Tuesday, March 3, 2009

AutoZone: Good Economic News For Memphis

Posted By on Tue, Mar 3, 2009 at 4:00 AM

In this dreary economic climate, any good news is, well, great news. Memphis-based AutoZone surprised analysts by announcing better-than-expected second-quarter profits today. The stock moved to an all-time high on the news.

From Bloomberg.com: Net income rose to $115.9 million, or $2.03 a share, from $106.7 million, or $1.67, a year earlier, the Memphis, Tennessee- based company said today in a statement. Sales rose 8.1 percent to $1.45 billion in the 12 weeks ended Feb. 14.

"Consumers are trying to keep their current vehicles running longer, until their confidence improves," Dave Goebel, a consultant at R.L. Polk, said. More at Bloomberg.com.

--BV

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