AutoZone Stock Falls After Earnings Beat Estimates. Here’s Why.

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AutoZone

on Tuesday reported fiscal third-quarter earnings that beat expectations, but same-store sales for the automotive replacement parts maker were below consensus.

AutoZone

(ticker: AZO) posted third-quarter earnings of $34.12 a share, higher than analysts’ estimates of $31.51. Net sales for the period were about $4.09 billion, slightly below forecasts of $4.12 billion.

Domestic same-store sales rose 1.9% in the quarter, lower than estimates that called for an increase of 4.1%.

“While weaker-than-expected sales for the month of March meaningfully affected our results this quarter, we are excited about our initiatives and believe we are well positioned for future growth,” said Bill Rhodes, chairman, president and CEO, in a press release.

Shares of AutoZone fell 2.3% to $2,559 in premarket trading Tuesday.

Write to Emily Dattilo at emily.dattilo@dowjones.com