AutoZone, Inc. (NYSE:AZO) today reported net sales of $2.6 billion
for its third quarter (12 weeks) ended May 6, 2017, an increase of
1.0% from the third quarter of fiscal 2016 (12 weeks).
Domestic same store sales, or sales for stores open at least
one year, declined 0.8% for the quarter.
Net income for the quarter increased 1.3% over the same period
last year to $331.7 million, while diluted earnings per share
increased 6.2% to $11.44 per share from $10.77 per share in the
year-ago quarter. As previously reported, the Company adopted
a new accounting standard on August 28, 2016, related to stock
option exercises. For the quarter, the adoption of the new
standard increased EPS by $0.32. Excluding this adjustment,
EPS would have increased by 3.2%.
For the quarter, gross profit, as a percentage of sales, was
52.6% (21 bps deleverage versus the same period last year).
The decrease in gross margin was attributable to higher supply
chain costs associated with current year inventory initiatives (-28
bps) and higher inventory shrink results (-20 bps), partially
offset by lower acquisition costs. Operating expenses, as a
percentage of sales, were 32.4% (25 bps deleverage versus the same
period last year). Operating expenses, as a percentage of
sales, were higher than last year primarily from fixed cost
deleverage due to our comparable stores sales decline, higher
self-insurance cost and increasing wage pressures, partially offset
by favorability from last year’s discrete legal charge and lower
incentive compensation.
Under its share repurchase program, AutoZone repurchased 396
thousand shares of its common stock for $284 million during the
third quarter, at an average price of $716 per share. At the
end of the third quarter, the Company had $1.051 billion remaining
under its current share repurchase authorization.
The Company’s inventory increased 7.3% over the same period last
year, driven by new stores and increased product placement.
Inventory per location was $653 thousand versus $629 thousand last
year and $665 thousand last quarter. Net inventory, defined
as merchandise inventories less accounts payable, on a per location
basis, was a negative $47 thousand versus negative $69 thousand
last year and negative $36 thousand last quarter.
“I would like to thank all AutoZoners across the organization
for their dedication to serving our customers throughout a very
challenging spring sales season. Our sales performance for
the first five weeks of our quarter was significantly below our
expectations, challenged by the well-publicized timing delays in
IRS tax refunds. The last seven weeks of sales demonstrated
improvement, but not enough to make up for our soft start.
While this quarter’s results were below our expectations, our
AutoZoners’ ongoing commitment to providing customers with
Trustworthy Advice has us well positioned for the summer
ahead. Notwithstanding macro headwinds, including increasing
wage pressures, we are confident in our long term positive
fundamentals for sales growth, and we remain committed to driving
shareholder value,” said Bill Rhodes, Chairman, President and Chief
Executive Officer.
During the quarter ended May 6, 2017, AutoZone opened 35 new
stores and relocated two stores in the U.S., opened eight new
stores in Mexico, and none in Brazil. As of May 6, 2017, the
Company had 5,381 stores in 50 states in the U.S., the District of
Columbia and Puerto Rico, 499 stores in Mexico, 26 IMC branches,
and nine stores in Brazil for a total count of 5,915.
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. IMC branches carry an extensive line of
original equipment quality import replacement parts. 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 accessories, performance and replacement
parts through www.autoanything.com, and our commercial customers
can make purchases through www.autozonepro.com and
www.imcparts.net. AutoZone does not derive revenue from
automotive repair or installation.
AutoZone will host a conference call this morning, Tuesday, May
23, 2017, 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 30, 2017, 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 security 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
27, 2016, 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.
