MEMPHIS, Tenn. – AutoZone has reported net sales of $2.1 billion for its second quarter (12 weeks) ended Feb. 14, 2015, an increase of 7.7 percent from the second quarter of fiscal 2014 (12 weeks).

Net income for the quarter increased 9.8 percent over the same period last year to $211.7 million, while diluted earnings per share increased 15.6 percent to $6.51 per share from $5.63 per share in the year-ago quarter.

For the quarter, gross profit, as a percentage of sales, was 52.2 percent (versus 52.1 percent for last year’s quarter). The parts retailers said the improvement in gross margin was attributable to higher merchandise margins, partially offset by the impact from Interamerican Motor Corp. (IMC), which was acquired during September 2014 (-29 bps).

Under its share repurchase program, AutoZone repurchased 43,000 shares of its common stock for $26 million during the second quarter at an average price of $606 per share. Year to date, the company has repurchased 614,000 shares of its common stock for $326 million, at an average price of $530 per share. At the end of the second quarter, the company had $544 million remaining under its current share repurchase authorization.

“We are pleased to report our 34th consecutive quarter of double-digit earnings-per-share growth,” said Bill Rhodes, chairman, president and CEO. “The credit for our success goes to our dedicated AutoZoners across the globe who tirelessly work to exceed our customers’ expectations each and every day. We continued to diligently work on our inventory availability initiatives, including recently expanding our multi-deliveries per week test to more than 300 additional stores. Also, the expanded hard parts inventory we have deployed throughout our chain over the past year continues to be a contributor to our sales success. While we have continued to strategically invest in our business in order to support our growth, we remain committed to our disciplined approach to growing operating earnings and utilizing our capital effectively.”