Why AutoZone Shares Are Surging Today
Portfolio Pulse from Akanksha Bakshi
AutoZone Inc (NYSE:AZO) reported a 4.6% year-over-year sales growth for Q2 2024, reaching $3.86 billion and surpassing the consensus of $3.84 billion. The company saw a 0.3% increase in domestic same-store sales and a 10.6% increase in international sales on a constant currency basis. Gross margin expanded to 53.9%, and operating profit rose by 10.9% to $743.24 million. EPS was $28.89, beating the consensus of $26.28. AutoZone also repurchased 84 thousand shares worth $223.8 million and opened 26 new stores, bringing its total store count to 7,191. Shares surged by 4.65% to $2,899.41.
February 27, 2024 | 3:07 pm
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POSITIVE IMPACT
AutoZone reported strong Q2 2024 results with sales growth, margin expansion, and EPS beating consensus. The company also continued its share repurchase program and expanded its store count.
AutoZone's Q2 2024 performance exceeded market expectations in terms of sales growth, EPS, and operational efficiency, leading to a positive reaction in its stock price. The company's strategic decisions to repurchase shares and expand its store count further bolster investor confidence in its growth trajectory.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100