AutoZone quarterly earnings up despite downturn

DETROIT (Reuters) - AutoZone Inc (AZO.N), the largest U.S. auto-parts retailer, reported a 12.2 percent rise in quarterly profit on Monday as it expanded stores despite a steep downturn in U.S. auto sales.

Net income rose to $243.7 million, or $3.88 per share, in its fiscal fourth quarter that ended August 30, from $217.2 million, or $3.23 per share, a year earlier.

Analysts on average had expected the company to earn $3.90 per share in the quarter.

Net sales increased 10.4 percent to $2.2 billion, but sales at domestic stores open at least one year, a key retail measure known as same-store sales, rose 0.6 percent in the quarter.

AutoZone, in which billionaire investor Edward Lampert owns about a 36 percent stake, opened 60 new stores in the United States and 18 stores in Mexico during the quarter.

It has more than 4,000 stores in 48 states and 148 in Mexico.

(Reporting by Soyoung Kim; Editing by Maureen Bavdek)