AutoZone Sales Shrink in the Fiscal Second Quarter
AutoZone (NYSE: AZO) announced fiscal second-quarter results on Tuesday that came in shy of Wall Street's expectations. The leading auto parts retailer posted a rare sales decline, in fact, as management blamed mild winter weather across much of the country for depressing demand for seasonal automotive maintenance products.
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Comparable-store sales, or sales at existing locations, fell 0.8% after having climbed by about 3% through most of 2019. That result trailed management's target, and executives described a challenging sales environment for the wider industry. "Our sales performance ... did not meet our plans or expectations," CEO Bill Rhodes said in a press release. The company said mild winter weather was a "considerable headwind" that reduced demand for seasonal auto repair and maintenance parts across the industry.
Source Fool.com
