Despite beating Wall Street’s third-quarter fiscal estimates, AutoZone is not in the zone.
Its stock on Tuesday was on track for its worst day in over six years, on its way to a double-digit decline. It was its worst period since early in the COVID-19 pandemic in March 2020, CNBC reported.
AutoZone exceeded earnings per share at $38.07 compared with an expected $36.28 during a fiscal period that ended May 9.
There was also concern over a lack of international growth, as well as waning sales year over year.
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“This slowdown in sales was caused by unseasonably cool weather impacting our heat-related categories, which normally begin to ramp this time of year as summer heat begins to take hold,” AutoZone CEO Philip Daniele said Tuesday.
