AutoZone, Inc. (NYSE: AZO) today reported net sales of $2.8 billion
for its first quarter (12 weeks) ended November 23, 2019, an
increase of 5.7% from the first quarter of fiscal 2019 (12
weeks). Domestic same store sales, or sales for stores open
at least one year, increased 3.4% for the quarter.
Operating profit increased 2.5% to $500.0 million. Net income
for the quarter decreased 0.3% over the same period last year to
$350.3 million, while diluted earnings per share increased 6.2% to
$14.30 per share from $13.47 per share in the year-ago quarter. The
decrease in net income was driven by an increased effective tax
rate resulting from a reduced benefit from stock options exercised
during the quarter. The benefit from stock options increased EPS by
$0.06 versus $0.43 last year.
For the quarter, gross profit, as a percentage of sales, was
relatively flat to last year at 53.7%. Operating expenses, as
a percentage of sales, were 35.8% (versus 35.2% the same period
last year), with deleverage primarily driven by domestic store
payroll and benefits.
Under its share repurchase program, AutoZone repurchased 403
thousand shares of its common stock for $450.0 million during the
first quarter, at an average price of $1,116 per share. At
the end of the first quarter, the Company had $1.3 billion
remaining under its current share repurchase authorization.
The Company’s inventory increased 9.1% over the same period last
year, driven by new stores and increased product placement.
Inventory per store was $694 thousand versus $658 thousand last
year and $674 thousand last quarter. Net inventory, defined
as merchandise inventories less accounts payable, on a per store
basis, was a negative $71 thousand versus negative $59 thousand
last year and negative $85 thousand last quarter.
“I would like to thank and congratulate our entire organization
for delivering solid sales and earnings in our first fiscal
quarter. Our business strengthened during the quarter with
accelerated growth in both Retail and Commercial. The hard work of
our AutoZoners and their dedication to providing superior customer
service, again drove our strong quarterly performance. As our
industry’s fundamentals remain healthy, we are optimistic about
what we can accomplish this new year, with our ongoing initiatives
in place to improve inventory availability, drive DIY sales, and
continue to grow Commercial substantially faster than industry
growth. We believe our efforts will allow us to meet or exceed our
customers’ needs across all channels. As we opportunistically
invest capital in our business, we remain committed to our
disciplined approach of increasing operating earnings and cash
flow, and of utilizing our balance sheet and capital effectively,”
said Bill Rhodes, Chairman, President and Chief Executive
Officer.
During the quarter ended November 23, 2019, AutoZone opened 18
new stores in the U.S., two in Mexico and two in Brazil. As
of November 23, 2019, the Company had 5,790 stores in the U.S., 606
stores in Mexico, and 37 stores in Brazil for a total store count
of 6,433.
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. Additionally, on
www.duralastparts.com we provide product information on our
Duralast branded product. AutoZone does not derive revenue
from automotive repair or installation services.
AutoZone will host a conference call this morning, Tuesday,
December 10, 2019, beginning at 10:00 a.m. (EST) to discuss its
first quarter results. Investors may listen to the conference
call live and review supporting slides on the AutoZone corporate
website, www.autozone.com by clicking “Investor Relations,” located
at the bottom of the page. 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
