By Mackenzie Tatananni

AutoZone, the car-parts retailer, posted a sales and earnings miss in its fiscal first quarter.

AutoZone reported net sales of $4.28 billion for the quarter ended Nov. 23, below the FactSet consensus estimate of $4.3 billion. Earnings per share declined to $32.52 from $32.55 a year earlier, missing Wall Street's expectation for $33.56.

Net income for the quarter fell to $564.9 million from $593.5 million a year prior.

Shares of the automotive aftermarket distributor were flat at $3,324.

Despite the earnings miss, CEO Phil Daniele stressed that domestic commercial sales rose 3.2% for the quarter.

The company's international performance "remains encouraging," Daniele said, though he conceded currency rate moves depressed reported sales and earnings growth.

"We feel we are well positioned for growth heading into the remainder of the fiscal year, as we believe the initiatives we have in place to improve customer service and grow market share are on track," Daniele continued.

AutoZone's competitors traded mixed. Shares of Advance Auto Parts were up 0.7%. Coming into Tuesday, the stock has fallen 22% this year.

Advance Auto Parts reported third-quarter net sales of $2.1 billion in November, missing analysts' expectations and marking a 3% drop from a year earlier. The company also reported an adjusted loss per share of 4 cents, compared to a loss of $1.19 in the prior year.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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December 10, 2024 08:07 ET (13:07 GMT)

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