AutoZone third quarter sales $1.66 billion

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AutoZone, Inc, the automotive parts retailer reported third quarter sales rose 9% to $1.66 billion from $1.52 billion a year ago. Net income in the quarter rose 9% to $173.7 million or $3.13 per diluted share compared to net income of $158.6 million or $2.49 per share a year ago. AutoZone, Inc (AZO) in the last one year traded as high as $169.99 in April 2009 and as low as $84.66 in November 2008. Based on the yesterday’s closing price of $162.84 the company has market cap of $8.91 billion.
 
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There are about 4 million people that decided not to purchase a new car this year due to the economy. Spent a little extra on fixing up the old car to last a few more years. This always happens when the economy is down. Average age of the US fleet will probably reach 10 years soon.
 
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