AutoZone Inc (NYSE:AZO) reported net income above Wall Street’s expectations for the first quarter. Net income for the auto parts store rose to $191.1 million ($4.68 per share) vs. $172.1 million ($3.77 per share) in the same quarter a year earlier. This marks a rise of 11.1% from the year earlier quarter. Revenue rose 7.4% to $1.92 billion from the year earlier quarter. AZO beat the mean analyst estimate of $4.45 per share. Analysts were expecting revenue of $1.89 billion.
After three years of impressive financial performance, we are pleased to begin fiscal 2012 with strong quarterly results. This past quarter marked our twelfth consecutive quarter of 20% growth in earnings per share and our twenty-first consecutive quarter of double digit growth.Our 4.6% same store sales and 22.6% growth in Commercial sales are both testaments to our organization’s efforts to continually improve and further validation of our strategies.We continue to execute on our ’1Team Driving our Future’ operating theme for 2012.Our financial success continues to be the direct result of the tremendous contributions of our more than 65,000 dedicated AutoZoners, and I am convinced it is their dedication to helping our customers that differentiates us from our competition and drives our successes.”
Competitors to Watch: Advance Auto Parts, Inc. (NYSE:AAP), O’Reilly Automotive, Inc. (NASDAQ:ORLY), The Pep Boys – Manny, Moe & Jack (NYSE:PBY), U.S. Auto Parts Network, Inc. (NASDAQ:PRTS), General Motors Company (NYSE:GM), Toyota Motor Corp. (NYSE:TM), Honda Montor Co. Ltd. (NYSE:HMC), Ford Motor Company (NYSE:F), CarMax (NYSE:KMX), Tesla Motors Inc (NASDAQ:TSLA), Tata Motors Limited (NYSE:TTM), and Navistar Intl. Corp. (NYSE:NAV).
Caseys General Stores Inc. (NASDAQ:CASY) reported higher profit for the second quarter as revenue showed growth. Net income for Caseys General Stores Inc. rose to $37.6 million (98 cents per share) vs. $21.7 million (51 cents per share) in the same quarter a year earlier. This marks a rise of 73.5% from the year earlier quarter. Revenue rose 32.1% to $1.78 billion from the year earlier quarter. CASY beat the mean analyst estimate of 97 cents per share. It fell short of the average revenue estimate of $1.85 billion.
“We are pleased with the second quarter results, despite the continued challenges impacting our industry,” stated President and CEO Robert J. Myers. “We experienced a favorable gas margin and strong inside sales, resulting in a 15.6% increase in total gross profit.”
Competitors to Watch: Safeway Inc. (NYSE:SWY), Whole Foods Market, Inc. (NASDAQ:WFM), SUPERVALU INC. (NYSE:SVU), The Fresh Market Inc (NASDAQ:TFM), Winn-Dixie Stores, Inc. (NASDAQ:WINN), Ingles Markets, Inc. (NASDAQ:IMKTA), and Weis Markets, Inc. (NYSE:WMK).