AutoZone says 3Q sales up 3%

MEMPHIS, Tenn. AutoZone reported net sales of $1.5 billion for its third quarter ended May 3, an increase of 3% from fiscal third quarter 2007. Domestic same-store sales decreased 0.3% for the quarter.

Net income for the quarter increased 4.6% over the same period last year to $158.6 million, while diluted earnings per share increased 14.7% to $2.49 per share from $2.17 per share in the year-ago quarter.

"I would like to thank all our AutoZoners across North America for their ongoing commitment to delivering exceptional customer service. Through their efforts, we were able to deliver our seventh consecutive quarter of double digit earnings per share growth, despite a challenging macro environment that included record high gas prices. We continue to refine our retail offering as evidenced by our improved customer satisfaction survey results, and our efforts to enhance our commercial offerings were rewarded by the highest quarterly commercial sales growth since our third quarter of fiscal 2004. As our operating model remains strong, we will maintain our disciplined approach to growing operating earnings and utilizing our capital effectively,'' said Bill Rhodes, chairman, president and ceo.