AutoZone beat earnings estimates. Here’s why the stock is down.

AutoZone reported fiscal third-quarter earnings that beat expectations on Tuesday, but net sales and same-store sales for the auto parts maker fell short of consensus.

AutoZone (stock ticker: AZO) reported third-quarter earnings of $34.12 a share, above analyst estimates of $31.51. Net sales for the period were about $4.09 billion, just below the forecast of $4.12 billion.

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AutoZone reported fiscal third-quarter earnings that beat expectations on Tuesday, but net sales and same-store sales for the auto parts maker fell short of consensus.

AutoZone (stock ticker: AZO) to publish Third-quarter earnings of $34.12 per share, above analyst estimates of $31.51. Net sales for the period were about $4.09 billion, just below the forecast of $4.12 billion.

Domestic store sales rose 1.9% in the quarter, short of estimates that called for a 4.1% increase.

Bill Rhodes, AutoZone Chairman, President and CEO, said in the earnings release.

AutoZone shares fell 6.3% to $2,454.93 on Tuesday, while the S&P 500 was down 0.7%. The stock was on track for its biggest percent decline since May 18, 2022, when it fell 9.5 percent, according to market data from Dow Jones. AutoZone was the worst performer in the S&P 500.

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Write to Emily Dattilo at [email protected]