Thursday, January 9, 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 financial measures include
adjustments to reflect return on invested capital, adjusted debt
and adjusted debt to EBITDAR. These calculations include
adjustments for impairment charges, pension termination charges and
deferred tax liabilities. 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 constitute
forward-looking statements that are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements typically use words such as “believe,”
“anticipate,” “should,” “intend,” “plan,” “will,” “expect,”
“estimate,” “project,” “positioned,” “strategy,” “seek,” “may,”
“could” 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; cash flows; access to available and feasible financing;
future stock repurchases; 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, train and retain qualified employees; construction
delays; the compromising of confidentiality, availability or
integrity of information, including cyber-attacks; historic growth
rate sustainability; downgrade of our credit ratings; damages to
our reputation; challenges in international markets; failure or
interruption of our information technology systems; origin and raw
material costs of suppliers; impact of tariffs; anticipated impact
of new accounting standards; and business interruptions. Certain of
these risks and uncertainties 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 31, 2019, 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: David McKinney at (901) 495-7951,
david.mckinney@autozone.com
AutoZone's 1st Quarter Highlights - Fiscal
2020
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
1st Quarter, FY2020 |
|
|
|
|
(in thousands,
except per share data) |
|
|
|
|
|
|
|
GAAP Results |
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
November 23, 2019 |
|
November 17, 2018 |
|
|
|
|
|
|
Net sales |
|
$ |
2,793,038 |
|
$ |
2,641,733 |
Cost of sales |
|
1,291,970 |
|
1,224,259 |
Gross profit |
|
1,501,068 |
|
1,417,474 |
Operating,
SG&A expenses |
|
1,001,045 |
|
929,656 |
Operating
profit (EBIT) |
|
500,023 |
|
487,818 |
Interest expense,
net |
|
43,743 |
|
39,006 |
Income before
taxes |
|
456,280 |
|
448,812 |
Income
taxes(1) |
|
105,942 |
|
97,406 |
Net income |
|
$ |
350,338 |
|
$ |
351,406 |
Net income per
share: |
|
|
|
|
|
Basic |
|
$ |
14.67 |
|
$ |
13.71 |
|
Diluted |
|
$ |
14.30 |
|
$ |
13.47 |
Weighted average
shares outstanding: |
|
|
|
|
|
Basic |
|
23,875 |
|
25,629 |
|
Diluted |
|
24,493 |
|
26,097 |
|
|
|
|
|
|
(1)The Company's
effective tax rate was 23.2% for the 12 Weeks Ended November 23,
2019 and 21.7% for the comparable prior year period. First quarter
fiscal 2020 and 2019 include $1.5M and $11.2M in excess tax
benefits from stock option exercises, respectively. |
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
November 23, 2019 |
|
November 17, 2018 |
|
August 31, 2019 |
Cash and cash equivalents |
|
$ |
158,089 |
|
|
$ |
252,086 |
|
|
$ |
176,300 |
|
Merchandise
inventories |
|
|
4,463,124 |
|
|
|
4,090,376 |
|
|
|
4,319,113 |
|
Current
Assets |
|
|
5,156,975 |
|
|
|
4,814,329 |
|
|
|
5,028,685 |
|
Property and
equipment, net |
|
|
4,450,656 |
|
|
|
4,228,801 |
|
|
|
4,398,751 |
|
Operating
lease right-of-use assets |
|
|
2,585,105 |
|
|
|
- |
|
|
|
- |
|
Total
assets |
|
|
12,700,456 |
|
|
|
9,523,581 |
|
|
|
9,895,913 |
|
Accounts
payable |
|
|
4,922,148 |
|
|
|
4,455,330 |
|
|
|
4,864,912 |
|
Current
Liabilities |
|
|
5,868,236 |
|
|
|
5,168,172 |
|
|
|
5,512,141 |
|
Operating
lease liabilities - long-term |
|
|
2,506,829 |
|
|
|
- |
|
|
|
- |
|
Total
debt |
|
|
5,287,324 |
|
|
|
5,156,037 |
|
|
|
5,206,344 |
|
Stockholders' (deficit) |
|
|
(1,776,090 |
) |
|
|
(1,658,616 |
) |
|
|
(1,713,851 |
) |
Working
