AutoZone Inc. reported better-than-expected revenue and earnings Tuesday, driven by growth in both commercial and retail sales. The seller of automotive replacement parts recorded fiscal first-quarter net income of $539.3 million, or $27.45 a share, compared with net income of $555.2 million, or $25.69 a share, in the year-earlier period. The FactSet consensus was for $25.18 a share in earnings. AutoZone’s revenue rose to $3.99 billion from $3.67 billion a year before, while analysts tracked by FactSet were anticipating $3.86 billion. The company said it saw a 5.6% increase in domestic comparable-store sales, or sales at stores that were open for at least a year. Inventory was up 17.6% from a year before, driven by inflation and company growth initiatives. AutoZone shares have risen 21% so far this year, as the S&P 500 has declined 16%.
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