AutoZone Inc. reported a second-quarter profit increase of 8.6 percent, as car owners and mechanics increased spending on automotive parts and supplies for used vehicles.
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Memphis, Tenn.-based AutoZone earned $115.9 million compared with $106.7 million in the same quarter a year ago.
Sales rose 8.1 percent to $1.45 billion, while domestic same-store sales — or sales for stores open at least one year — jumped 6 percent.
The continued steep drop off in U.S. demand for new vehicles has helped auto parts retailers during the quarter, with more drivers choosing to keep their cars longer and spend more on the parts needed to maintain them.
Companies like AutoZone also got a boost from lower gas prices, which result in more people driving more miles, prompting more spending on maintenance and repairs.
The quarter marks the company's 10th consecutive quarter of double-digit growth, according to AutoZone. AutoZone opened 20 new stores in the U.S. and eight in Mexico. It closed one store in the U.S. At the end of the quarter ending Feb. 14, AutoZone had 4,141 stores in the U.S and Puerto Rico and 158 stores in Mexico.
