day and 200-day moving averages. Year-to-date the stock fell 3.55%.
Memphis, Tennessee-based AutoZone is a retailer and distributor of automotive replacement parts and accessories. The company currently has 4,425 stores in 48 U.S. states, District of Columbia and Puerto Rico, and 249 stores in Mexico.
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