AutoZone posts strong 4Q results

MEMPHIS, Tenn. AutoZone reported net sales of $1.4 billion for its second quarter ended Feb. 14, an increase of 8.1% from fiscal second quarter 2008. Domestic same-store sales increased 6% for the quarter.

Net income for the quarter increased $9.2 million, or 8.6%, over the same period last year to $115.9 million, while diluted earnings per share increased 21.1% to $2.03 per share from $1.67 per share in the year-ago quarter.

"We are pleased to report our tenth consecutive quarter of double digit earnings per share growth. During these challenging economic times, we believe our merchandise and service offerings provide a compelling shopping experience for both our do-it-yourself and professional customers. We remain committed to growing our business through a relentless focus on customer service, continual refinement of our product offerings and ongoing improvements to grow our commercial sales, all while managing our expenses appropriately. At the end of the second quarter, our balance sheet was in excellent condition, and we remain committed to our disciplined approach of growing operating earnings while utilizing our capital effectively," said Bill Rhodes, Chairman, president and CEO.