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CSK Auto reports higher profit, raises outlook

PHOENIX, Aug 29 (Reuters) - Automotive parts retailer CSK Auto Corp. on Thursday reported a higher quarterly profit on stronger sales at its stores open at least one year and raised its earnings forecast for the full-year 2002.

The company, with more than 1,100 stores primarily in the Western United States, reported net income of $4.1 million, or 10 cents a share, in the second quarter ended August 4, compared with a net loss of $23.8 million, or 86 cents a share, in the same period the year before.

Phoenix-based CSK Auto, which operates Checker Auto Parts, Schuck's Auto Supply and Kragen Auto Parts stores, said sales at its locations open at least one year rose 7 percent in the quarter. Net sales increased 4.3 percent to $398.3 million.

The company said it now expects income of $29 million to $31 million, excluding items, for 2002, up from its previous guidance of $27 million to $29 million.

Shares of CSK Auto closed Thursday up 96 cents, or 7.5 percent, at $13.79 in Thursday trading on the New York Stock Exchange.