Summary
AutoZone Inc. (AZO) in its 2013 10-K filing reports robust performance for the fiscal year ending August 31, 2013, with record net income of $1.016 billion, a 9.3% increase year-over-year, and sales growth of 6.3% reaching $9.148 billion. This growth was attributed to contributions from new stores, a 53rd week in the fiscal calendar, and the acquisition of AutoAnything. The company continues to expand its footprint, operating 5,201 stores across the U.S., Mexico, and Brazil, with a strong emphasis on its commercial sales program. Despite challenging macroeconomic conditions such as high gas prices and unemployment, AutoZone's core business, driven by failure and maintenance-related categories, remained resilient. The company also reported significant share repurchases totaling $1.39 billion in fiscal 2013, demonstrating a commitment to returning capital to shareholders. Key operational strategies include a focus on superior customer service, leveraging technology like the proprietary Z-net system, and a tailored inventory approach to meet local market needs. AutoZone also highlighted the strategic importance of its hub store model for efficient distribution. Looking ahead, the company plans to continue investing in store development and infrastructure enhancements, anticipating increased capital expenditures in fiscal 2014. AutoZone's financial health is supported by strong operating cash flow and an accessible revolving credit facility, positioning it to navigate economic uncertainties and pursue future growth opportunities.
Financial Highlights
51 data points| Revenue | $9.15B |
| Cost of Revenue | $4.41B |
| Gross Profit | $4.74B |
| SG&A Expenses | $2.97B |
| Operating Income | $1.77B |
| Interest Expense | $188.32M |
| Net Income | $1.02B |
| EPS (Basic) | $28.28 |
| EPS (Diluted) | $27.79 |
| Shares Outstanding (Basic) | 35.94M |
| Shares Outstanding (Diluted) | 36.58M |
Key Highlights
- 1Record net income of $1.016 billion, a 9.3% increase over the prior year.
- 2Net sales grew by 6.3% to $9.148 billion, driven by new store openings, a 53rd week, and the AutoAnything acquisition.
- 3Expanded store base to 5,201 locations across the United States, Mexico, and Brazil.
- 4Commercial sales program showed growth, contributing to overall business expansion.
- 5Significant share repurchases totaling $1.39 billion in fiscal 2013, with $468.4 million remaining authorization.
- 6Gross profit margin improved to 51.8% from 51.5% in the prior year, attributed to lower product acquisition costs.
- 7Continued focus on operational efficiency and customer service, supported by proprietary technology like Z-net.