AutoZone, Inc. (NYSE:AZO) today reported net sales of $2.7 billion
for its third quarter (12 weeks) ended May 5, 2018, an increase of
1.6% from the third quarter of fiscal 2017 (12 weeks).
Domestic same store sales, or sales for stores open at least
one year, increased 0.6% for the quarter.
Net income for the quarter increased 10.6% over the same period
last year to $366.7 million, while diluted earnings per share
increased 17.3% to $13.42 per share from $11.44 per share in the
year-ago quarter. Net income and diluted earnings per share
benefitted from a lower effective income tax rate, primarily due to
the recent tax reform.
For the quarter, gross profit, as a percentage of sales, was
53.5% (versus 52.6% for the same period last year). The
increase in gross margin was attributable to higher merchandise
margins and the favorable comparison from the impact of the
previously announced sale of two business units completed during
the quarter (40 bps). Operating expenses, as a percentage of
sales, were 33.0% (versus 32.4% the same period last year), with
deleverage driven by occupancy costs (27 bps) and increased store
payroll.
Under its share repurchase program, AutoZone repurchased 599
thousand shares of its common stock for $400 million during the
third quarter, at an average price of $667 per share.
Year-to-date, the Company had repurchased 1.4 million of its common
shares for $927 million, at an average price of $651 per
share. At the end of the third quarter, the Company had $897
million remaining under its current share repurchase
authorization.
The Company’s inventory increased 3.7% over the same period last
year, driven by new stores and increased product placement,
partially offset by the impact of the sale of two business units.
Inventory per location was $658 thousand versus $653 thousand
last year and $671 thousand last quarter. Net inventory,
defined as merchandise inventories less accounts payable, on a per
location basis, was a negative $48 thousand versus negative $47
thousand last year and negative $46 thousand last quarter.
“I would like to thank our entire organization for delivering
solid financial results in spite of a softer than expected sales
environment. As we entered the third quarter, we were
optimistic about our sales prospects for Q3 since we were coming
off the first reasonably severe winter in the last three
years. Unfortunately, we had a very cold, wet spring through
March and much of April and our sales didn’t respond until
spring-like weather arrived in late April. When the
conditions improved, our performance improved significantly which
reinforces our optimism about the balance of the selling
season. Our ongoing initiatives, which include enhanced
inventory availability, further commercial acceleration and new
omni-channel selling initiatives, continue to gain traction as we
roll them further across our chain. As we continue to invest
in our business, we remain committed to our disciplined approach of
increasing operating earnings and cash flow, and utilizing our
balance sheet and capital effectively,” said Bill Rhodes, Chairman,
President and Chief Executive Officer.
During the quarter ended May 5, 2018, AutoZone opened 26 new
stores and relocated two stores in the U.S., opened four new stores
in Mexico and opened no new stores in Brazil. As of May 5,
2018, the Company had 5,540 stores in 50 states in the U.S., the
District of Columbia and Puerto Rico, 536 stores in Mexico, and 16
stores in Brazil for a total store count of 6,092.
AutoZone is the leading retailer and a leading distributor of
automotive replacement parts and accessories in the United States.
Each AutoZone store carries an extensive product line for
cars, sport utility vehicles, vans and light trucks, including new
and remanufactured automotive hard parts, maintenance items,
accessories, and non-automotive products. Many stores also
have a commercial sales program that provides commercial credit and
prompt delivery of parts and other products to local, regional and
national repair garages, dealers, service stations, and public
sector accounts. AutoZone also sells the ALLDATA brand
diagnostic and repair software through www.alldata.com.
Additionally, we sell automotive hard parts, maintenance items,
accessories, and non-automotive products through
www.autozone.com and our commercial customers can make
purchases through www.autozonepro.com. AutoZone does not
derive revenue from automotive repair or installation.
AutoZone will host a conference call this morning, Tuesday, May
22, 2018, beginning at 10:00 a.m. (EDT) to discuss its third
quarter results. Investors may listen to the conference call
live and review supporting slides on the AutoZone corporate
website, www.autozoneinc.com by clicking “Investor Relations,”
“Conference Calls.” The call will also be available by
dialing (210) 839-8923. A replay of the call and slides will
be available on AutoZone’s website. In addition, a replay of
the call will be available by dialing (203) 369-1211 through
Tuesday, May 29, 2018, at 11:59 p.m. (EDT).
