AutoZone beats by $2.17, beats on revs; Q1 domestic comps +5.6% (2526.92)
Reports Q1 (Nov) earnings of $27.45 per share, $2.17 better than the S&P Capital IQ Consensus of $25.28; revenues rose 8.6% year/year to $3.99 bln vs the $3.87 bln S&P Capital IQ Consensus.
Domestic same store sales, or sales for stores open at least one year, increased 5.6% for the quarter.
For the quarter, gross profit, as a percentage of sales, was 50.1%, a decrease of 242 basis points versus the prior year. The decrease in gross margin was driven by a 203 basis point ($81 million) non-cash LIFO charge driven primarily by rising freight costs, with the remaining deleverage primarily from accelerated growth in our Commercial business. Operating expenses, as a percentage of sales, were flat to last year at 31.9%.
