Japan records surprise trade deficit in July as exports weaken further
Investing.com -- AutoZone (NYSE:AZO) shares edged higher premarket on Tuesday after the company reported its latest quarterly earnings.
AZO’s stock is up around 1.4% following the release.
The company reported net sales of $4.5 billion for its third quarter ended May 10, up 5.4% from the third quarter of fiscal 2024. Earnings per share for the quarter came in at $35.36.
The company said that while currency rate moves continued to pressure reported sales and earnings, its international operations are positioned well as it continues to focus on opening more stores in these markets.
"We continue to be pleased with our strategy to grow our domestic and international DIY and Commercial sales. Domestically, both DIY and Commercial continued to perform well and sales accelerated meaningfully from the previous quarter," said Phil Daniele, AutoZone’s President and Chief Executive Officer.
AutoZone’s gross margins were pressured during the quarter. However, Daniele said the company will drive improvement as its new distribution centers ramp up and it continues to drive higher merchandise margins.
"We are excited about our momentum heading into the last quarter of the fiscal year, and we are well prepared for our summer selling season," he added.