MEMPHIS, Tennessee — AutoZone Inc. shares dropped more than 4 percent Monday afternoon after reporting fourth-quarter revenue that missed Wall Street expectations.
The auto parts retailer posted revenue of $3.05 billion for its fiscal fourth quarter, falling short of Street forecasts. Analysts surveyed by Zacks Investment Research expected $3.06 billion.
The Memphis, Tennessee-based company reported net income of $373.7 million, or $11.28 per share. That exceeded Wall Street expectations for earnings of $11.23 per share.
AutoZone shares have risen 10 percent since the beginning of the year through Friday, while the Standard & Poor's 500 index has risen roughly 9 percent. The stock has climbed 25 percent in the last 12 months.
Shares of AutoZone fell $23.41, or 4.5 percent, to $503.03 in afternoon trading Monday.