This release includes certain financial information not derived
in accordance with generally accepted accounting principles
(“GAAP”). These non-GAAP measures include adjustments to
reflect return on invested capital, adjusted debt, adjusted debt to
EBITDAR and cash flow before share repurchases. The Company
believes that the presentation of these non-GAAP measures provides
information that is useful to investors as it indicates more
clearly the Company’s comparative year-to-year operating results,
but this information should not be considered a substitute for any
measures derived in accordance with GAAP. Management targets
the Company’s capital structure in order to maintain its investment
grade credit ratings and manages cash flows available for share
repurchase by monitoring cash flows before share repurchases, as
shown on the attached tables. The Company believes this is
important information for the management of its debt levels and
share repurchases. We have included a reconciliation of this
additional information to the most comparable GAAP measures in the
accompanying reconciliation tables.
Certain statements contained in this press release are
forward-looking statements. Forward-looking statements
typically use words such as “believe,” “anticipate,” “should,”
“intend,” “plan,” “will,” “expect,” “estimate,” “project,”
“positioned,” “strategy” and similar expressions. These are based
on assumptions and assessments made by our management in light of
experience and perception of historical trends, current conditions,
expected future developments and other factors that we believe to
be appropriate.
These forward-looking statements are subject to a number of
risks and uncertainties, including without limitation: product
demand; energy prices; weather; competition; credit market
conditions; access to available and feasible financing; the impact
of recessionary conditions; consumer debt levels; changes in laws
or regulations; war and the prospect of war, including terrorist
activity; inflation; the ability to hire and retain qualified
employees; construction delays; the compromising of the
confidentiality, availability, or integrity of information,
including cyber attacks; and raw material costs of our
suppliers. Certain of these risks are discussed in more
detail in the “Risk Factors” section contained in Item 1A under
Part 1 of the Annual Report on Form 10-K for the year ended August
26, 2017, and these Risk Factors should be read carefully.
Forward-looking statements are not guarantees of future performance
and actual results; developments and business decisions may differ
from those contemplated by such forward-looking statements, and
events described above and in the “Risk Factors” could materially
and adversely affect our business. Forward-looking statements speak
only as of the date made. Except as required by applicable law, we
undertake no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise. Actual results may materially differ from anticipated
results.
Contact Information:Financial: Brian Campbell at (901) 495-7005,
brian.campbell@autozone.comMedia: Ray Pohlman at (866) 966-3017,
ray.pohlman@autozone.com
AutoZone's 3rd Quarter Highlights - Fiscal
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
3rd
Quarter, FY2018 |
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Results |
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
2,660,152 |
|
|
$ |
2,619,007 |
|
|
|
|
|
Cost of
sales |
|
|
1,237,178 |
|
|
|
1,240,589 |
|
|
|
|
|
Gross
profit |
|
|
1,422,974 |
|
|
|
1,378,418 |
|
|
|
|
|
Operating,
SG&A expenses |
|
|
877,209 |
|
|
|
848,848 |
|
|
|
|
|
Operating
profit (EBIT) |
|
|
545,765 |
|
|
|
529,570 |
|
|
|
|
|
Interest
expense, net |
|
|
41,958 |
|
|
|
35,675 |
|
|
|
|
|
Income
before taxes |
|
|
503,807 |
|
|
|
493,895 |
|
|
|
|
|
Income
taxes(1) |
|
|
137,086 |
|
|
|
162,195 |
|
|
|
|
|
Net
income |
|
$ |
366,721 |
|
|
$ |
331,700 |
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
