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AutoZone could buy back $750M worth of stock

MEMPHIS, Tenn. (AP) -- AutoZone Inc. said Friday that its board approved buying back $750 million worth of its stock.

This month, the company reported fiscal fourth-quarter net income of $323.7 million, an increase of 7.4 percent from a year earlier, as it was boosted by sales from new stores.

The company sells supplies and parts for autos and trucks at more than 4,600 stores in the U.S. and 321 stores in Mexico.

The shares fell $1.80 to close at $369.67. In the past year, they have ranged from $307.16 to $399.10.