AutoZone Announces Actions In Response To COVID-19
07 April 2020 - 8:55PM
AutoZone, Inc. (NYSE: AZO), announces a number of actions taken in
preparation and response to the novel coronavirus (COVID-19).
To further support AutoZoners, the Company has provided a new
additional Emergency-Time Off (ETO) benefit enhancement for
eligible part-time and full-time hourly AutoZoners in the U.S. and
Puerto Rico. This additional bank of hours, 80 hours for
full-time and up to 40 hours for part-time AutoZoners, was created
to help AutoZoners deal with the challenges caused by COVID-19 and
can be used by the end of the calendar year. “The health,
safety and well-being of our AutoZoners and customers remains our
most important concern. Whether during times of natural
disaster or crisis, our AutoZoners make sure that our customers can
safely and responsibly operate their vehicles and get back on the
road. We simply cannot thank our incredible AutoZoners enough
for their tremendous and heroic response to this crisis,” said Bill
Rhodes, Chairman, President and Chief Executive
Officer.
Based upon AutoZone’s role in auto supply, supporting auto
repair and critical infrastructures such as transportation, and
following the guidance issued by the Department of Homeland
Security, AutoZone has been able to keep its stores operating in
the U.S. as an essential business and retailer. To better
serve customers and promote health and safety, AutoZone, among
other actions, has temporarily reduced its hours of operation in
most stores, increased the frequency of cleaning and disinfecting
at all locations, and introduced a new curbside pickup option for
customers. Additional steps taken by AutoZone in response to
COVID-19 can be found by visiting www.autozone.com. “This
crisis has caused us to re-examine the way we conduct business,
while also taking every step possible to ensure the safest
environment for our AutoZoners and customers. As an essential
business, we are providing necessary parts and products like
automotive batteries, headlights, brakes and other automotive hard
parts needed by the motoring public. Many of our customers
are first responders, health care professionals, auto repair shops,
and people just needing to get to the pharmacy or grocery store,”
said Rhodes.
Additionally, AutoZone announces the closure of a new 364-day
senior unsecured revolving credit facility in the principal amount
of $750 million. This new facility, together with the
recently completed sale of $500 million aggregate principal amount
of the Company’s 3.625% Notes due 2025 and $750 million aggregate
principal amount of the Company’s 4.000% Notes due 2030 on March
26, 2020, strengthens the Company’s liquidity position.
AutoZone has also temporarily suspended its share repurchase
program. “At all times, we remain absolutely committed to
wisely managing capital and our resources. Along with our
existing $2 billion multi-year credit facility, this most recent
series of transactions allows us to strengthen our financial
position and ability to be responsive during this ever-changing
environment caused by the COVID-19 pandemic,” said Rhodes. AutoZone
has approximately $1.9 billion in available capacity under its $2
billion multi-year credit facility.
About AutoZone: As of February 15, 2020, the
Company had 5,815 stores in the U.S., 608 stores in Mexico and 38
stores in Brazil for a total store count of 6,461.
AutoZone is the leading retailer and a leading distributor of
automotive replacement parts and accessories in the Americas.
Each 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. We also have commercial programs in stores in
Mexico and Brazil. AutoZone also sells the ALLDATA brand
automotive diagnostic and repair software through www.alldata.com
and www.alldatadiy.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. We also provide product
information on our Duralast branded products through
www.duralastparts.com. AutoZone does not derive revenue from
automotive repair or installation services.
Contact Information:Media: David
McKinney901-495-7951david.mckinney@autozone.com Financial: Brian
Campbell 901 495-7005 brian.campbell@autozone.com
AutoZone (NYSE:AZO)
Historical Stock Chart
From Apr 2024 to May 2024
AutoZone (NYSE:AZO)
Historical Stock Chart
From May 2023 to May 2024