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AutoZone Stock Plummets 9% on Disappointing Q2 Same-Store Sales
AutoZone Stock Plummets 9% on Disappointing Q2 Same-Store Sales
BTCCSquare news:
AutoZone shares tumbled 8.6% in premarket trading after reporting weaker-than-expected second-quarter results. While adjusted earnings of $27.63 per share surpassed estimates, revenue of $4.27 billion fell short of the $4.31 billion consensus. The critical same-store sales metric grew just 3.3%, significantly below the anticipated 5.6% increase.
The auto parts retailer faced margin pressures, with operating profit declining 1.2% year-over-year to $698.5 million. Commercial sales showed resilience with 9.8% growth, but couldn't offset broader challenges. This marks a sharp reversal for a stock that had gained 15% year-to-date prior to the earnings release.
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