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AutoZone's quarterly net income rises on tax changes

Car parts retailer AutoZone Inc. said its earnings rose in the third quarter of fiscal 2017 on benefits from the U.S. tax law enacted in 2017.

Net income climbed 10.6% to $366.7 million in the 12 weeks that ended May 5 from $331.7 million a year ago.

Diluted EPS came in at $13.42 in the third fiscal quarter, compared with $11.44 in the year-ago period.

The company posted net sales of $2.66 billion, up 1.6% from $2.62 billion a year earlier. Domestic same-store sales, or sales at stores open at least one year, were up 0.6% for the quarter.

Operating profit rose to $545.8 million from $529.6 million.

During the quarter, AutoZone opened 26 new stores, relocated two outlets in the U.S. and opened four new stores in Mexico.

The company repurchased 599,000 shares of its common stock for $400 million at an average price of $667 per share. Year-to-date, it has repurchased 1.4 million of its common shares for $927 million, at an average price of $651 per share.