13.62 |
|
|
$ |
11.70 |
|
|
|
|
|
|
Diluted(1) |
|
$ |
13.42 |
|
|
$ |
11.44 |
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,926 |
|
|
|
28,358 |
|
|
|
|
|
|
Diluted |
|
|
27,329 |
|
|
|
29,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For
the twelve weeks ended May 5, 2018 and the comparable prior year
period, net income per share includes excess tax benefits from
stock option exercises related to the adoption of ASU 2016-09 of
$0.01 and $0.40, respectively. Additionally, the current quarter
results benefitted from the recent tax reform |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date 3rd Quarter, FY2018 |
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
GAAP Results |
|
|
|
|
|
|
|
|
36 Weeks Ended |
|
36 Weeks Ended |
|
|
|
|
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
7,662,309 |
|
|
$ |
7,376,071 |
|
|
|
|
|
Cost of
sales |
|
|
3,596,442 |
|
|
|
3,490,575 |
|
|
|
|
|
Gross
profit |
|
|
4,065,867 |
|
|
|
3,885,496 |
|
|
|
|
|
Operating,
SG&A expenses |
|
|
2,846,250 |
|
|
|
2,513,054 |
|
|
|
|
|
Operating
profit (EBIT) |
|
|
1,219,617 |
|
|
|
1,372,442 |
|
|
|
|
|
Interest
expense, net |
|
|
120,186 |
|
|
|
103,180 |
|
|
|
|
|
Income
before taxes |
|
|
1,099,431 |
|
|
|
1,269,262 |
|
|
|
|
|
Income
taxes (1) |
|
|
162,177 |
|
|
|
422,293 |
|
|
|
|
|
Net
income |
|
$ |
937,254 |
|
|
$ |
846,969 |
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
34.32 |
|
|
$ |
29.57 |
|
|
|
|
|
|
Diluted(1) |
|
$ |
33.75 |
|
|
$ |
28.86 |
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
27,306 |
|
|
|
28,638 |
|
|
|
|
|
|
Diluted |
|
|
27,769 |
|
|
|
29,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For
the thirty-six weeks ended May 5, 2018 and the comparable prior
year period, net income per share includes excess tax benefits from
stock option exercises related to the adoption of ASU 2016-09 of
$1.25 and $0.93, respectively. Additionally, year-to-date results
were negatively impacted by asset impairments of $193.2MM (pre-tax)
recognized in the second quarter of fiscal 2018, and benefitted
from the recent tax reform (effective January 1, 2018) |
|
|
GAAP Reconciliations |
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
August 26, 2017 |
|
|
Cash and
cash equivalents |
|
$ |
218,386 |
|
|
$ |
227,141 |
|
|
$ |
293,270 |
|
|
|
Merchandise
inventories |
|
|
4,005,820 |
|
|
|
3,861,052 |
|
|
|
3,882,086 |
|
|
|
Current
assets |
|
|
4,671,277 |
|
|
|
4,507,249 |
|
|
|
4,611,255 |
|
|
|
Property
and equipment, net |
|
|
4,122,966 |
|
|
|
3,904,152 |
|
|
|
4,031,018 |
|
|
|
Total
assets |
|
|
9,301,769 |
|
|
|
9,028,264 |
|
|
|
9,259,781 |
|
|
|
Accounts
payable |
|
|
4,296,677 |
|
|
|
4,140,690 |
|
|
|
4,168,940 |
|
|
|
Current
liabilities |
|
|
4,918,336 |
|
|
|
4,793,540 |
|
|
|
4,766,301 |
|
|
|
Total
debt |
|
|
4,954,697 |
|
|
|
5,152,843 |
|
|
|
5,081,238 |
|
|
|
Stockholders' deficit |
|
|
(1,361,603 |
) |
|
|
(1,714,214 |
) |
|
|
(1,428,377 |
) |
|
|
Working
capital |
|
|
(247,059 |
) |
|
|
(286,291 |
) |
|
|
(155,046 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4 Qtrs) |
|
|
|
|
|
|
|
|
(in
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
|
|
|
Net
income |
|
$ |
1,371,154 |
|
|
$ |
1,273,737 |
|
|
|
|
|
Add:
Impairment before tax impact |
|
|
193,162 |
|
|
|
- |
|
|
|
|
|
Interest |
|
|
171,586 |
|
|
|
148,968 |
|
|
|
|
|
Taxes |
|
|
384,504 |
|
|
|
653,103 |
|
|
|
|
|
Adjusted
EBIT |
|
|
2,120,406 |
|
|
|
2,075,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation and amortization |
|
|
340,154 |
|
|
|
313,920 |
|
|
|
|
|
Rent expense |
|
|
314,525 |
|
|
|
294,641 |
|
|
|
|
|
Share-based expense |
|
|
38,460 |
|
|
|
40,716 |
|
|
|
|
|
EBITDAR |
|
$ |
2,813,545 |
|
|
$ |
2,725,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
$ |
4,954,697 |
|
|
$ |
5,152,843 |
|
|
|
|
|
Capital
lease obligations |
|
|
160,452 |
|
|
|
151,961 |
|
|
|
|
|
Add: rent x
6 |
|
|
1,887,150 |
|
|
|
1,767,846 |
|
|
|
|
|
Adjusted
debt |
|
$ |
