Autozone Shares 5.6% Jump in Same-Store Sales for Fiscal Q1

AutoZone also shared an earnings and revenue beat

Digital Content Manager
Dec 6, 2022 at 10:07 AM
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Autozone Inc (NYSE:AZO) stepped into the earnings confessional early this morning, posting s 5.6% jump in same-store sales, and a rise in earnings per share (EPS) to $27.45 -- topping expectations. The company's revenue for the fiscal first quarter also beat estimates, rising to $3.99 billion. Additionally, inventory rose 17.6% year-over-year, thanks to inflation and internal growth initiatives. 

AZO is dropping, despite the upbeat report, last seen down 1.8% at $2,481.31. The security is coming off a record high of $2,610.05, touched on Dec. 1. The stock saw its first close below the 10-day moving average in over two weeks yesterday, though there's still a confluence of moving averages just below ready to provide potential support. Year-over-year, AZO is up over 35%. 

Despite its outperformance, short-term options traders are quite put-biased. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.60, which stands higher than 77% of readings from the past year. 

Short sellers, on the other hand, are hitting the exits. Short interest dropped 19.9% in the last two reporting periods, and only makes up 1.9% of the stock's available float. Meanwhile, analysts lean bullish. Of the 16 in coverage, all but three call the equity a "buy" or better.



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