{"id":63193,"date":"2023-09-19T21:05:52","date_gmt":"2023-09-20T01:05:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/autozone-stock-falls-as-domestic-commercial-growth-lower-than-expected\/"},"modified":"2023-09-19T21:05:56","modified_gmt":"2023-09-20T01:05:56","slug":"autozone-stock-falls-as-domestic-commercial-growth-lower-than-expected","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=63193","title":{"rendered":"AutoZone Stock Falls as Domestic Commercial Growth Lower Than Expected"},"content":{"rendered":"
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\n AutoZone
\n easily beat earnings and sales estimates for its fiscal fourth quarter but the stock was falling after sales in the company\u2019s domestic commercial division came up short. <\/p>\n

\n AutoZone
\n (ticker: AZO) posted fourth-quarter earnings of $46.46 a share, rising from a year ago and beating Wall Street\u2019s estimate of $45.17. <\/p>\n

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Net sales for the automotive replacement parts maker were $5.69 billion, also climbing from the year-ago quarter and beating expectations of $5.61 billion. <\/p>\n

But total domestic commercial sales were $1.499 billion, below the $1.55 billion analysts had forecast. <\/p>\n

Louis Navellier, chief investment officer of Navellier & Associates, however, found reason to be optimistic. \u201cThe UAW strike is going to help boost AZO\u2019s sales since replacement vehicles will be delayed, so AZO\u2019s parts business should grow,\u201d he told Barron\u2019s<\/em> in an email Monday. <\/p>\n

Same-store sales for the quarter rose 4.5%, falling from 7.1% a year ago but higher than the 2.4% jump analysts had expected.<\/p>\n

\u201cWhile we started this quarter slowly, we saw improvements in the back half of our quarter,\u201d said\u00a0CEO Bill Rhodes in the earnings release. \u201cDespite lower-than-expected growth in domestic commercial, we believe that the initiatives we have in place and are implementing will drive stronger growth in fiscal 2024.\u201d<\/p>\n

Rhodes offered a bit more detail on those plans for growth during the company\u2019s earnings conference call. <\/p>\n

\u201cOver the last five years, we\u2019ve averaged 140 domestic store openings and 50 international openings for a total of roughly 190 new stores a year in the Americas,\u201d he said. \u201cWe plan on accelerating this pace and aspire to open as many as 500 stores five years from now.\u201d<\/p>\n

\u201cFY 2024 will remain around 200 but we will ramp from there,\u201d he continued. \u201cYou may be asking why this change of strategy and why now? The answer is our profitability per store is materially higher since the beginning of the pandemic.\u201d\u00a0<\/p>\n

AutoZone stock fell 1.5% to $2,485.17. The stock has gained 0.8% this year.<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AutoZone easily beat earnings and sales estimates for its fiscal fourth quarter but the stock was falling after sales in the company\u2019s domestic commercial division came up short. AutoZone (ticker: AZO) posted fourth-quarter earnings of $46.46 a share, rising from a year ago and beating Wall Street\u2019s estimate of $45.17. Net sales for the automotive […]<\/p>\n","protected":false},"author":1,"featured_media":63194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-63193","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAutoZone Stock Falls as Domestic Commercial Growth Lower Than Expected | iFintechWorld<\/title>\n<meta name=\"description\" content=\"AutoZone easily beat earnings and sales estimates for its fiscal fourth quarter but the stock was falling after sales in the company\u2019s domestic commercial\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=63193\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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