AutoZone 3Q Profit Rises on Improved Efficiency

New York City AutoZone Inc. said its fiscal third-quarter earnings rose 5%, as higher commercial auto-parts sales and improved efficiencies countered higher operating expenses.

The company earned $158.6 million, compared with $151.6 million in the year-ago quarter. Revenue rose 3% to $1.52 billion, from $1.47 billion in the prior-year period.

The company said supply chain efficiency improved, but was partially offset by higher shrink expense. Operating expenses also rose slightly, AutoZone said.

Meanwhile, the company reported that domestic same-store sales fell 0.3% in the quarter.