AutoZone earnings rise but fall short of estimates

AutoZone reported 5.9 percent net income growth, but results came in below expectations as the replacement-part retailer overhauls its distribution process.

The company reported fiscal third-quarter profits of $327.5 million, or $10.77 a share, up from $309.1 million, or $9.57 a share, a year earlier. Revenue grew 4 percent to $2.59 billion.

Analysts polled by Thomson Reuters had projected profits of $10.92 a share on $2.65 billion in sales.

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