7,002,299 |
|
|
$ |
7,072,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
debt to EBITDAR |
|
|
2.5 |
|
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash Flow Information |
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
36 Weeks Ended |
|
36 Weeks Ended |
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
May 5, 2018 |
|
May 6, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
79,754 |
|
|
$ |
75,343 |
|
|
$ |
237,091 |
|
|
$ |
219,988 |
Capital
spending |
|
|
112,401 |
|
|
|
141,831 |
|
|
|
327,148 |
|
|
|
357,934 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow before share repurchases: |
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
$ |
(70,136 |
) |
|
$ |
16,492 |
|
|
$ |
(74,884 |
) |
|
$ |
37,407 |
Less
(decrease)/increase in debt |
|
|
(90,000 |
) |
|
|
5,100 |
|
|
|
(129,600 |
) |
|
|
230,700 |
Add back
share repurchases |
|
|
399,701 |
|
|
|
283,564 |
|
|
|
927,155 |
|
|
|
844,183 |
Cash flow
before share repurchases and changes in debt |
|
$ |
419,565 |
|
|
$ |
294,956 |
|
|
$ |
981,871 |
|
|
$ |
650,890 |
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
|
|
|
|
|
|
(in
thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
share repurchases ($ since fiscal 1998) |
|
$ |
18,753,453 |
|
|
$ |
17,598,832 |
|
|
|
|
|
Remaining
share repurchase authorization ($) |
|
|
896,547 |
|
|
|
1,051,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
share repurchases (shares since fiscal 1998) |
|
|
143,714 |
|
|
|
141,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding, end of quarter |
|
|
26,662 |
|
|
|
28,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
|
May 5, 2018 |
|
May 6, 2017 |
|
|
|
|
Net
income |
|
$ |
1,371,154 |
|
|
$ |
1,273,737 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Impairment before tax impact |
|
|
193,162 |
|
|
|
- |
|
|
|
|
|
Interest expense |
|
|
171,586 |
|
|
|
148,968 |
|
|
|
|
|
Rent expense |
|
|
314,525 |
|
|
|
294,641 |
|
|
|
|
|
Tax effect* |
|
|
(184,103 |
) |
|
|
(150,383 |
) |
|
|
|
|
Deferred tax liabilities, net |
|
|
(136,679 |
) |
|
|
- |
|
|
|
|
|
After-tax
return |
|
$ |
1,729,645 |
|
|
$ |
1,566,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
debt** |
|
|
5,043,061 |
|
|
|
5,035,993 |
|
|
|
|
|
Average
stockholders' deficit** |
|
|
(1,471,968 |
) |
|
|
(1,817,540 |
) |
|
|
|
|
Add: Rent x
6 |
|
|
1,887,150 |
|
|
|
1,767,846 |
|
|
|
|
|
Average
capital lease obligations** |
|
|
155,729 |
|
|
|
145,749 |
|
|
|
|
|
Pre-tax
invested capital |
|
$ |
5,613,972 |
|
|
$ |
5,132,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital (ROIC) |
|
|
30.8% |
|
|
|
30.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Effective tax rate over trailing four quarters ended May 5,
2018, excluding the impact of the revaluation of net deferred tax
liabilities, is 28.3% and May 6, 2017 is 33.9%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** All averages are computed based on trailing 5 quarter
balances. |
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 3rd Quarter Fiscal 2018 |
|
|
|
|
|
|
|
|
|
|
Selected Operating Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
12 Weeks Ended |
|
|
36 Weeks Ended |
|
|
36 Weeks Ended |
|
|
|
|
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
AutoZone Domestic stores (Domestic): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
domestic stores |
|
|
5,514 |
|
|
|
|
5,346 |
|
|
|
|
5,465 |
|
|
|
|
5,297 |
|
|
|
Stores
opened |
|
|
26 |
|
|
|
|
35 |
|
|
|
|
77 |
|
|
|
|
84 |
|
|
|
Stores
closed |
|
|
- |
|
|
|
|
- |
|
|
|
|
2 |
|
|
|
|
- |
|
|
|
Ending
domestic stores |
|
|
5,540 |
|
|
|
|
5,381 |
|
|
|
|
5,540 |
|
|
|
|
5,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated
stores |
|
|
2 |
|
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with
commercial programs |
|
|
4,683 |
|
|
|
|
4,493 |
|
|
|
|
4,683 |
|
|
|
|
4,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
36,216 |
|
|
|
|
35,150 |
|
|
|
|
36,216 |
|
|
|
|
