AutoZone reports first-quarter sales growth
The Memphis-based automotive parts retailer reported a better-than-expected increase in net income for the quarter.
There are 15 article(s) tagged Bill Rhodes:
The Memphis-based automotive parts retailer reported a better-than-expected increase in net income for the quarter.
The Memphis-based automotive parts retailer reported $17.5 billion in sales for the year, an increase of 7.4% from the previous year.
Philip B. Daniele III, 54, AutoZone’s executive vice president of merchandising, marketing and supply chain, will take over as president and CEO in January.
AutoZone reported second-quarter net sales of $3.7 billion, a more than 9% increase from the same period a year ago.
The AutoZone board now includes three women, or 30% of the board, and three people of color, also 30%.
The company opened 28 new stores in the U.S., three stores in Mexico and four stores in Brazil during the quarter.
If shareholders approve the nominees, the AutoZone board will include three women, or 30%, and three people of color, also 30%.
The automotive parts retailer reported its operating profit increased 5.7% to $1.1 billion and net income for the quarter increased 3.1% over the same period in 2021 to $810 million.
Shares of AutoZone stock were up Tuesday morning following the release, which reported net sales of $3.9 billion for the third-quarter 2022.
“This has been the most difficult deliberation personally that I’ve had while I’ve been on the UT board,” said trustee Bill Rhodes, AutoZone president, chairman and CEO.
AutoZone reported another strong quarter of sales and earnings growth.
AutoZone has about 100,000 employees including about 2,500 in the Memphis area.
President and CEO Bill Rhodes cites mild winter in portions of the U.S. for sales that fell short of consensus estimates.
AutoZone rides weather and an improving focus on the commercial side of its business to impressive earnings results and a surge in its stock price.
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