AutoZone Reports Record Second-Quarter Earnings, Shares Hit All-Time High

The auto parts retailer's strong performance is attributed to increased merchandise profit margins and lower supply chain expenses.

AutoZone's second-quarter fiscal 2024 earnings per share rose to $28.89, up from $24.64 in the year-ago period, with net income increasing 8.1% to $515 million.
Revenue grew 4.6% to $3.86 billion, with same store sales up 3% year-on-year.
Gross margin expanded by 160 basis points to 53.9%, benefiting from higher merchandise profit margins and reduced supply chain costs.
AutoZone added 26 new stores, bringing its total to 7,191 locations across the U.S., Mexico, and Brazil.
Shares of AutoZone surged nearly 7% to reach an all-time high, reflecting investor confidence in the company's growth trajectory.