By Kimberly Chin
AutoZone Inc. (AZO) said profit rose 11% in its third quarter as it benefited from a lower income tax rate.
For the quarter ended May 4, the company reported net income of $405.9 million, or $15.99 a share, up from $366.7 million, or $13.42 a share, a year prior. Analysts polled by Refinitiv expected earnings of $15.13 a share.
Net sales rose 4.6% to $2.78 billion from a year ago, in line with analysts' estimates.
Same-store sales, or sales for stores open at least a year, rose 3.9%. Analysts polled by Consensus Metrix were expecting a 2.9% rise.
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