AutoZone, Inc. (NYSE:AZO) today reported net sales of $2.3 billion
for its second quarter (12 weeks) ended February 11, 2017, an
increase of 1.4% from the second quarter of fiscal 2016 (12 weeks).
Domestic same store sales, or sales for stores open at least
one year, were flat for the quarter.
Net income for the quarter increased 3.7% over the same period
last year to $237.1 million, while diluted earnings per share
increased 8.8% to $8.08 per share from $7.43 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 $0.37. Excluding this adjustment,
EPS would have increased by 3.8%.
For the quarter, gross profit, as a percentage of sales, was
52.7% (-9 bps versus the same period last year). The decrease
in gross margin was attributable to higher shrink expense (-34 bps)
and higher supply chain costs associated with current year
inventory initiatives (-29 bps), partially offset by lower
acquisition costs. Operating expenses, as a percentage of
sales, were 35.9% (versus 35.8% the same period last year).
Operating expenses, as a percentage of sales, were higher than last
year, due to higher domestic store payroll, offset in part by lower
incentive compensation.
Under its share repurchase program, AutoZone repurchased 256
thousand shares of its common stock for $198 million during the
second quarter, at an average price of $773 per share. At the
end of the second quarter, the Company had $585 million remaining
under its current share repurchase authorization.
The Company’s inventory increased 8.7% over the same period last
year, driven by new stores and increased product placement.
Inventory per location was $665 thousand versus $633 thousand last
year and $647 thousand last quarter. Net inventory, defined
as merchandise inventories less accounts payable, on a per location
basis, was a negative $36 thousand versus negative $57 thousand
last year and negative $67 thousand last quarter.
“I would like to thank all AutoZoners across the organization
for their tremendous efforts during what ultimately turned out to
be a challenging quarter. Our sales performance in the last
three weeks of our quarter was significantly challenged by
well-publicized timing delays in IRS tax refunds, which negatively
impacted our profitability for the quarter. While this
quarter’s results were below our expectations, our AutoZoners’
ongoing commitment to providing customers with Trustworthy Advice
will allow us to continue to succeed for years to come. Our
objective remains to continue to provide great service to our
customers and deliver strong, consistent performance for our
shareholders as we remain committed to our approach of increasing
operating earnings and utilizing our capital effectively,” said
Bill Rhodes, Chairman, President and Chief Executive Officer.
During the quarter ended February 11, 2017, AutoZone opened 33
new stores in the U.S., three new stores in Mexico, and one new
store in Brazil. As of February 11, 2017, the Company had
5,346 stores in 50 states in the U.S., the District of Columbia and
Puerto Rico, 491 stores in Mexico, 26 IMC branches, and nine stores
in Brazil for a total count of 5,872.
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,
February 28, 2017, beginning at 10:00 a.m. (EST) to discuss its
second 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, March 7, 2017, at 11:59 p.m. (EST).
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 2nd Quarter Highlights - Fiscal
2017 |
|
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|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
2nd Quarter, FY2017 |
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Results |
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
2,289,219 |
|
|
$ |
2,257,192 |
|
|
|
|
|
Cost of
sales |
|
|
1,083,683 |
|
|
|
1,066,596 |
|
|
|
|
|
Gross
profit |
|
|
1,205,536 |
|
|
|
1,190,596 |
|
|
|
|
|
Operating,
SG&A expenses |
|
|
821,567 |
