RTTNews | May 25, 2021 07:26AM EDT

07:25 Tuesday, May 25, 2021 (RTTNews.com) - Automotive replacement parts retailer AutoZone, Inc. (AZO) reported Tuesday that net income for the third quarter increased to $596.16 million or $26.48 per share from $342.90 million or $14.39 per share in the year-ago quarter.

Net sales for the quarter grew 31.4 percent to $3.65 billion from $2.78 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $20.14 per share on revenues of $3.26 billion for the quarter. Analysts' estimates typically exclude special items.

Domestic same store sales, or sales for stores open at least one year, increased 28.9% for the quarter. The company's inventory increased 5.1% over the same period last year, driven by new stores and improved product assortment.

During the first quarter, AutoZone opened 25 new stores and closed one store in the U.S. and opened seven stores in Mexico and one store in Brazil. As of May 8, 2021, the Company had 5,975 stores in the U.S., 635 in Mexico and 47 in Brazil for a total store count of 6,657.

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