As families prepare to hit the roads for their summer vacations, AutoZone Inc. (NYSE: AZO), the nation's largest auto parts supplier, and Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL), a staple for the hungry traveler, both topped Wall Street expectations in their quarterly earnings reports Wednesday.
For its fiscal third quarter, Memphis-based AutoZone reported that net income increased 9.5% from the year-ago quarter to $173.7 million, or $3.13 per share. It was the eleventh consecutive quarter of double-digit earnings per share growth. Net sales of $1.7 billion for the quarter ended May 9, represent a 9.3% increase from a year ago. Domestic same-store sales increased 7.4% for the quarter.
Analysts surveyed by Thomson Reuters had expected a profit of $2.89 per share on revenue of $1.6 billion.
AutoZone also said it repurchased 450 thousand shares of its common stock for $65 million during the third quarter, at an average price of $145 per share. The company has $396 million remaining under its current share repurchase authorization.
Shares fell Wednesday $7.80, or 4.8% to close at $155.04. The share price is up 11.2% since the beginning of the year.
Cracker Barrel, which is also based in Tennessee, reported net income for its fiscal third quarter of $11.9 million, or $0.52, compared to $10.5 million, or $0.46 per share, in the year-ago period. Revenue for the quarter totaled $567.6 million, which was up slightly from a year ago, though same-store sales on both the restaurant and retail sides decreased.
Analysts had expected a profit of $0.44 per share but revenue of $568.7 billion.
Cracker Barrel also said it expects fiscal 2009 total revenue to be flat to down 0.5% compared to fiscal 2008. Same-store restaurant sales are forecast to be down 1.5% to 2% and same-store retail sales down 6% to 7%. Net income is projected to be between $2.70 and $2.90 per share.
Shares fell 2.2%, or $0.70, to close Wednesday at $30.78. The share price is 4.8% lower than a year ago.
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