AutoZone earnings and revenues rise

AutoZone profit grew 6.4% in the final quarter of the fiscal year. The auto parts retailer also reported higher revenues, with sales at stores open at least a year higher by 1% for the current quarter.

Also, the increase in revenues was driven by new store openings, and the increase in inventory and selection of products.

The company's ongoing inventory rollout has gone very well and will continue in 2017, the Thursday Chief Executive Bill Rhodes said.

Inventory per store climbed 2.5% from a year ago, while overall inventory increased 6.1%.

AutoZone opened 71 new stores and relocated two stores in the U.S., bringing its total to 5,297. Check the AutoZone Circular for the monthly motor oil and auto parts best deals & specials.

For the August quarter, AutoZone reported a profit of $426.8 million, up from $401.1 million, and revenues climbed 3.3% to $3.4 billion.

AutoZone had a gross margin of 52.8%, up from 52.5% a year earlier.