|
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AutoZone's 3rd Quarter Highlights - Fiscal
2017 |
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|
Condensed Consolidated Statements of
Operations |
|
|
|
|
3rd Quarter, FY2017 |
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
GAAP Results |
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
2,619,007 |
|
|
$ |
2,593,672 |
|
|
|
Cost of
sales |
|
|
1,240,589 |
|
|
|
1,223,214 |
|
|
|
Gross
profit |
|
|
1,378,418 |
|
|
|
1,370,458 |
|
|
|
Operating,
SG&A expenses |
|
|
848,848 |
|
|
|
834,084 |
|
|
|
Operating
profit (EBIT) |
|
|
529,570 |
|
|
|
536,374 |
|
|
|
Interest
expense, net |
|
|
35,675 |
|
|
|
34,051 |
|
|
|
Income
before taxes |
|
|
493,895 |
|
|
|
502,323 |
|
|
|
Income
taxes (1) |
|
|
162,195 |
|
|
|
174,808 |
|
|
|
Net
income |
|
$ |
331,700 |
|
|
$ |
327,515 |
|
|
|
Net income
per share: (1) |
|
|
|
|
|
|
|
Basic |
|
$ |
11.70 |
|
|
$ |
10.99 |
|
|
|
|
Diluted |
|
$ |
11.44 |
|
|
$ |
10.77 |
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
28,358 |
|
|
|
29,809 |
|
|
|
|
Diluted (1) |
|
|
29,005 |
|
|
|
30,405 |
|
|
|
|
|
|
|
|
|
|
|
(1) The Company adopted a new accounting standard on August
28, 2016, that requires excess tax benefits from stock option
exercises to be recognized in the income statement. The adoption of
the new standard increased EPS by $0.32, driven by a lower
effective tax rate of 231 bps, (a $0.40 benefit to EPS), partially
offset by a change to the dilutive outstanding shares calculation
(a $0.08 reduction to EPS). Prior period's financial information
was not restated to conform to the current period’s
presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date 3rd Quarter, FY2017 |
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|
|
|
|
|
(in
thousands, except per share data) |
|
GAAP Results |
|
|
|
|
|
36 Weeks Ended |
|
36 Weeks Ended |
|
|
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
7,376,071 |
|
|
$ |
7,236,907 |
|
|
|
Cost of
sales |
|
|
3,490,575 |
|
|
|
3,422,919 |
|
|
|
Gross
profit |
|
|
3,885,496 |
|
|
|
3,813,988 |
|
|
|
Operating,
SG&A expenses |
|
|
2,513,054 |
|
|
|
2,456,959 |
|
|
|
Operating
profit (EBIT) |
|
|
1,372,442 |
|
|
|
1,357,029 |
|
|
|
Interest
expense, net |
|
|
103,180 |
|
|
|
101,893 |
|
|
|
Income
before taxes |
|
|
1,269,262 |
|
|
|
1,255,136 |
|
|
|
Income
taxes (2) |
|
|
422,293 |
|
|
|
440,897 |
|
|
|
Net
income |
|
$ |
846,969 |
|
|
$ |
814,239 |
|
|
|
Net income
per share: (2) |
|
|
|
|
|
|
|
Basic |
|
$ |
29.57 |
|
|
$ |
27.00 |
|
|
|
|
Diluted |
|
$ |
28.86 |
|
|
$ |
26.46 |
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
28,638 |
|
|
|
30,159 |
|
|
|
|
Diluted (2) |
|
|
29,349 |
|
|
|
30,773 |
|
|
|
|
|
|
|
|
|
|
|
(2) The Company adopted a new accounting standard on August
28, 2016, that requires excess tax benefits from stock option
exercises to be recognized in the income statement. The adoption of
the new standard increased EPS by $0.72, driven by a lower
effective tax rate of 214 bps, (a $0.93 benefit to EPS), partially
offset by a change to the dilutive outstanding shares calculation
(a $0.21 reduction to EPS). Prior period's financial information
was not restated to conform to the current period’s
presentation. |
|
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|
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|
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
August 27, 2016 |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
227,141 |
|
|
$ |
213,380 |
|
|
$ |
189,734 |
|
Merchandise
inventories |
|
|
3,861,052 |
|
|
|
3,597,251 |
|
|
|
3,631,916 |
|
Current
assets |
|
|
4,507,249 |
|
|
|
4,225,486 |
|
|
|
4,239,573 |
|
Property and equipment, net |
|
|
3,904,152 |
|
|
|
3,619,305 |
|
|
|
3,733,254 |
|
Total
assets |
|
|
9,028,264 |
|
|
|
8,464,105 |
|
|
|
8,599,787 |
|
Accounts
payable |
|
|
4,140,690 |
|
|
|
3,991,030 |
|
|
|
4,095,854 |
|
Current
liabilities |
|
|
4,793,540 |
|
|
|
4,647,589 |
|
|
|
4,690,320 |
|
Total
debt |
|
|
5,152,843 |
|
|
|
4,953,697 |
|
|
|
4,924,119 |
|
Stockholders' deficit |
|
|
(1,714,214 |
) |
|
|
(1,863,282 |
) |
|
|
(1,787,538 |
) |
Working capital |
|
|
(286,291 |
) |
|
|
(422,103 |
) |
|
|
(450,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4 Qtrs) |
|
|
|
|
