Out of the zone
Money & Markets
Sales of new autos are revving up, and that could mean bad news for AutoZone.
Through the recession and its aftermath, many drivers couldn't afford new automobiles. Instead, they bought replacement parts from AutoZone and other retailers to keep their old autos on the road. But the trend may be weakening: The U.S. auto industry just reported its best August sales results in 11 years.
On Monday AutoZone reported revenue for its latest quarter that fell short of analysts' expectations. A relatively cool summer hurt sales of air-conditioning equipment, among other factors. Even though AutoZone's earnings topped Wall Street's forecasts, its stock fell to its lowest level since February.
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