|
|
|
807,936 |
|
|
|
|
|
Operating
profit (EBIT) |
|
|
383,969 |
|
|
|
382,660 |
|
|
|
|
|
Interest
expense, net |
|
|
34,198 |
|
|
|
32,832 |
|
|
|
|
|
Income
before taxes |
|
|
349,771 |
|
|
|
349,828 |
|
|
|
|
|
Income
taxes (1) |
|
|
112,626 |
|
|
|
121,215 |
|
|
|
|
|
Net
income |
|
$ |
237,145 |
|
|
$ |
228,613 |
|
|
|
|
|
Net income
per share: (1) |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
8.29 |
|
|
$ |
7.58 |
|
|
|
|
|
|
Diluted |
|
$ |
8.08 |
|
|
$ |
7.43 |
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,606 |
|
|
|
30,170 |
|
|
|
|
|
|
Diluted
(1) |
|
|
29,340 |
|
|
|
30,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.37, driven by a lower
effective tax rate of 358 bps, (a $0.43 benefit to EPS), partially
offset by a change to the dilutive outstanding shares calculation
(a $0.06 reduction to EPS). Prior period's financial information
was not restated to conform to the current period’s
presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date 2nd Quarter, FY2017 |
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
GAAP Results |
|
|
|
|
|
|
|
|
24 Weeks Ended |
|
24 Weeks Ended |
|
|
|
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
4,757,065 |
|
|
$ |
4,643,235 |
|
|
|
|
|
Cost of
sales |
|
|
2,249,988 |
|
|
|
2,199,705 |
|
|
|
|
|
Gross
profit |
|
|
2,507,077 |
|
|
|
2,443,530 |
|
|
|
|
|
Operating,
SG&A expenses |
|
|
1,664,206 |
|
|
|
1,622,875 |
|
|
|
|
|
Operating
profit (EBIT) |
|
|
842,871 |
|
|
|
820,655 |
|
|
|
|
|
Interest
expense, net |
|
|
67,504 |
|
|
|
67,842 |
|
|
|
|
|
Income
before taxes |
|
|
775,367 |
|
|
|
752,813 |
|
|
|
|
|
Income
taxes (2) |
|
|
260,097 |
|
|
|
266,088 |
|
|
|
|
|
Net
income |
|
$ |
515,270 |
|
|
$ |
486,725 |
|
|
|
|
|
Net income
per share: (2) |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
17.90 |
|
|
$ |
16.05 |
|
|
|
|
|
|
Diluted |
|
$ |
17.45 |
|
|
$ |
15.72 |
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,779 |
|
|
|
30,334 |
|
|
|
|
|
|
Diluted
(2) |
|
|
29,522 |
|
|
|
30,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.40, driven by a lower
effective tax rate of 202 bps, (a $0.53 benefit to EPS), partially
offset by a change to the dilutive outstanding shares calculation
(a $0.13 reduction to EPS). Prior period's financial information
was not restated to conform to the current period’s
presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
August 27, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
210,649 |
|
|
$ |
207,958 |
|
|
$ |
189,734 |
|
|
|
Merchandise
inventories |
|
|
3,902,121 |
|
|
|
3,590,687 |
|
|
|
3,631,916 |
|
|
|
Current
assets |
|
|
4,492,767 |
|
|
|
4,209,813 |
|
|
|
4,239,573 |
|
|
|
Property and equipment, net |
|
|
3,803,803 |
|
|
|
3,544,882 |
|
|
|
3,733,254 |
|
|
|
Total
assets |
|
|
8,902,630 |
|
|
|
8,366,414 |
|
|
|
8,599,787 |
|
|
|
Accounts
payable |
|
|
4,114,960 |
|
|
|
3,912,107 |
|
|
|
4,095,854 |
|
|
|
Current
liabilities (3) |
|
|
4,784,272 |
|
|
|
4,994,661 |
|
|
|
4,690,320 |
|
|
|
Total debt
(3) |
|
|
5,151,862 |
|
|
|
4,845,215 |
|
|
|
4,924,119 |
|
|
|
Stockholders' deficit |
|
|
(1,827,440 |
) |
|
|
(1,741,313 |
) |
|
|
(1,787,538 |
) |
|
|
Working capital |
|
|
(291,505 |
) |
|
|
(784,848 |
) |
|
|
(450,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Current liabilities and total debt both include short-term
borrowings of $0 at February 11, 2017; $457,404 at February 13,
2016 and $0 at August 27, 2016. These amounts represent current
debt maturities that are in excess of our revolving credit facility
available capacity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4 Qtrs) |
|
|
|
|
|
|
|
|
(in
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
|
|
|
|
Net income |
|
$ |
1,269,552 |
|
|
$ |
1,196,933 |
|
|
|
|
|
|
|
Add:
Interest |
|
|
147,343 |
|
|
|
146,685 |
|
|
|
|
|
|
|
Taxes |
|
|
665,716 |
|
|
|
660,257 |
|
|
|
|
|
|
|
EBIT |
|
|
|
2,082,611 |
|
