AutoZone has reported net sales of $2.8 billion for its first quarter (12 weeks) ended Nov. 23, 2019, an increase of 5.7% from the first quarter of fiscal 2019 (12 weeks). Domestic same store sales, or sales for stores open at least one year, increased 3.4% for the quarter.

Net income for the quarter decreased 0.3% over the same period last year to $350.3 million, while diluted earnings per share (EPS) increased 6.2% to $14.30 per share from $13.47 per share in the year-ago quarter. The decrease in net income was driven by an increased effective tax rate resulting from a reduced benefit from stock options exercised during the quarter. The benefit from stock options increased EPS by 6 cents versus 43 cents last year.

Under its share repurchase program, AutoZone repurchased 403,000 shares of its common stock for $450 million during the first quarter, at an average price of $1,116 per share. At the end of the first quarter, the company had $1.3 billion remaining under its current share repurchase authorization.