AutoZone, Inc. (NYSE:AZO) today reported net sales of $2.6 billion
for its third quarter (12 weeks) ended May 7, 2016, an increase of
4.0% from the third quarter of fiscal 2015 (12 weeks).
Domestic same store sales, or sales for stores open at least
one year, increased 2.0% for the quarter.
Net income for the quarter increased 6.0% over the same period
last year to $327.5 million, while diluted earnings per share
increased 12.6% to $10.77 per share from $9.57 per share in the
year-ago quarter.
For the quarter, gross profit, as a percentage of sales, was
52.8% (versus 52.3% for last year’s quarter). The improvement
in gross margin was attributable to higher merchandise margins,
partially offset by higher supply chain costs associated with
current year inventory initiatives (-19 bps). Operating
expenses, as a percentage of sales, were 32.2% (versus 31.6% last
year). The increase in operating expenses, as a percentage of
sales, was due to higher legal expense (-34 bps) and store
payroll. The legal expense was driven by a single, discrete
item.
Under its share repurchase program, AutoZone repurchased 687
thousand shares of its common stock for $533 million during the
third quarter, at an average price of $775 per share. At the
end of the third quarter, the Company had $765 million remaining
under its current share repurchase authorization.
The Company’s inventory increased 3.7% over the same period last
year, driven primarily by new store openings over the last twelve
months. Inventory per location was $629 thousand, flat with
last year, and $633 thousand last quarter. Net inventory,
defined as merchandise inventories less accounts payable, on a per
location basis was a negative $69 thousand versus negative $68
thousand last year and negative $57 thousand last quarter.
“We would like to thank our entire organization for delivering
another quarter of solid results: our thirty-ninth consecutive
quarter of double digit earnings per share growth. AutoZoners
across the company remain committed to providing superior service
to our customers and that dedication has resulted in consistent,
solid performance. During the quarter, we continued
implementation of our inventory availability initiatives. At
the end of the quarter, we have expanded our increased frequency of
distribution center deliveries initiative to 1,600 domestic
AutoZone stores and expect by the end of the fiscal year to be
servicing approximately 2,000 of our over 5,000 domestic AutoZone
stores. We also plan to open approximately four additional
Mega Hubs by the end of the fiscal year to finish with a total of
11. The results of our initiatives continue to meet or exceed
our expectations, further confirming our new inventory deployment
strategy. Regarding the third quarter’s results, sales were
below our expectations as weather negatively impacted sales
primarily in Midwestern, Middle Atlantic, and Northeastern states.
Additionally, the quarter was impacted by a legal charge
along with a discrete tax benefit, which netted to a reduction to
earnings per share of $0.11 per share. As we continue to
strategically invest in our business in order to support our long
term growth, remaining committed to our disciplined approach to
growing operating earnings and utilizing our capital effectively,
we are excited by our opportunities this summer,” said Bill Rhodes,
Chairman, President and Chief Executive Officer.
During the quarter ended May 7, 2016, AutoZone opened 33 new
stores in the U.S., opened seven new stores in Mexico, and opened
one new IMC branch. As of May 7, 2016, the Company had 5,226
stores in 50 states in the U.S., the District of Columbia and
Puerto Rico, 458 stores in Mexico, 25 IMC branches, and eight
stores in Brazil for a total count of 5,717.
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 and performance 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
24, 2016, 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 31, 2016, 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:
credit market conditions; the impact of recessionary conditions;
competition; product demand; the ability to hire and retain
qualified employees; consumer debt levels; inflation; weather; raw
material costs of our suppliers; energy prices; war and the
prospect of war, including terrorist activity; construction delays;
access to available and feasible financing; the compromising of the
confidentiality, availability or integrity of information,
including cyber security attacks; and changes in laws or
regulations. 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 29, 2015, 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.
