MEMPHIS, Tenn. (AP) -- The auto parts retailer AutoZone Inc. said Tuesday that its fiscal first-quarter profit jumped 11 percent, on higher sales and lower expenses.
For the quarter ended Nov. 19, the Memphis, Tenn.-based company reported net income rose to $191.1 million, or $4.68 per share, up from $172.1 million, or $3.77 per share, for the same quarter last year.
The latest quarter's results were based on about 40.9 million outstanding shares, down from about 45.6 million a year ago.
Revenue rose 7.4 percent to $1.92 billion from $1.79 billion, as revenue at domestic stores open at least a year grew 4.6 percent.
The results beat Wall Street predictions. Analysts, on average, expected earnings of $4.44 per share on $1.9 billion in sales, according to a FactSet poll.
Operating expenses as a percentage of sales fell slightly as a result of lower incentive compensation, favorable legal expense and leverage from higher sales volumes, the company said.
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