WASHINGTON (dpa-AFX) - AutoZone Inc. (AZO) reported that its third-quarter net income increased about 6.8% to $265.58 million, from $248.57 million in the year ago quarter. Earnings increased 15.8% to $7.27 per share from $6.28 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $7.23 per share for the quarter. Analysts' estimates typically exclude special items.
The Company's inventory increased 6.3% over the same period last year, driven by an increase in store count and continued strategic investments in hard parts assortment. Net inventory, defined as merchandise inventories less accounts payable per store was a negative $63 thousand versus negative $48 thousand last year.
Net sales for the quarter were $2.20 billion, an increase of 4.5% from the prior year's $2.11 billion. Sixteen analysts had consensus revenue estimate of $2.22 billion for the quarter. Domestic same store sales, or sales for stores open at least one year, decreased 0.1% for the quarter.
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