AutoZone Inc (AZO) reported diluted earnings per share of $5.66 for the quarter ended Aug. 28, a 27.7% increase from a year earlier.

Net sales rose 9.5% from a year earlier to $2.4 billion in the fourth quarter of fiscal 2010, the auto parts company said in a statement. AutoZone opened 80 new stores in the U.S. in the quarter, and 26 new stores in Mexico.

The company repurchased 2.8 million shares of common stock for $565 million in the fourth quarter, at an average price of $199 per share. For the full fiscal year, the company purchased 6.4 million shares of common stock.

"Our performance during the fourth quarter represents a strong conclusion to a very good year for AutoZone," CEO Bill Rhodes said. "While the macro environment for our industry was certainly favorable, our team's commitment to our culture, constant refinements to our offerings, and high level of execution led to our second consecutive year of strong financial performance."

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