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AutoZone misses first-quarter profit, revenue estimates
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AutoZone misses first-quarter profit, revenue estimates
Dec 10, 2024 5:38 AM

Dec 10 (Reuters) - Automotive parts retailer AutoZone ( AZO )

missed estimates for first-quarter profit and revenue on

Tuesday, hurt by higher raw material prices and a stronger

dollar.

Auto parts retailers have benefited from do-it-yourself

automotive parts demand from consumers buying more to keep their

ageing cars on the roads amid a pricey new car market.

Although, a rise in raw materials prices has impacted prices

for a range of products including automotive components.

Additionally, a looming threat from U.S. President-elect

Donald Trump's proposed tariff hikes on imports might also hurt

prices of automotive parts.

"If we get tariffs, we will pass those tariff costs back to

the consumer, and we'll pass them through," AutoZone ( AZO ) CEO Philip

Daniele had said in September.

Quarterly net sales at the retailer rose 2% to about $4.28

billion, marginally lower than estimates of about $4.3 billion,

according to data compiled by LSEG.

Domestic same-store sales in the quarter ended Nov. 23 rose

0.3%, compared with an increase of 1.2% a year ago.

The company's net income was $564.9 million, or $32.52 per

share, in the quarter, compared with $593.5 million, or $32.55

per share, a year ago. Analysts had expected $33.55 per share.

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