|
|
2,003,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation and amortization |
|
|
307,106 |
|
|
|
283,943 |
|
|
|
|
|
|
|
Rent expense |
|
|
287,452 |
|
|
|
273,804 |
|
|
|
|
|
|
|
Share-based expense |
|
|
41,989 |
|
|
|
39,342 |
|
|
|
|
|
|
|
EBITDAR |
|
$ |
2,719,158 |
|
|
$ |
2,600,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
$ |
5,151,862 |
|
|
$ |
4,845,215 |
|
|
|
|
|
|
|
Capital lease obligations |
|
|
149,802 |
|
|
|
127,468 |
|
|
|
|
|
|
|
Add: Rent x 6 |
|
|
1,724,712 |
|
|
|
1,642,824 |
|
|
|
|
|
|
|
Adjusted debt |
|
$ |
7,026,376 |
|
|
$ |
6,615,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
2.6 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
24 Weeks Ended |
|
24 Weeks Ended |
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
72,833 |
|
|
$ |
68,653 |
|
|
|
$ |
144,645 |
|
$ |
134,936 |
|
Capital spending |
|
|
118,186 |
|
|
|
99,933 |
|
|
|
|
216,103 |
|
|
186,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow before share repurchases: |
|
|
|
|
|
|
|
|
|
|
Increase in
cash and cash equivalents |
|
$ |
15,111 |
|
|
$ |
42,472 |
|
|
|
$ |
20,915 |
|
$ |
32,649 |
|
Increase in debt, excluding deferred financing |
|
|
153,400 |
|
|
|
90,200 |
|
|
|
|
225,600 |
|
|
218,500 |
|
Add back share repurchases |
|
|
197,985 |
|
|
|
149,957 |
|
|
|
|
560,619 |
|
|
550,057 |
|
Cash flow
before share repurchases and changes in debt |
|
$ |
59,696 |
|
|
$ |
102,229 |
|
|
|
$ |
355,934 |
|
$ |
364,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
(in
thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
17,315,268 |
|
|
$ |
15,852,243 |
|
|
|
|
|
|
|
Remaining share repurchase authorization ($) |
|
|
584,732 |
|
|
|
547,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
141,529 |
|
|
|
139,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding, end of quarter |
|
|
28,475 |
|
|
|
30,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
|
|
|
February 11, 2017 |
|
February 13, 2016 |
|
|
|
|
|
|
Net income |
|
$ |
1,269,552 |
|
|
$ |
1,196,933 |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
147,343 |
|
|
|
146,685 |
|
|
|
|
|
|
|
Rent expense |
|
|
287,452 |
|
|
|
273,804 |
|
|
|
|
|
|
|
Tax effect* |
|
|
(149,570 |
) |
|
|
(149,694 |
) |
|
|
|
|
|
|
After-tax return |
|
|
1,554,777 |
|
|
|
1,467,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average debt** |
|
|
4,974,468 |
|
|
|
4,632,858 |
|
|
|
|
|
|
|
Average stockholders' deficit** |
|
|
(1,822,960 |
) |
|
|
(1,666,550 |
) |
|
|
|
|
|
|
Add: Rent x 6 |
|
|
1,724,712 |
|
|
|
1,642,824 |
|
|
|
|
|
|
|
Average capital lease obligations** |
|
|
140,851 |
|
|
|
127,339 |
|
|
|
|
|
|
|
Pre-tax Invested capital |
|
$ |
5,017,071 |
|
|
$ |
4,736,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital (ROIC) |
|
|
31.0 |
% |
|
|
31.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Effective tax rate over trailing four quarters ended
February 11, 2017 is 34.4% and February 13, 2016 is 35.6%. |
|
**All averages are computed based on trailing 5 quarter
balances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 2nd Quarter Fiscal 2017 |
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
|
12 Weeks Ended |
|
|
24 Weeks Ended |
|
|
|
24 Weeks Ended |
|
|
|
|
|
February 11, 2017 |
|
|
|
February 13, 2016 |
|
|
February 11, 2017 |
|
|
|
February 13, 2016 |
AutoZone Domestic stores (Domestic): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning domestic stores |
|
|
5,313 |
|
|
|
|
|
5,163 |
|
|
|
|
5,297 |
|
|
|
|
|
5,141 |
|
|
Stores opened |
|
|
33 |
|
|
|
|
|
30 |
|
|
|
|
49 |
|
|
|
|
|
52 |
|
|
Stores closed |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Ending domestic stores |
|
|
5,346 |
|
|
|
|
|
5,193 |
|
|
|
|
5,346 |
|
|
|
|
|
5,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated stores |
|
|
- |
|
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with commercial programs |
|
|
4,437 |
|
