AutoZone profit misses analyst estimate, shares dip

AutoZone Inc.
AZO,
+1.25%
stock fell 0.2% in premarket trade after the auto part and accessories retailer reported higher profit, but fell short of Wall Street estimates. AutoZone said it second-quarter profit increased to $476.54 million, or $24.64 a share, from $471.76 million, or $23.20 a share, in the year-ago quarter. AutoZone was expected to earn $31.70 a share, according to analyst estimates compiled by FactSet. AutoZone said its second-quarter revenue rose to $3.69 billion from $3.37 billion, while falling short of the analyst forecast of $4.065 billion. Same-store sales rose 5.3% in the second quarter, cooling down from the year-ago rise of 13.8%.