AutoZone's 3rd Quarter Highlights - Fiscal
2016 |
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|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
3rd Quarter, FY2016 |
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
GAAP Results |
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
2,593,672 |
|
|
$ |
2,493,021 |
|
|
|
Cost of
sales |
|
|
1,223,214 |
|
|
|
1,190,232 |
|
|
|
Gross
profit |
|
|
1,370,458 |
|
|
|
1,302,789 |
|
|
|
Operating,
SG&A expenses |
|
|
834,084 |
|
|
|
788,840 |
|
|
|
Operating
profit (EBIT) |
|
|
536,374 |
|
|
|
513,949 |
|
|
|
Interest
expense, net |
|
|
34,051 |
|
|
|
31,779 |
|
|
|
Income
before taxes |
|
|
502,323 |
|
|
|
482,170 |
|
|
|
Income
taxes |
|
|
174,808 |
|
|
|
173,099 |
|
|
|
Net
income |
|
$ |
327,515 |
|
|
$ |
309,071 |
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
Basic |
|
$ |
10.99 |
|
|
$ |
9.77 |
|
|
|
|
Diluted |
|
$ |
10.77 |
|
|
$ |
9.57 |
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
29,809 |
|
|
|
31,643 |
|
|
|
|
Diluted |
|
|
30,405 |
|
|
|
32,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date 3rd Quarter, FY2016 |
|
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|
|
|
|
(in
thousands, except per share data) |
|
GAAP Results |
|
|
|
|
|
|
36 Weeks Ended |
|
36 Weeks Ended |
|
|
|
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
7,236,907 |
|
|
$ |
6,896,936 |
|
|
|
Cost of
sales |
|
|
3,422,919 |
|
|
|
3,297,453 |
|
|
|
Gross
profit |
|
|
3,813,988 |
|
|
|
3,599,483 |
|
|
|
Operating,
SG&A expenses |
|
|
2,456,959 |
|
|
|
2,315,704 |
|
|
|
Operating
profit (EBIT) |
|
|
1,357,029 |
|
|
|
1,283,779 |
|
|
|
Interest
expense, net |
|
|
101,893 |
|
|
|
103,374 |
|
|
|
Income
before taxes |
|
|
1,255,136 |
|
|
|
1,180,405 |
|
|
|
Income
taxes |
|
|
440,897 |
|
|
|
421,301 |
|
|
|
Net
income |
|
$ |
814,239 |
|
|
$ |
759,104 |
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
Basic |
|
$ |
27.00 |
|
|
$ |
23.80 |
|
|
|
|
Diluted |
|
$ |
26.46 |
|
|
$ |
23.33 |
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
30,159 |
|
|
|
31,893 |
|
|
|
|
Diluted |
|
|
30,773 |
|
|
|
32,534 |
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
August 29, 2015 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
213,380 |
|
|
$ |
153,288 |
|
|
$ |
175,309 |
|
Merchandise
inventories |
|
|
3,597,251 |
|
|
|
3,468,249 |
|
|
|
3,421,635 |
|
Current
assets |
|
|
4,225,486 |
|
|
|
3,950,490 |
|
|
|
3,970,294 |
|
Property and equipment, net |
|
|
3,619,305 |
|
|
|
3,426,388 |
|
|
|
3,505,632 |
|
Total
assets (1) |
|
|
8,464,105 |
|
|
|
8,009,445 |
|
|
|
8,102,349 |
|
Accounts
payable |
|
|
3,991,030 |
|
|
|
3,845,129 |
|
|
|
3,864,168 |
|
Current
liabilities |
|
|
4,647,589 |
|
|
|
4,693,102 |
|
|
|
4,712,873 |
|
Total debt
(1) |
|
|
4,953,697 |
|
|
|
4,510,334 |
|
|
|
4,624,876 |
|
Stockholders' deficit |
|
|
(1,863,282 |
) |
|
|
(1,643,245 |
) |
|
|
(1,701,390 |
) |
Working capital |
|
|
(422,103 |
) |
|
|
(742,612 |
) |
|
|
(742,579 |
) |
|
|
|
|
|
|
|
|
|
(1) Certain balance sheet reclassifications have been made to
the prior periods' financial information in order to conform to the
current period's presentation due to the adoption of a new
accounting standard at the end of FY15. |
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4 Qtrs) |
|
|
|
|
|
|
|
|
(in
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
|
|
|
|
Net income |
|
$ |
1,215,376 |
|
|
$ |
1,132,774 |
|
|
|
|
|
|
|
Add:
Interest |
|
|
148,958 |
|
|
|
152,800 |
|
|
|
|
|
|
|
Taxes |
|
|
661,967 |
|
|
|
628,406 |
|
|
|
|
|
|
|
EBIT |
|
|
2,026,301 |
|
|
|
1,913,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation and amortization |
|
|
290,173 |
|
|
|
262,192 |
|
|
|
|
|
|
|
Rent expense |
|
|
274,660 |
|
|
|
267,247 |
|
|
|
|
|
|
|
Share-based
expense |
|
|
39,759 |
|
|
|
40,093 |
|
|
|
|
|
|
|
EBITDAR |
|
$ |
2,630,893 |
|
|
$ |
2,483,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (1) |
|
$ |
4,953,697 |
|
|
$ |
4,510,334 |
|
|
|
|
|
|
|
Capital lease obligations |
|
|
128,870 |
|
|
|
132,016 |
|
|
|
|
|
|
|
Add: rent x 6 |
|
|
1,647,960 |
|
|
|
1,603,482 |
|
|
|
|
|
|
|
Adjusted debt |
|
$ |
6,730,527 |
|
|
$ |
6,245,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
2.6 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
36 Weeks Ended |
|
36 Weeks Ended |
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
68,529 |
|
|
$ |
62,299 |
|
|
|
$ |
203,465 |
|
|
$ |
183,211 |
|
|
Capital spending |
|
$ |
113,331 |
|
|
$ |
106,571 |
|
|
|
$ |
299,922 |
|
|
$ |
292,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow before share repurchases: |
|
|
|
|
|
|
|
|
|
|
Increase in
cash and cash equivalents |
|
$ |
5,422 |
|
|
$ |
1,749 |
|
|
|
$ |
38,071 |
|
|
$ |
28,803 |
|
|
Subtract increase in debt, excluding deferred financing |
|
|
112,400 |
|
|
|
86,200 |
|
|
|
|
330,900 |
|
|
|
190,700 |
|
|
Add back share repurchases |
|
|
532,668 |
|
|
|
515,251 |
|
|
|
|
1,082,725 |
|
|
|
840,918 |
|
|
Cash flow
before share repurchases and changes in debt |
|
$ |
425,690 |
|
|
$ |
430,800 |
|
|
|
$ |
789,896 |
|
|
$ |
679,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
(in
thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
16,384,912 |
|
|
$ |
14,871,688 |
|
|
|
|
|
|
|
Remaining share repurchase authorization ($) |
|
$ |
765,088 |
|
|
$ |
778,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
140,312 |
|
|
|
138,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding, end of quarter |
|
|
29,501 |
|
|
|
31,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
|
May 7, 2016 |
|
May 9, 2015 |
|
|
|
|
|
Net income |
|
$ |
1,215,376 |
|
|
$ |
1,132,774 |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
148,958 |
|
|
|
152,800 |
|
|
|
|
|
|
|
Rent expense |
|
|
274,660 |
|
|
|
267,247 |
|
|
|
|
|
|
|
Tax effect* |
|
|
(149,538 |
) |
|
|
(149,957 |
) |
|
|
|
|
|
|
After-tax return |
|
|
1,489,456 |
|
|
|
1,402,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average debt**(1) |
|
|
4,737,645 |
|
|
|
4,404,446 |
|
|
|
|
|
|
|
Average stockholders' deficit** |
|
|
(1,745,470 |
) |
|
|
(1,640,964 |
) |
|
|
|
|
|
|
Add: Rent x 6 |
|
|
1,647,960 |
|
|
|
1,603,482 |
|
|
|
|
|
|
|
Average capital lease obligations** |
|
|
127,954 |
|
|
|
121,705 |
|
|
|
|
|
|
|
Pre-tax invested capital |
|
$ |
4,768,089 |
|
|
$ |
4,488,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital (ROIC) |
|
|
31.2 |
% |
|
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain balance sheet reclassifications have been
made to the prior periods' financial information in order to
conform to the current period's presentation due to the adoption of
a new accounting standard at the end of FY15. |
* Effective tax rate over trailing four quarters ended May 7,
2016 is 35.3% and May 9, 2015 is 35.7%. |