|
|
|
|
4,228 |
|
|
|
|
4,437 |
|
|
|
|
|
4,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands) |
|
|
34,906 |
|
|
|
|
|
33,874 |
|
|
|
|
34,906 |
|
|
|
|
|
33,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Mexico stores: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores opened |
|
|
3 |
|
|
|
|
|
9 |
|
|
|
|
8 |
|
|
|
|
|
10 |
|
|
Total stores in Mexico |
|
|
491 |
|
|
|
|
|
451 |
|
|
|
|
491 |
|
|
|
|
|
451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Brazil stores: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores opened |
|
|
1 |
|
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
|
|
1 |
|
|
Total stores in Brazil |
|
|
9 |
|
|
|
|
|
8 |
|
|
|
|
9 |
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AutoZone stores |
|
|
5,846 |
|
|
|
|
|
5,652 |
|
|
|
|
5,846 |
|
|
|
|
|
5,652 |
|
|
Square footage (in thousands) |
|
|
38,597 |
|
|
|
|
|
37,255 |
|
|
|
|
38,597 |
|
|
|
|
|
37,255 |
|
|
Square footage per store |
|
|
6,602 |
|
|
|
|
|
6,591 |
|
|
|
|
6,602 |
|
|
|
|
|
6,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMC
branches: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branches opened |
|
|
- |
|
|
|
|
|
2 |
|
|
|
|
- |
|
|
|
|
|
4 |
|
|
Branches acquired |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Total IMC branches |
|
|
26 |
|
|
|
|
|
24 |
|
|
|
|
26 |
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total locations chainwide |
|
|
5,872 |
|
|
|
|
|
5,676 |
|
|
|
|
5,872 |
|
|
|
|
|
5,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
February 11, 2017 |
|
|
|
February 13, 2016 |
|
|
February 11, 2017 |
|
|
|
February 13, 2016 |
|
Sales per average store |
|
$ |
372 |
|
|
|
|
$ |
379 |
|
|
|
$ |
1,775 |
|
|
|
|
$ |
1,780 |
|
|
Sales per average square foot |
|
$ |
56 |
|
|
|
|
$ |
58 |
|
|
|
$ |
269 |
|
|
|
|
$ |
270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico, Brazil, and
IMC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total auto parts sales |
|
$ |
2,205,562 |
|
|
|
|
$ |
2,170,986 |
|
|
|
$ |
10,380,931 |
|
|
|
|
$ |
10,058,938 |
|
|
% Increase vs. LY |
|
|
1.6 |
% |
|
|
|
|
5.4 |
% |
|
|
|
3.2 |
% |
|
|
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial (Excludes IMC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total domestic commercial sales |
|
$ |
431,151 |
|
|
|
|
$ |
402,014 |
|
|
|
$ |
2,008,349 |
|
|
|
|
$ |
1,891,127 |
|
|
% Increase vs. LY |
|
|
7.2 |
% |
|
|
|
|
8.0 |
% |
|
|
|
6.2 |
% |
|
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Other (ALLDATA, E-Commerce, and AutoAnything) |
|
|
|
|
|
|
|
|
|
|
|
|
|
All other sales |
|
$ |
83,657 |
|
|
|
|
$ |
86,206 |
|
|
|
$ |
368,575 |
|
|
|
|
$ |
367,721 |
|
|
% Increase vs. LY |
|
|
(3.0 |
%) |
|
|
|
|
2.7 |
% |
|
|
|
0.2 |
% |
|
|
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
|
12 Weeks Ended |
|
|
24 Weeks Ended |
|
|
|
24 Weeks Ended |
|
|
|
|
|
February 11, 2017 |
|
|
|
February 13, 2016 |
|
|
February 11, 2017 |
|
|
|
February 13, 2016 |
Domestic same store
sales |
|
|
0.0 |
% |
|
|
|
|
3.6 |
% |
|
|
|
0.8 |
% |
|
|
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Locations) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of |
|
|
|
as of |
|
|
|
|
|
|
|
|
|
|
|
|
February 11, 2017 |
|
|
|
February 13, 2016 |
|
|
|
|
|
|
|
|
Accounts payable/inventory |
|
|
105.5 |
% |
|
|
|
|
109.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
|
$ |
3,902,121 |
|
|
|
|
$ |
3,590,687 |
|
|
|
|
|
|
|
|
|
Inventory per location |
|
|
665 |
|
|
|
|
|
633 |
|
|
|
|
|
|
|
|
|
Net inventory (net of payables) |
|
|
(212,839 |
) |
|
|
|
|
(321,420 |
) |
|
|
|
|
|
|
|
|
Net inventory / per location |
|
|
(36 |
) |
|
|
|
|
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5 Quarters |
|
|
|
|
|
|
|
|
|
|
|
|
February 11, 2017 |
|
|
|
February 13, 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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