Why Autozone Stock Slumped on Tuesday
Shares of auto parts retailer Autozone (NYSE: AZO) were trading 1.5% lower as of 12:40 p.m. ET Tuesday after reporting misses on both the top and bottom lines for its fiscal fourth quarter. Earlier in the session, the stock had been down by as much as 4.9%
Heading into its earnings report Tuesday morning, analysts had forecast Autozone would report a $53.53 per share profit on just over $6.2 billion in sales. Autozone came close to hitting the sales estimate, reporting $6.2 billion. Its earnings, however, came up short at $51.58 per share.
For the period, which ended Aug. 31, sales grew by 9%. However, this year's Q4 was one week longer than last year's Q4. Excluding the impact of the extra week, its revenues would only have been 2.6% higher.
Source Fool.com
Autozone Inc. Stock
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With a target price of 2997 € there is a slightly positive potential of 4.57% for Autozone Inc. compared to the current price of 2866.0 €.