** All averages are computed based on trailing 5 quarter
balances. |
|
|
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AutoZone's 3rd Quarter Fiscal
2016 |
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Selected Operating Highlights |
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Condensed Consolidated Statements of
Operations |
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Location Count & Square Footage |
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12 Weeks Ended |
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12 Weeks Ended |
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36 Weeks Ended |
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36 Weeks Ended |
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May 7, 2016 |
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May 9, 2015 |
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May 7, 2016 |
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May 9, 2015 |
AutoZone Domestic stores (Domestic): |
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Store
count: |
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Beginning domestic
stores |
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5,193 |
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5,042 |
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5,141 |
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4,984 |
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Stores opened |
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33 |
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27 |
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85 |
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86 |
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Stores closed |
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- |
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- |
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- |
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1 |
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Ending domestic
stores |
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5,226 |
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5,069 |
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5,226 |
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5,069 |
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Relocated stores |
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1 |
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1 |
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4 |
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3 |
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Stores with commercial
programs |
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4,274 |
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4,007 |
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4,274 |
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4,007 |
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Square footage (in
thousands) |
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34,094 |
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33,025 |
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34,094 |
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33,025 |
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AutoZone Mexico stores: |
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Stores opened |
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7 |
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7 |
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17 |
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16 |
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Total stores in
Mexico |
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458 |
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418 |
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458 |
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418 |
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AutoZone Brazil stores: |
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Stores opened |
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- |
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2 |
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1 |
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2 |
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Total stores in
Brazil |
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8 |
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7 |
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8 |
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7 |
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Total AutoZone stores |
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5,692 |
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5,494 |
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5,692 |
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5,494 |
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Square footage (in
thousands) |
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37,528 |
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36,157 |
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37,528 |
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36,157 |
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Square footage per
store |
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6,593 |
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6,581 |
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6,593 |
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6,581 |
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IMC
branches: |
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Branches opened |
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1 |
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- |
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5 |
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1 |
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Branches acquired |
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- |
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- |
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- |
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17 |
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Total IMC branches |
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25 |
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18 |
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25 |
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18 |
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Total locations chainwide |
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5,717 |
