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AutoZone Q2 Profit Up 8.6%


Memphis, Tenn. AutoZone reported on Tuesday 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.

"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.

The continued steep drop-off in U.S. demand for new vehicles has helped auto-parts retailers during the quarter, with more drivers choosing to keep their cars longer and spend more on the parts needed to maintain them.

The quarter marks the company's 10th consecutive quarter of double-digit growth, according to AutoZone. AutoZone opened 20 new stores in the United States and eight in Mexico. It closed one store in the United States.

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