35,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Mexico stores: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
4 |
|
|
|
|
8 |
|
|
|
|
12 |
|
|
|
|
16 |
|
|
|
Total
stores in Mexico |
|
|
536 |
|
|
|
|
499 |
|
|
|
|
536 |
|
|
|
|
499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Brazil stores: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
- |
|
|
|
|
- |
|
|
|
|
2 |
|
|
|
|
1 |
|
|
|
Total
stores in Brazil |
|
|
16 |
|
|
|
|
9 |
|
|
|
|
16 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AutoZone stores |
|
|
6,092 |
|
|
|
|
5,889 |
|
|
|
|
6,092 |
|
|
|
|
5,889 |
|
|
|
Square
footage (in thousands) |
|
|
40,294 |
|
|
|
|
38,900 |
|
|
|
|
40,294 |
|
|
|
|
38,900 |
|
|
|
Square
footage per store |
|
|
6,614 |
|
|
|
|
6,606 |
|
|
|
|
6,614 |
|
|
|
|
6,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMC
branches: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branches
sold |
|
|
(26 |
) |
|
|
|
- |
|
|
|
|
(26 |
) |
|
|
|
- |
|
|
|
Total IMC
branches |
|
|
- |
|
|
|
|
26 |
|
|
|
|
- |
|
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total locations chainwide |
|
|
6,092 |
|
|
|
|
5,915 |
|
|
|
|
6,092 |
|
|
|
|
5,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands, except sales per average square foot) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
12 Weeks Ended |
|
|
Trailing 4 Quarters |
|
|
Trailing 4 Quarters |
|
Total AutoZone Parts (Domestic, Mexico and
Brazil) |
|
May 5, 2018 |
|
|
May 6, 2017 |
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
|
Sales per
average store |
|
$ |
425 |
|
|
|
$ |
424 |
|
|
|
$ |
1,785 |
|
|
|
$ |
1,768 |
|
|
|
Sales per
average square foot |
|
$ |
64 |
|
|
|
$ |
64 |
|
|
|
$ |
270 |
|
|
|
$ |
268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico, Brazil and
IMC) |
|
|
|
|
|
|
|
|
|
|
|
|
Total auto
parts sales |
|
$ |
2,610,485 |
|
(1 |
) |
|
$ |
2,530,689 |
|
|
|
$ |
10,849,645 |
|
(1 |
) |
|
$ |
10,408,512 |
|
|
|
% Increase vs. LY |
|
|
3.2% |
|
|
|
|
1.1% |
|
|
|
|
4.2% |
|
|
|
|
2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
domestic commercial sales |
|
$ |
535,187 |
|
|
|
$ |
498,575 |
|
|
|
$ |
2,154,853 |
|
|
|
$ |
2,025,481 |
|
|
|
% Increase vs. LY |
|
|
7.3% |
|
|
|
|
3.6% |
|
|
|
|
6.4% |
|
|
|
|
5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Other (ALLDATA, E-Commerce and AutoAnything) |
|
|
|
|
|
|
|
|
|
|
|
|
All other
sales |
|
$ |
49,667 |
|
(2 |
) |
|
$ |
88,318 |
|
|
|
$ |
325,268 |
|
(2 |
) |
|
$ |
366,329 |
|
|
|
% Increase vs. LY |
|
|
(43.8% |
) |
|
|
|
(2.5% |
) |
|
|
|
(11.2% |
) |
|
|
|
(0.9% |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Results
include IMC which was sold during the quarter, effective April 4,
2018 |
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
Results
include AutoAnything, which was sold during the quarter, effective
February 26, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
12 Weeks Ended |
|
|
36 Weeks Ended |
|
|
36 Weeks Ended |
|
|
|
|
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
Domestic same store sales |
|
|
0.6% |
|
|
|
|
(0.8% |
) |
|
|
|
1.7% |
|
|
|
|
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Locations) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of |
|
|
as of |
|
|
|
|
|
|
|
|
|
|
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
|
|
|
|
|
|
|
Accounts
payable/inventory |
|
|
107.3% |
|
|
|
|
107.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
|
$ |
4,005,820 |
|
|
|
$ |
3,861,052 |
|
|
|
|
|
|
|
|
|
Inventory
per location |
|
|
658 |
|
|
|
|
653 |
|
|
|
|
|
|
|
|
|
Net
inventory (net of payables) |
|
|
(290,857 |
) |
|
|
|
(279,638 |
) |
|
|
|
|
|
|
|
|
Net
inventory / per location |
|
|
(48 |
) |
|
|
|
(47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5 Quarters |
|
|
|
|
|
|
|
|
|
|
|
|
May 5, 2018 |
|
|
May 6, 2017 |
|
|
|
|
|
|
|
|
Inventory
turns |
|
|
1.3 |
|
x |
|
|
1.4 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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