AutoZone Quarterly Earnings Up

Chicago, AutoZone Inc., the nation's largest auto-parts retailer, today reported that net income for the quarter ended Feb. 12 rose 30% to $119.5 million, or $1.48 per share, from $91.7 million, or $1.04 per share, over last year. Sales increased 3.9% to $1.2 billion from last year, while comparable-store sales were flat for the quarter. The company experienced more positive comp-store sales after posting negative comp-store sales in the last two quarters. The positive sales were due in part to the decline in gas prices in the second quarter. AutoZone is also reviewing its lease accounting and expects to post a charge of $15 million to $25 million net of tax for the second quarter, which is not reflected in the results reported today.