AutoZone fiscal 1Q net income up 7 pct

AutoZone posts 7 pct increase in fiscal 1st-qtr net income helped by new stores

Associated Press

MEMPHIS, Tenn. (AP) -- NEWS: AutoZone's first-quarter net income rose 7 percent as the retailer added stores.

DETAILS: Revenue at U.S. stores open at least a year edged up 0.9 percent.

NUMBERS: AutoZone earned $218.1 million, or $6.29 per share, up from $203.5 million, or $5.41 per share, in the same quarter the year before. Revenue increased 5 percent to $1.99 billion from $2.09 billion.

Analysts, on average, expected a profit of $6.26 per share on $2.11 billion in revenue, according to FactSet.

STOCK: AutoZone shares rose $8.40, or 2 percent, to $468 in premarket trading.

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