Summary
AutoZone, Inc. reported its financial results for the twelve weeks ended November 23, 2019. Net sales increased by 5.7% to $2.79 billion, driven by a 3.4% increase in domestic same-store sales and the addition of new stores. Operating profit saw a modest increase of 2.5% to $500.0 million. However, net income experienced a slight decrease of 0.3% to $350.3 million, primarily due to a higher effective tax rate resulting from a reduced tax benefit from stock options exercised compared to the prior year period. Despite the slight dip in net income, diluted earnings per share (EPS) rose by 6.2% to $14.30, indicating improved profitability on a per-share basis. The company continues to focus on growth through new store openings and its commercial sales program, which saw a significant increase. The average age of vehicles on the road, a key industry driver, continues to trend favorably, exceeding 11 years, which should support long-term demand for AutoZone's products.
Financial Highlights
45 data points| Revenue | $2.79B |
| Cost of Revenue | $1.29B |
| Gross Profit | $1.50B |
| SG&A Expenses | $1.00B |
| Operating Income | $500.02M |
| Net Income | $350.34M |
| EPS (Basic) | $14.67 |
| EPS (Diluted) | $14.30 |
| Shares Outstanding (Basic) | 23.88M |
| Shares Outstanding (Diluted) | 24.49M |
Key Highlights
- 1Net sales increased by 5.7% year-over-year to $2.79 billion.
- 2Domestic same-store sales grew by 3.4%, indicating steady performance in existing locations.
- 3Operating profit increased by 2.5% to $500.0 million.
- 4Diluted Earnings Per Share (EPS) increased by 6.2% to $14.30, demonstrating enhanced shareholder value.
- 5Commercial sales saw a robust increase of 13.6%, highlighting successful expansion in this segment.
- 6The company repurchased $450.0 million of its common stock during the quarter, demonstrating a commitment to returning capital to shareholders.