Summary
AutoZone Inc. reported record net income of $2.5 billion for fiscal year 2023, a 4.1% increase over the prior year, with sales growing by 7.4% to $17.5 billion. This growth was driven by strong performance in both domestic and international markets, with domestic same-store sales increasing by 3.4% and international comparable store sales seeing a significant rise of 29.3% (17.5% in constant currency). The company continues to expand its store footprint, opening 197 net new stores, bringing the total to 7,140 locations across the Americas. Key financial highlights include a substantial increase in diluted earnings per share to $132.36, up from $117.19 in the prior year, partly due to effective share repurchase programs. The company also maintained a strong after-tax return on invested capital (ROIC) of 55.4%. AutoZone's commercial sales program showed robust growth, increasing by 8.7% year-over-year. Despite some gross margin pressure due to a non-cash LIFO charge and increased operating expenses as a percentage of sales, the company's overall financial health remains strong, supported by significant operating cash flow and a revolving credit facility. The company is focused on strategic investments in its supply chain, including hub and mega hub expansions, and new store development to support future growth. AutoZone's management remains optimistic about its ability to navigate economic factors and capitalize on opportunities in the automotive aftermarket.
Financial Highlights
47 data points| Revenue | $17.46B |
| Cost of Revenue | $8.39B |
| Gross Profit | $9.07B |
| SG&A Expenses | $5.60B |
| Operating Income | $3.47B |
| Interest Expense | $320.12M |
| Net Income | $2.53B |
| EPS (Basic) | $136.60 |
| EPS (Diluted) | $132.36 |
| Shares Outstanding (Basic) | 18.51M |
| Shares Outstanding (Diluted) | 19.10M |
Key Highlights
- 1Record net income of $2.5 billion in fiscal year 2023, a 4.1% increase from the previous year.
- 2Total net sales reached $17.5 billion, up 7.4% year-over-year, driven by domestic same-store sales growth of 3.4% and strong international performance.
- 3Diluted earnings per share increased significantly to $132.36, up 12.9% from $117.19 in fiscal year 2022.
- 4Continued store expansion with 197 net new stores opened, bringing the total store count to 7,140.
- 5Strong After-Tax Return on Invested Capital (ROIC) of 55.4%, an improvement from 52.9% in the prior year.
- 6Commercial sales grew by 8.7% ($368.0 million), indicating successful expansion in the commercial market.
- 7The company maintained robust operating cash flow of $2.9 billion.