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5,512 |
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5,717 |
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5,512 |
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Sales Statistics |
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($ in
thousands, except sales per average square foot) |
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12 Weeks Ended |
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12 Weeks Ended |
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Trailing 4 Quarters |
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Trailing 4 Quarters |
Total AutoZone stores (Domestic, Mexico and
Brazil) |
May 7, 2016 |
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May 9, 2015 |
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May 7, 2016 |
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May 9, 2015 |
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Sales per average
store |
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$ |
434 |
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$ |
432 |
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$ |
1,785 |
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$ |
1,761 |
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Sales per average
square foot |
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$ |
66 |
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$ |
66 |
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$ |
271 |
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$ |
268 |
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Total Auto Parts (Domestic, Mexico, Brazil, and
IMC) |
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Total auto parts
sales |
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$ |
2,503,108 |
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$ |
2,404,469 |
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$ |
10,157,577 |
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$ |
9,586,307 |
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% Increase vs. LY |
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4.1 |
% |
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6.5 |
% |
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6.0 |
% |
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4.5 |
% |
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Domestic Commercial (Excludes IMC) |
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Total domestic
commercial sales |
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$ |
481,444 |
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$ |
452,153 |
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$ |
1,920,418 |
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$ |
1,752,211 |
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% Increase vs. LY |
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6.5 |
% |
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11.4 |
% |
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9.6 |
% |
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10.4 |
% |
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All
Other (ALLDATA, E-Commerce, and AutoAnything) |
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All other sales |
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$ |
90,564 |
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$ |
88,552 |
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$ |
369,734 |
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$ |
360,326 |
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% Increase vs. LY |
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2.3 |
% |
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6.5 |
% |
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2.6 |
% |
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4.8 |
% |
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12 Weeks Ended |
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12 Weeks Ended |
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36 Weeks Ended |
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36 Weeks Ended |
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May 7, 2016 |
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May 9, 2015 |
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May 7, 2016 |
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May 9, 2015 |
Domestic same store
sales |
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2.0 |
% |
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2.3 |
% |
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3.0 |
% |
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3.4 |
% |
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Inventory Statistics (Total Locations) |
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as of |
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as of |
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May 7, 2016 |
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May 9, 2015 |
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Accounts
payable/inventory |
|
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110.9 |
% |
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110.9 |
% |
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($ in thousands) |
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Inventory |
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|
$ |
3,597,251 |
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$ |
3,468,249 |
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Inventory per
location |
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$ |
629 |
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$ |
629 |
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Net inventory (net of
payables) |
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$ |
(393,779 |
) |
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$ |
(376,880 |
) |
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Net inventory /
per location |
|
$ |
(69 |
) |
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|
$ |
(68 |
) |
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Trailing 5 Quarters |
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May 7, 2016 |
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May 9, 2015 |
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Inventory turns |
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1.4 |
|
x |
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1.4 |
|
x |
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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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