AutoZone Stock Slumps After Q3, Blames 'Timing Of Tax Refunds'
Portfolio Pulse from Nabaparna Bhattacharya
AutoZone, Inc. (NYSE:AZO) reported Q3 earnings per share of $36.69, beating expectations, but missed revenue estimates with $4.235 billion. The company cited the timing of tax refunds and cooler weather as factors negatively impacting sales. Despite this, gross profit and operating profit increased, and the company opened 45 new stores. Shares are trading lower by 1.67%.
May 21, 2024 | 1:39 pm
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AutoZone reported Q3 earnings per share of $36.69, beating expectations, but missed revenue estimates with $4.235 billion. The company cited the timing of tax refunds and cooler weather as factors negatively impacting sales. Despite this, gross profit and operating profit increased, and the company opened 45 new stores. Shares are trading lower by 1.67%.
AutoZone's Q3 earnings beat EPS expectations but missed revenue estimates. The company cited external factors like tax refund timing and weather for the sales impact. Despite positive gross and operating profit growth, the market reacted negatively, leading to a 1.67% drop in share price.
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