AutoZone parts supplier 4Q profit rises 14 pct

[September 21, 2010]  MEMPHIS, Tenn. (AP) -- AutoZone Inc. says its profit rose almost 14 percent as the weak economy lifted sales of do-it-yourself auto repair parts.

The Memphis company also said its top marketing executive, Jim Shea, will retire at the end of October.

AutoZone said Tuesday its net income rose to $268.9 million, or $5.66 per share, during the 16 weeks ended Aug. 28. That's up from $236.1 million, or $4.43 per share, a year ago.

It says sales rose nearly 10 percent to $2.44 billion.

The results topped Wall Street expectations. Analysts expected earnings of $5.44 per share on $2.4 billion in sales.

Its shares are up 88 cents at $221.02 in pre-market trading.

[Associated Press]

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