|
|
|
(in thousands, except
adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
|
|
|
|
Net
income |
|
$ |
1,273,737 |
|
|
$ |
1,215,376 |
|
|
|
|
|
|
Add:
Interest |
|
|
148,968 |
|
|
|
148,958 |
|
|
|
|
|
|
Taxes |
|
|
653,103 |
|
|
|
661,967 |
|
|
|
|
|
|
EBIT |
|
|
2,075,808 |
|
|
|
2,026,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation and amortization |
|
|
313,920 |
|
|
|
290,173 |
|
|
|
|
|
|
Rent
expense |
|
|
294,641 |
|
|
|
274,660 |
|
|
|
|
|
|
Share-based expense |
|
|
40,716 |
|
|
|
39,759 |
|
|
|
|
|
|
EBITDAR |
|
$ |
2,725,085 |
|
|
$ |
2,630,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
$ |
5,152,843 |
|
|
$ |
4,953,697 |
|
|
|
|
|
|
Capital
lease obligations |
|
|
151,961 |
|
|
|
128,870 |
|
|
|
|
|
|
Add:
Rent x 6 |
|
|
1,767,846 |
|
|
|
1,647,960 |
|
|
|
|
|
|
Adjusted
debt |
|
$ |
7,072,650 |
|
|
$ |
6,730,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
debt to EBITDAR |
|
|
2.6 |
|
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash
Flow Information |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
36 Weeks Ended |
|
36 Weeks Ended |
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
May 6, 2017 |
|
May 7, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
$ |
75,343 |
|
|
$ |
68,529 |
|
|
$ |
219,988 |
|
$ |
203,465 |
|
Capital
spending |
|
|
141,831 |
|
|
|
113,331 |
|
|
|
357,934 |
|
|
299,922 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow
before share repurchases: |
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents |
|
$ |
16,492 |
|
|
$ |
5,422 |
|
|
$ |
37,407 |
|
$ |
38,071 |
|
Increase
in debt, excluding deferred financing |
|
|
5,100 |
|
|
|
112,400 |
|
|
|
230,700 |
|
|
330,900 |
|
Add back
share repurchases |
|
|
283,564 |
|
|
|
532,668 |
|
|
|
844,183 |
|
|
1,082,725 |
|
Cash flow before share
repurchases and changes in debt |
|
$ |
294,956 |
|
|
$ |
425,690 |
|
|
$ |
650,890 |
|
$ |
789,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected
Financial Information |
|
|
|
|
|
|
|
|
|
(in thousands, except
ROIC) |
|
|
|
|
|
|
|
|
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
17,598,832 |
|
|
$ |
16,384,912 |
|
|
|
|
|
|
Remaining share repurchase authorization ($) |
|
|
1,051,168 |
|
|
|
765,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
141,924 |
|
|
|
140,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end
of quarter |
|
|
28,155 |
|
|
|
29,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
May 6, 2017 |
|
May 7, 2016 |
|
|
|
|
|
Net
income |
|
$ |
1,273,737 |
|
|
$ |
1,215,376 |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
148,968 |
|
|
|
148,958 |
|
|
|
|
|
|
Rent
expense |
|
|
294,641 |
|
|
|
274,660 |
|
|
|
|
|
|
Tax
effect* |
|
|
(150,383 |
) |
|
|
(149,538 |
) |
|
|
|
|
|
After-tax return |
|
|
1,566,963 |
|
|
|
1,489,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
debt** |
|
|
5,035,993 |
|
|
|
4,737,645 |
|
|
|
|
|
|
Average
stockholders' deficit** |
|
|
(1,817,540 |
) |
|
|
(1,745,470 |
) |
|
|
|
|
|
Add:
Rent x 6 |
|
|
1,767,846 |
|
|
|
1,647,960 |
|
|
|
|
|
|
Average
capital lease obligations** |
|
|
145,749 |
|
|
|
127,954 |
|
|
|
|
|
|
Pre-tax
Invested capital |
|
$ |
5,132,048 |
|
|
$ |
4,768,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital (ROIC) |
|
|
30.5 |
% |
|
|
31.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Effective tax rate over trailing four quarters ended
May 6, 2017 is 33.9% and May 7, 2016 is 35.3%. |
** All averages are computed based on trailing 5 quarter
balances. |
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|
|
|
|
|
|
|
|
AutoZone's 3rd Quarter Fiscal 2017 |
|
|
|
|
|
|
|
|
|
|
|
Selected
Operating Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location Count
& Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
|
12 Weeks Ended |
|
|
36 Weeks Ended |
|
|
|
36 Weeks Ended |
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
AutoZone
Domestic stores (Domestic): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
domestic stores |
|
|
5,346 |
|
|
|
|
|
5,193 |
|
|
|
|
5,297 |
|
|
|
|
|
5,141 |
|
Stores
opened |
|
|
35 |
|
|
|
|
|
33 |
|
|
|
|
84 |
|
|
|
|
|
85 |
|
Stores
closed |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
- |
|
Ending
domestic stores |
|
|
5,381 |
|
|
|
|
|
5,226 |
|
|
|
|