capital |
|
|
(711,261 |
) |
|
|
(353,843 |
) |
|
|
(483,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 1st Quarter Highlights - Fiscal
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4 Qtrs) |
|
|
|
|
|
|
(in thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
November 23, 2019 |
|
November 17, 2018 |
|
|
Net income |
|
$ |
1,616,153 |
|
|
$ |
1,407,939 |
|
|
|
Add: Impairment before tax |
|
|
- |
|
|
|
193,162 |
|
|
|
Pension termination charges
before tax |
|
|
- |
|
|
|
130,263 |
|
|
|
Interest |
|
|
189,541 |
|
|
|
174,644 |
|
|
|
Taxes |
|
|
422,648 |
|
|
|
247,337 |
|
|
|
Adjusted EBIT |
|
|
2,228,342 |
|
|
|
2,153,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation and amortization |
|
|
377,255 |
|
|
|
349,550 |
|
|
|
Rent expense(1) |
|
|
337,102 |
|
|
|
317,141 |
|
|
|
Share-based expense |
|
|
42,724 |
|
|
|
43,115 |
|
|
|
Adjusted EBITDAR |
|
$ |
2,985,423 |
|
|
$ |
2,863,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
$ |
5,287,324 |
|
|
$ |
5,156,037 |
|
|
|
Financing lease liabilities |
|
|
195,663 |
|
|
|
158,284 |
|
|
|
Add: Rent x 6(1) |
|
|
2,022,612 |
|
|
|
1,902,846 |
|
|
|
Adjusted debt |
|
$ |
7,505,599 |
|
|
$ |
7,217,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
2.5 |
|
|
|
2.5 |
|
|
|
|
|
Adjusted Return on Invested Capital (ROIC) |
|
|
|
|
|
|
(in thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
Trailing 4
Quarters |
|
|
|
|
|
|
|
November 23, 2019 |
|
November 17, 2018 |
|
|
Net income |
|
$ |
1,616,153 |
|
|
$ |
1,407,939 |
|
|
|
Adjustments: |
|
|
|
|
|
|
Impairment before tax |
|
|
- |
|
|
|
193,162 |
|
|
|
Pension termination charges before
tax |
|
|
- |
|
|
|
130,263 |
|
|
|
Interest expense |
|
|
189,541 |
|
|
|
174,644 |
|
|
|
Rent expense(1) |
|
|
337,102 |
|
|
|
317,141 |
|
|
|
Tax effect(2) |
|
|
(109,015 |
) |
|
|
(201,217 |
) |
|
|
Deferred tax liabilities, net of
repatriation tax |
|
|
(6,340 |
) |
|
|
(132,113 |
) |
|
|
Adjusted After-tax return |
|
$ |
2,027,441 |
|
|
$ |
1,889,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average debt(3) |
|
$ |
5,182,565 |
|
|
$ |
5,028,638 |
|
|
|
Average stockholders' deficit(3) |
|
|
(1,666,486 |
) |
|
|
(1,479,244 |
) |
|
|
Add: Rent x 6(1) |
|
|
2,022,612 |
|
|
|
1,902,846 |
|
|
|
Average financing lease liabilities(3) |
|
|
170,863 |
|
|
|
157,763 |
|
|
|
Pre-tax invested capital |
|
$ |
5,709,554 |
|
|
$ |
5,610,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted ROIC |
|
|
35.5 |
% |
|
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Effective
September 1, 2019, the Company adopted ASC 842, the new lease
accounting standard that required the Company to recognize
operating lease assets and liabilities on the balance sheet. The
table below outlines the calculation of rent expense and reconciles
rent expense to total lease cost, per ASC 842, the most directly
comparable GAAP financial measure, for the 12 weeks ended November
23, 2019. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease cost, per ASC 842, for the 12 weeks ended November 23,
2019 |
|
$ |
95,840 |
|
|
|
|
|
Less: |
Financing
lease interest and amortization |
|
|
|
|
(14,041 |
) |
|
|
|
|
Less: |
Variable operating lease components, related to insurance and
common area maintenance for the 12 weeks ended November 23,
2019 |
|
|
(6,207 |
) |
|
|
|
|
Rent expense for the 12 weeks ended November 23, 2019 |
|
|
|
75,592 |
|
|
|
|
|
Add: |
Rent expense for the 41 weeks ended August 31, 2019, as previously
reported prior to the adoption of ASC 842 |
|
|
261,510 |
|
|
|
|
|
Rent expense for the 53 weeks ended November 23, 2019 |
|
|
$ |
337,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Effective tax
rate over trailing four quarters ended November 23, 2019 is 20.7%.
