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The Memphis-based auto parts retailer reportedr net incomeof $173.7 million, or $3.13 per diluted a 9.5 percent increase comparedc to $158.6 million, or $2.498 per diluted share, for third quarter 2008. AutoZone AZO) also reported net sales of $1.6 billion for the a 6.7 percent increase compared to $1.5 billionj in the year-ago quarter. The company opened 32 new stores and closed one nationally in the third while opening 10 new stores in Also in thethird quarter, the company repurchasex $65 million in common stock at an average price of $145 per Year-to-date, it has purchased $396 million in common stocko at an average price of $130 per share.
“W are pleased to report our 11th consecutive quarted of double digit earnings per share AutoZone president and CEO Bill Rhodew said ina statement. “While the current economicd environment, combined with the reduction in fuel pricesz compared tolast year, has clearly been beneficiap to our industry's performance, we are very pleaseds with our organization's ability to capitaliz on these favorable trends. At the end of the third our balance sheet was inexcellent condition, and we remainm committed to our disciplined approachj of growing operating earnings while utilizing our capitalk effectively.
” AutoZone has 4,172 stores in 48 states, the District of Columbia and Puerto Rico and 168 stores in Mexico. The company’s stock closed the day down 4.8 percentr to $155.04 per share.
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