5,381 |
|
|
|
|
|
5,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated
stores |
|
|
2 |
|
|
|
|
|
1 |
|
|
|
|
4 |
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
with commercial programs |
|
|
4,493 |
|
|
|
|
|
4,274 |
|
|
|
|
4,493 |
|
|
|
|
|
4,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
35,150 |
|
|
|
|
|
34,094 |
|
|
|
|
35,150 |
|
|
|
|
|
34,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Mexico
stores: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
8 |
|
|
|
|
|
7 |
|
|
|
|
16 |
|
|
|
|
|
17 |
|
Total
stores in Mexico |
|
|
499 |
|
|
|
|
|
458 |
|
|
|
|
499 |
|
|
|
|
|
458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Brazil
stores: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
|
|
1 |
|
Total
stores in Brazil |
|
|
9 |
|
|
|
|
|
8 |
|
|
|
|
9 |
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AutoZone
stores |
|
|
5,889 |
|
|
|
|
|
5,692 |
|
|
|
|
5,889 |
|
|
|
|
|
5,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
38,900 |
|
|
|
|
|
37,528 |
|
|
|
|
38,900 |
|
|
|
|
|
37,528 |
|
Square
footage per store |
|
|
6,606 |
|
|
|
|
|
6,593 |
|
|
|
|
6,606 |
|
|
|
|
|
6,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMC
branches: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Branches
opened |
|
|
- |
|
|
|
|
|
1 |
|
|
|
|
- |
|
|
|
|
|
5 |
|
Total IMC
branches |
|
|
26 |
|
|
|
|
|
25 |
|
|
|
|
26 |
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total locations
chainwide |
|
|
5,915 |
|
|
|
|
|
5,717 |
|
|
|
|
5,915 |
|
|
|
|
|
5,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except
sales per average square foot) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
|
12 Weeks Ended |
|
|
Trailing 4 Quarters |
|
|
|
Trailing 4 Quarters |
Total AutoZone stores (Domestic, Mexico and
Brazil) |
May 6, 2017 |
|
|
|
May 7, 2016 |
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
Sales per
average store |
|
$ |
424 |
|
|
|
|
$ |
434 |
|
|
|
$ |
1,768 |
|
|
|
|
$ |
1,785 |
|
Sales per
average square foot |
|
$ |
64 |
|
|
|
|
$ |
66 |
|
|
|
$ |
268 |
|
|
|
|
$ |
271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico, Brazil, and
IMC) |
|
|
|
|
|
|
|
|
|
|
|
|
Total
auto parts sales |
|
$ |
2,530,689 |
|
|
|
|
$ |
2,503,108 |
|
|
|
$ |
10,408,512 |
|
|
|
|
$ |
10,157,577 |
|
%
Increase vs. LY |
|
|
1.1 |
% |
|
|
|
|
4.1 |
% |
|
|
|
2.5 |
% |
|
|
|
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Commercial (Excludes IMC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
domestic commercial sales |
|
$ |
498,575 |
|
|
|
|
$ |
481,444 |
|
|
|
$ |
2,025,481 |
|
|
|
|
$ |
1,920,418 |
|
%
Increase vs. LY |
|
|
3.6 |
% |
|
|
|
|
6.5 |
% |
|
|
|
5.5 |
% |
|
|
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Other (ALLDATA, E-Commerce, and AutoAnything) |
|
|
|
|
|
|
|
|
|
|
|
|
All other
sales |
|
$ |
88,318 |
|
|
|
|
$ |
90,564 |
|
|
|
$ |
366,329 |
|
|
|
|
$ |
369,734 |
|
%
Increase vs. LY |
|
|
(2.5 |
%) |
|
|
|
|
2.3 |
% |
|
|
|
(0.9 |
%) |
|
|
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
|
12 Weeks Ended |
|
|
36 Weeks Ended |
|
|
|
36 Weeks Ended |
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
Domestic same
store sales |
|
|
(0.8 |
%) |
|
|
|
|
2.0 |
% |
|
|
|
0.2 |
% |
|
|
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Statistics (Total Locations) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of |
|
|
|
as of |
|
|
|
|
|
|
|
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
|
|
|
|
|
|
|
Accounts
payable/inventory |
|
|
107.2 |
% |
|
|
|
|
110.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
$ |
3,861,052 |
|
|
|
|
$ |
3,597,251 |
|
|
|
|
|
|
|
|
Inventory
per location |
|
|
653 |
|
|
|
|
|
629 |
|
|
|
|
|
|
|
|
Net
inventory (net of payables) |
|
|
(279,638 |
) |
|
|
|
|
(393,779 |
) |
|
|
|
|
|
|
|
Net
inventory / per location |
|
|
(47 |
) |
|
|
|
|
(69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5 Quarters |
|
|
|
|
|
|
|
|
|
May 6, 2017 |
|
|
|
May 7, 2016 |
|
|
|
|
|
|
|
Inventory
turns |
|
|
1.4 |
|
x |
|
|
|
1.4 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact Information:
Financial: Brian Campbell at (901) 495-7005, brian.campbell@autozone.com
Media: Ray Pohlman at (866) 966-3017, ray.pohlman@autozone.com
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