Effective tax rate over trailing four quarters ended November 17,
2018 was 24.2% for impairment, 28.1% for pension termination and
23.4% for interest and rent expense. |
|
(3) All averages are computed based on trailing 5 quarter
balances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
|
|
|
|
(in thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
November 23, 2019 |
|
November 17, 2018 |
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
21,873,206 |
|
|
$ |
19,915,371 |
|
|
|
Remaining share repurchase authorization ($) |
|
|
1,276,794 |
|
|
|
984,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
147,273 |
|
|
|
145,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of quarter |
|
|
23,655 |
|
|
|
25,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
89,750 |
|
|
|
82,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
|
101,407 |
|
|
|
98,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 1st
Quarter Highlights - Fiscal 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended |
|
12 Weeks
Ended |
|
|
|
|
|
|
|
|
|
|
November 23, 2019 |
|
|
November 17, 2018 |
|
|
|
|
|
|
|
Domestic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
stores |
|
|
5,772 |
|
|
|
|
5,618 |
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
18 |
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
Ending
domestic stores |
|
|
5,790 |
|
|
|
|
5,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated
stores |
|
|
- |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with
commercial programs |
|
|
4,917 |
|
|
|
|
4,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
37,910 |
|
|
|
|
36,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
stores |
|
|
604 |
|
|
|
|
564 |
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
2 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
Ending
Mexico stores |
|
|
606 |
|
|
|
|
567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
stores |
|
|
35 |
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
2 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
Ending
Brazil stores |
|
|
37 |
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores |
|
|
6,433 |
|
|
|
|
6,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
42,695 |
|
|
|
|
41,180 |
|
|
|
|
|
|
|
|
|
Square
footage per store |
|
|
6,637 |
|
|
|
|
6,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
November 23, 2019 |
|
|
November 17, 2018 |
|
|
November 23, 2019 |
|
|
November 17, 2018 |
|
|
Sales per average store |
|
$ |
427 |
|
|
|
$ |
418 |
|
|
|
$ |
1,865 |
|
|
|
$ |
1,792 |
|
|
|
Sales per
average square foot |
|
$ |
64 |
|
|
|
$ |
63 |
|
|
|
$ |
281 |
|
|
|
$ |
271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico and
Brazil) |
|
|
|
|
|
|
|
|
|
|
|
|
Total auto
parts sales |
|
$ |
2,743,239 |
|
|
|
$ |
2,593,440 |
|
|
|
$ |
11,795,034 |
|
|
|
$ |
11,034,810 |
|
(1) |
|
%
Increase vs. LY |
|
|
5.8 |
% |
|
|
|
3.3 |
% |
|
|
|
6.9 |
% |
|
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
Total
domestic commercial sales |
|
$ |
621,483 |
|
|
|
$ |
546,908 |
|
|
|
$ |
2,637,406 |
|
|
|
$ |
2,269,864 |
|
|
|
%
Increase vs. LY |
|
|
13.6 |
% |
|
|
|
11.3 |
% |
|
|
|
16.2 |
% |
|
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other (ALLDATA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
All other
sales |
|
$ |
49,799 |
|
|
|
$ |
48,293 |
|
|
|
$ |
220,013 |
|
|
|
$ |
238,870 |
|
(2) |
|
%
Increase vs. LY |
|
|
3.1 |
% |
|
|
|
(38.9 |
%) |
|
|
|
(7.9 |
%) |
|
|
|
(34.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Results include IMC,
which was sold during the third quarter of fiscal 2018 (effective
April 4, 2018). |
|
|
|
|
|
|
|
(2) |
Results include
AutoAnything, which was sold during the third quarter of fiscal
2018 (effective February 26, 2018). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended |
|
12 Weeks
Ended |
|
|
|
|
|
|
|
|
|
November 23, 2019 |
|
|
November 17, 2018 |
|
|
|
|
|
|
|
Domestic same store sales |
|
|
3.4 |
% |
|
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Stores) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as
of |
|
|
as
of |
|
|
|
|
|
|
|
|
|
|
November 23, 2019 |
|
|
November 17, 2018 |
|
|
|
|
|
|
|
|
Accounts
payable/inventory |
|
|
110.3 |
% |
|
|
|
108.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
$ |
4,463,124 |
|
|
|
$ |
4,090,376 |
|
|
|
|
|
|
|
|
|
Inventory
per store |
|
|
694 |
|
|
|
|
658 |
|
|
|
|
|
|
|
|
|
Net
inventory (net of payables) |
|
|
(459,024 |
) |
|
|
|
(364,954 |
) |
|
|
|
|
|
|
|
|
Net
inventory/per store |
|
|
(71 |
) |
|
|
|
(59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5
Quarters |
|
|
|
|
|
|
|
|
|
November 23, 2019 |
|
|
November 17, 2018 |
|
|
|
|
|
|
|
|
Inventory
turns |
|
|
1.3 |
|
x |
|
|
1.3 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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