NEW YORK (AP) - Shares of several auto parts retailers fell Wednesday, after AutoZone Inc. reported disappointing fiscal fourth-quarter results.

Despite lower-than-expected sales, AutoZone said its profit edged up nearly 2 percent, as gross margin improved on category management and supply chain efficiencies.

Morgan Keegan’s John R. Lawrence reiterated his “Outperform” rating for AutoZone, saying that things at the Memphis, Tenn.-based company appear to be improving.

“Test initiatives and the commercial business are showing improvement, and sales improved as the quarter progressed with a weak start to quarter four as gas prices hovered above $3 per gallon,” Lawrence wrote in a note to investors.

“Moreover, management believes the company is seeing increased market share within both the sales floor and application parts businesses and that the initiatives detailed below will show meaningful benefits in 2008.”

In midday trading, AutoZone shares rose $2.57, or 2.3 percent, to $115.69, after trading as high as $117.09 earlier in the day.

Meanwhile, shares of Advance Auto Parts Inc. edged down 17 cents to $34.77 and O’Reilly Automotive Inc. fell 29 cents to $35.48.

Pep Boys - Manny, Moe & Jack, which on Wednesday announced plans to restate prior financial results to correct accounting errors, fell 63 cents, or 3.9 percent, to $15.45