AutoZone Q4 profit tops but sales miss; hits billion dollar mark in yearly income

Memphis, Tenn. -- AutoZone on Monday reported better-than-expected fiscal fourth-quarter net income of $373.7 million from $347.8 million a year earlier. The chain also reported a milestone as its net income for the full year rose 7.7% to $1.1 billion.





The auto parts retailer’s revenue in the fourth quarter rose 3.4% to $3.05 billion in the period, up falling short of Street forecasts of $3.06 billion. Same-store sales rose 2.1%.



For the fiscal year ended Aug. 30, 2014, sales were $9.5 billion, an increase of 5.6% over the prior year, on a 52-week basis, while domestic same store sales were up 2.8% for the year.



“For the year, we reached many milestones which included generating over $1 billion in net income (on a 52-week basis), opening 424 net additional commercial programs, and reaching an agreement to acquire Interamerican Motor Corp. (IMC). As we have routinely stated, we will remain committed to our disciplined approach to growing operating earnings and utilizing our capital effectively," said Bill Rhodes, chairman, president and CEO.