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AutoZone quarterly net income rises 22.1% to $289.5M

Car parts retailer AutoZone Inc., said its fiscal second-quarter 2017 net income climbed 22.1% to $289.5 million from $237.2 million in the prior-year quarter.

The increase is partly attributable to the new U.S. tax law, which provided a boost of $171.4 million from a lower corporate tax payment of $59.5 million and net deferred tax benefit worth $136.7 million which were partly offset by $24.8 million in repatriation expenses.

Adjusted diluted EPS for the quarter stood at $8.47, rising from $7.75 in the prior-year quarter.

Income before taxes was $165.8 million, down 52.6% from $349.8 million reported in the year-ago quarter.

Net sales increased to $2.41 billion from the prior-year quarter net sales of $2.29 billion; cost of sales rose to $1.14 billion from the previous period's $1.08 billion.