Summary
AutoZone Inc. (AZO) reported solid financial results for the twelve weeks ended February 10, 2024. Net sales increased by 4.6% year-over-year to $3.9 billion, driven by new store openings and a 1.5% increase in same-store sales on a constant currency basis. The company also saw a healthy rise in profitability, with operating profit up 10.9% to $743.2 million and net income increasing by 8.1% to $515.0 million. Diluted earnings per share (EPS) saw a significant increase of 17.2% to $28.89, benefiting from sales growth, improved gross margins (up 1.6 percentage points to 53.9%) due to higher merchandise margins and LIFO favorability, and disciplined expense management. The company continues to execute on its growth initiatives, including expanding its store base and investing in technology, while also returning capital to shareholders through its robust share repurchase program.
Financial Highlights
44 data points| Revenue | $3.86B |
| Cost of Revenue | $1.78B |
| Gross Profit | $2.08B |
| SG&A Expenses | $1.34B |
| Operating Income | $743.24M |
| Net Income | $515.03M |
| EPS (Basic) | $29.74 |
| EPS (Diluted) | $28.89 |
| Shares Outstanding (Basic) | 17.32M |
| Shares Outstanding (Diluted) | 17.83M |
Key Highlights
- 1Net sales increased by 4.6% to $3.9 billion for the twelve weeks ended February 10, 2024.
- 2Same store sales increased by 1.5% on a constant currency basis.
- 3Operating profit rose 10.9% to $743.2 million.
- 4Net income grew 8.1% to $515.0 million.
- 5Diluted Earnings Per Share (EPS) increased by 17.2% to $28.89.
- 6Gross profit margin improved to 53.9% from 52.3% in the prior year period, driven by higher merchandise margins and LIFO favorability.
- 7The company repurchased approximately $1.7 billion of common stock during the first twenty-four weeks of fiscal 2024 and has $2.1 billion remaining under its authorized share repurchase program.