AutoZone Inc. announced fiscal first quarter earnings were relatively flat compared to a year ago as revenue growth was modest with consumers putting off vehicle maintenance as long as possible.
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The auto parts retailer posted first quarter earnings of $131.4 million, slightly lower than the $132.5 million in the same period last year.
Revenue grew 1.6 percent to $1.48 billion, up from $1.46 billion last year. Same-store sales did not fare as well, down 1.5 percent.
AutoZone saw stronger results in commercial sales, up 1.8 percent to $170.6 million, while retail sales ticked up a modest 0.7 percent to $1.22 billion.
Gross margin as a percentage of sales crept up to 50.1 percent from 49.9 percent last year.
"Despite the challenges in the broader economy, we remain committed to our long range plans and believe the ultimate determinant of our success will be our strategies and our execution of those strategies," said President and CEO Bill Rhodes in a company statement.
AutoZone opened 30 news stores in the U.S. during the first quarter and two in Mexico.
