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AutoZone misses first-quarter profit, revenue estimates

AutoZone Inc. reported lower-than-expected quarterly profit and revenue for the first quarter ending November 18, 2023, due to a combination of factors including a mild winter reducing demand for auto parts, and increased competition from both traditional rivals and new entrants in the automotive aftermarket sector. The company's net income rose to $593.5 million, or $30.98 per share, from $569.2 million, or $27.45 per share, a year earlier, but this still fell short of Wall Street expectations of $31.07 per share. Revenue increased by 5.1% to $4.23 billion, yet it did not meet the anticipated $4.25 billion. AutoZone also noted a slight decrease in same-store sales, attributing it to cautious consumer spending and a shift towards electric vehicles which require fewer traditional maintenance parts.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/autozone-misses-first-quarter-profit-revenue-estimates-2024-12-10/ ]