Automotive replacement parts retailer AutoZone, Inc. (AZO) reported Tuesday that net income for the second quarter increased to $345.95 million or $14.93 per share from $299.28 million or $12.39 per share in the year-ago quarter.
Net sales for the quarter grew 15.8 percent to $2.91 billion from $2.51 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $12.84 per share on revenues of $2.76 billion for the quarter. Analysts' estimates typically exclude special items.
Domestic same store sales, or sales for stores open at least one year, increased 15.2 percent for the quarter. The company's inventory increased 2.8 percent over the same period last year, driven by new stores and improved product assortment.
During the second quarter, AutoZone opened 27 new stores in the U.S., seven in Mexico and one in Brazil. As of the end of the quarter, the company had 5,951 stores in the U.S., 628 stores in Mexico, and 46 stores in Brazil for a total store count of 6,625.
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