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twitterAuto-parts chain’s profit rises
Tuesday, Sept. 23, 2003 | 9:17 a.m.
MEMPHIS -- AutoZone Inc. Monday said income for its latest quarter rose 31 percent on higher sales and lower expenses.
The Memphis-based auto-parts chain said fourth-quarter earnings rose to $207.4 million, or $2.27 a share, from $178 million, or $1.73 a share, last year.
The latest quarter included a loss of $7.4 million from cost of goods and a gain of $4.6 million for the reversal of restructuring accruals. Excluding the items, earnings were $2.29 a share, better than the consensus estimate of $1.93 a share.
Fourth-quarter sales were $1.83 billion, below the consensus estimate of $1.9 billion, and lower than last year's sales of $1.84 billion.
AutoZone has about a dozen shops in the Las Vegas area.
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