AutoZone Inc. stock , AZO -1.26% fell 3% in premarket trading Tuesday after the retailer of car parts beat profit expectations for its third fiscal quarter, but sales were lower than expected after a weaker March. AutoZone, based in Memphis, Tenn., had a net income of $648.7 millions, or $34.12 per share, for its quarter ending May 6. This was up from $592.6million, or $29.03 per share, during the same period last year. Sales increased to $4.091 from $3.865 billion in the previous year. FactSet’s consensus predicted EPS at $31.50, and sales at $4.123 billion. FactSet expected a 4.1% rise in same-store sales, but the actual increase was 1.9%. Bill Rhodes, CEO of the company, said that while sales were lower than expected in March and this affected our results for this quarter we are still excited about our initiatives. We believe we are well-positioned for future growth. The company purchased 356,000 shares for $908.2 millions at an average cost of $2.551 per share. Stock closed at $2619.80 on Monday. Inflation and growth initiatives drove a 7.4% increase in inventory compared to the previous period. The company opened 22 stores in the U.S., six in Mexico, and two in Brazil during the third quarter. The stock is up 6% year-to-date, while S&P 500 SPX, +0.02% is up 9%.