01—Abstract
Summary
Summary of the 10-K filed October 28, 2024. Cited figures are marked; the original filing is the authoritative source.
AutoZone, Inc. reported robust performance for the fiscal year ended August 31, 2024, with net sales reaching $18.5 billiona, an increase of 5.9% over the prior year.
This growth was driven by a combination of new store openings, an additional 53rd week in the fiscal year, and a modest 1.4% increase in comparable store sales on a constant currency basis. The company demonstrated strong operational leverage, with operating profit increasing by 9.1% to $3.8 billionb and net income rising by 5.3% to $2.7 billion. Shareholders can take comfort in AutoZone's continued commitment to capital return, as evidenced by significant share repurchases totaling $3.2 billion during the fiscal year, alongside a substantial remaining authorization.
The company's strategic focus on expanding its commercial sales program and improving parts availability, coupled with its strong customer service ethos, positions it well for continued growth in the automotive aftermarket. Despite facing macroeconomic headwinds such as inflation and rising interest rates, AutoZone's performance indicates resilience and effective management of its business.
02—Key points
Key Highlights
- Net sales grew by 5.9% to $18.5 billion for the fiscal year ended August 31, 2024.
- Operating profit increased by 9.1% to $3.8 billion, demonstrating strong operational efficiency.
- Diluted earnings per share (EPS) grew by 13.0% to $149.55.
- The company repurchased $3.2 billion of its common stock, underscoring its commitment to shareholder returns.
- AutoZone continued its store expansion, ending the year with 7,353 stores across the Americas.
- Gross profit margin improved to 53.1% from 52.0% in the prior year, driven by higher merchandise margins and LIFO favorability.
- Despite a slight slowdown in domestic comparable store sales (0.4%), international comparable store sales saw a significant increase of 16.1% (10.2% constant currency).
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, AutoZone Inc kept $0.14.
- Revenue$18.49B100.0%
- Cost of revenue−$8.67B46.9%
- Gross profit$9.82B53.1%
- Operating costs−$6.03B32.6%
- Operating income$3.79B20.5%
- Interest, other & tax−$1.13B6.1%
- Net income$2.66B14.4%
Where FY2024 revenue went
$18.49B- Cost of revenue: $8.67B, 47% of revenue
- SG&A: $6.03B, 33% of revenue
- Net income: $2.66B, 14% of revenue
- Interest, other & tax: $1.13B, 6.1% of revenue
Kept 14% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed October 28, 2024Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $18.49B$17.46B | +5.9% |
| Cost of Revenue | $8.67B$8.39B | +3.4% |
| Gross Profit | $9.82B$9.07B | +8.2% |
| SG&A Expenses | $6.03B$5.60B | +7.7% |
| Operating Income | $3.79B$3.47B | +9.1% |
| Net Income | $2.66B$2.53B | +5.3% |
| EPS (Basic) | $153.82$136.60 | +12.6% |
| EPS (Diluted) | $149.55$132.36 | +13.0% |
| Shares Outstanding (Basic) | 17.31M18.51M | −6.5% |
| Shares Outstanding (Diluted) | 17.80M19.10M | −6.8% |
05—Questions
Frequently Asked Questions
What was AutoZone's net sales performance in fiscal year 2024?
AutoZone reported net sales of $18.5 billion for the fiscal year ended August 31, 2024, representing a 5.9% increase compared to the prior fiscal year. This growth was attributed to new store openings, the impact of an extra week in the fiscal year, and a 1.4% increase in total company comparable store sales on a constant currency basis.
How did AutoZone's profitability change in fiscal year 2024?
Profitability showed a strong trend, with operating profit increasing by 9.1% to $3.8 billion. Net income rose by 5.3% to $2.7 billion, and diluted earnings per share (EPS) saw a significant jump of 13.0% to $149.55, indicating effective cost management and sales growth.
What is AutoZone's strategy for returning capital to shareholders?
AutoZone continues to actively return capital to shareholders primarily through its share repurchase program. In fiscal year 2024, the company repurchased $3.2 billion worth of its common stock, with a substantial remaining authorization, demonstrating a consistent focus on enhancing shareholder value.
How is AutoZone expanding its business?
The company is expanding through store development, with a net increase of 213 stores during fiscal year 2024, bringing the total store count to 7,353 across the U.S., Mexico, and Brazil. Additionally, AutoZone is focused on growing its commercial sales program, which provides parts and services to repair garages and fleets.
06—Continue