Summary
AutoZone, Inc. reported strong financial performance for the twelve weeks ended February 13, 2021, with net sales increasing by 15.8% year-over-year to $2.91 billion. This growth was driven by a robust 15.2% increase in domestic same-store sales and a 14.7% rise in domestic commercial sales, which now represent approximately 22% of total sales. The company's operating profit saw a significant increase of 18.1% to $481.8 million, leading to a 15.6% rise in net income to $345.9 million. Diluted earnings per share (EPS) grew by an impressive 20.5% to $14.93, reflecting the strong top-line performance and effective cost management. The company also highlighted the resilience of its business model, with failure and maintenance-related categories comprising about 84% of sales. Despite a slight increase in discretionary sales mix, likely influenced by customers spending more time and money on projects due to the pandemic, AutoZone continues to benefit from the aging vehicle fleet in the U.S., with the average age exceeding 11 years.
Financial Highlights
45 data points| Revenue | $2.91B |
| Cost of Revenue | $1.35B |
| Gross Profit | $1.56B |
| SG&A Expenses | $1.08B |
| Operating Income | $481.77M |
| Net Income | $345.95M |
| EPS (Basic) | $15.27 |
| EPS (Diluted) | $14.93 |
| Shares Outstanding (Basic) | 22.65M |
| Shares Outstanding (Diluted) | 23.17M |
Key Highlights
- 1Net sales for the twelve-week period increased 15.8% to $2.91 billion.
- 2Domestic same-store sales grew by 15.2%, indicating strong underlying demand.
- 3Operating profit rose 18.1% to $481.8 million.
- 4Net income increased 15.6% to $345.9 million.
- 5Diluted earnings per share (EPS) grew by 20.5% to $14.93.
- 6The company continued its aggressive share repurchase program, buying back $1.578 billion worth of stock in the 24-week period.
- 7Despite a decrease in miles driven due to COVID-19, AutoZone's sales remain strong, supported by an aging vehicle fleet.