Summary
AutoZone, Inc. reported robust performance for the fiscal year ended August 31, 2024, with net sales reaching $18.5 billion, 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 billion 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.
Financial Highlights
46 data points| Revenue | $18.49B |
| Cost of Revenue | $8.67B |
| Gross Profit | $9.82B |
| SG&A Expenses | $6.03B |
| Operating Income | $3.79B |
| Net Income | $2.66B |
| EPS (Basic) | $153.82 |
| EPS (Diluted) | $149.55 |
| Shares Outstanding (Basic) | 17.31M |
| Shares Outstanding (Diluted) | 17.80M |
Key Highlights
- 1Net sales grew by 5.9% to $18.5 billion for the fiscal year ended August 31, 2024.
- 2Operating profit increased by 9.1% to $3.8 billion, demonstrating strong operational efficiency.
- 3Diluted earnings per share (EPS) grew by 13.0% to $149.55.
- 4The company repurchased $3.2 billion of its common stock, underscoring its commitment to shareholder returns.
- 5AutoZone continued its store expansion, ending the year with 7,353 stores across the Americas.
- 6Gross profit margin improved to 53.1% from 52.0% in the prior year, driven by higher merchandise margins and LIFO favorability.
- 7Despite 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).