Summary
AutoZone, Inc. (AZO) reported a 2.1% increase in net sales for the twelve weeks ended November 23, 2024, reaching $4.3 billion. This growth was primarily driven by a 1.8% same-store sales increase on a constant currency basis and contributions from new store openings. Despite the sales growth, operating profit saw a slight decrease of 0.9% to $841.1 million, impacted by unfavorable exchange rates. Net income fell by 4.8% to $564.9 million, and diluted earnings per share slightly declined by 0.1% to $32.52. The company continued its robust share repurchase program, spending $540.1 million during the period. Management highlighted that failure and maintenance-related categories remain the largest portion of sales, consistent with the prior year, and that long-term market growth is correlated with miles driven and the age of vehicles on the road.
Financial Highlights
44 data points| Revenue | $4.28B |
| Cost of Revenue | $2.01B |
| Gross Profit | $2.27B |
| SG&A Expenses | $1.43B |
| Operating Income | $841.15M |
| Net Income | $564.93M |
| EPS (Basic) | $33.40 |
| EPS (Diluted) | $32.52 |
| Shares Outstanding (Basic) | 16.91M |
| Shares Outstanding (Diluted) | 17.37M |
Key Highlights
- 1Net sales increased by 2.1% to $4.3 billion for the twelve weeks ended November 23, 2024.
- 2Same-store sales grew by 1.8% on a constant currency basis.
- 3Operating profit decreased by 0.9% to $841.1 million, impacted by foreign exchange headwinds.
- 4Net income decreased by 4.8% to $564.9 million, with diluted EPS slightly down to $32.52.
- 5The company repurchased $540.1 million of its common stock during the period.
- 6Commercial sales increased by 3.2% to $1.1 billion.
- 7Capital expenditures increased to $247.0 million, driven by new store openings and expansion projects.