AutoZone, Inc. (NYSE:AZO) today reported net sales of $2.6 billion
for its first quarter (12 weeks) ended November 18, 2017, an
increase of 4.9% from the first quarter of fiscal 2017 (12 weeks).
Domestic same store sales, or sales for stores open at least
one year, increased 2.3% for the quarter.
Net income for the quarter increased 1.0% over the same period
last year to $281.0 million, while diluted earnings per share
increased 6.8% to $10.00 per share from $9.36 per share in the
year-ago quarter.
For the quarter, gross profit, as a percentage of sales, was
52.8% (versus 52.7% for the same period last year). Gross
margin was effectively flat for the quarter, with higher
merchandise margins being offset by higher inventory shrink results
(-11 bps). Operating expenses, as a percentage of sales, were
34.6% (versus 34.1% the same period last year). Operating
expenses, as a percentage of sales, were higher than last year
primarily due to hurricane-related expenses incurred during the
quarter (-35 bps) and deleverage on occupancy costs (-19 bps).
Under its share repurchase program, AutoZone repurchased 597
thousand shares of its common stock for $353 million during the
first quarter, at an average price of $590 per share. At the
end of the first quarter, the Company had $471 million remaining
under its current share repurchase authorization.
The Company’s inventory increased 6.3% over the same period last
year, driven by new stores and increased product placement.
Inventory per location was $663 thousand versus $647 thousand last
year and $644 thousand last quarter. Net inventory, defined
as merchandise inventories less accounts payable, on a per location
basis, was a negative $52 thousand versus negative $67 thousand
last year and negative $48 thousand last quarter.
“I would like to thank and congratulate our entire organization
for delivering solid sales and earnings results this past
quarter. Our business strengthened during the first quarter
of our new year with improved same store sales results including an
acceleration in our domestic Commercial sales. This quarter
included unprecedented impacts to our operations from natural
disasters. Our AutoZoners, in the affected areas, not only
had to work hard to get their personal lives back in order but they
also worked tirelessly to reopen our stores very quickly to service
our customers who were in need. The after-effects of these
disasters aided our sales by an estimated 50 to 60 bps for the
quarter and the total losses from these storms were $9 million
resulting in a net negative impact to EPS of approximately
$.07. We were encouraged with the improvement in performance
in our first quarter and are pleased with the progress we are
making on our various initiatives. We believe these
initiatives will allow us to continue to meet our customers’ needs
across all channels. As we continue to invest capital in our
business, we remain committed to our disciplined approach of
increasing operating earnings and utilizing our capital
effectively,” said Bill Rhodes, Chairman, President and Chief
Executive Officer.
During the quarter ended November 18, 2017, AutoZone opened 16
new stores, relocated one store, and closed one store in the U.S.,
and opened five new stores in Mexico. As of November 18,
2017, the Company had 5,480 stores in 50 states in the U.S., the
District of Columbia and Puerto Rico, 529 stores in Mexico, 26 IMC
branches, and 14 stores in Brazil for a total count of 6,049.
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,
December 5, 2017, 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.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, December 26, 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 adjusted EPS, 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 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
26, 2017, 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: Ray Pohlman at
(866) 966-3017, ray.pohlman@autozone.com
|
|
|
|
|
AutoZone's 1st Quarter Highlights - Fiscal
2018 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
1st Quarter, FY2018 |
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
GAAP Results |
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
2,589,131 |
|
|
$ |
2,467,845 |
|
|
|
Cost of
sales |
|
|
1,223,283 |
|
|
|
1,166,303 |
|
|
|
Gross
profit |
|
|
1,365,848 |
|
|
|
1,301,542 |
|
|
|
Operating, SG&A expenses |
|
|
897,094 |
|
|
|
842,640 |
|
|
|
Operating
profit (EBIT) |
|
|
468,754 |
|
|
|
458,902 |
|
|
|
Interest
expense, net |
|
|
38,889 |
|
|
|
33,306 |
|
|
|
Income
before taxes |
|
|
429,865 |
|
|
|
425,596 |
|
|
|
Income
taxes* |
|
|
148,862 |
|
|
|
147,471 |
|
|
|
Net
income |
|
$ |
281,003 |
|
|
$ |
278,125 |
|
|
|
Net income per share: |
|
|
|
|
|
|
Basic |
|
$ |
10.17 |
|
|
$ |
9.61 |
|
|
|
Diluted |
|
$ |
10.00 |
|
|
$ |
9.36 |
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
27,638 |
|
|
|
28,951 |
|
|
|
Diluted |
|
|
28,096 |
|
|
|
29,703 |
|
|
|
|
|
|
|
|
|
|
* Fiscal 2018 and 2017 include $2.2M and $3.3M in excess tax
benefits from stock option exercises related to the adoption of ASU
2016-09, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
|
August 26, 2017 |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
257,677 |
|
|
$ |
195,538 |
|
|
$ |
293,270 |
|
Merchandise
inventories |
|
|
4,012,104 |
|
|
|
3,773,242 |
|
|
|
3,882,086 |
|
Current
assets |
|
|
4,717,192 |
|
|
|
4,368,686 |
|
|
|
4,611,255 |
|
Property and equipment, net |
|
|
4,060,951 |
|
|
|
3,750,511 |
|
|
|
4,031,018 |
|
Total
assets |
|
|
9,397,084 |
|
|
|
8,742,544 |
|
|
|
9,259,781 |
|
Accounts
payable |
|
|
4,326,737 |
|
|
|
4,162,316 |
|
|
|
4,168,940 |
|
Current
liabilities |
|
|
5,067,640 |
|
|
|
4,850,219 |
|
|
|
4,766,301 |
|
Total
debt |
|
|
4,982,984 |
|
|
|
4,997,446 |
|
|
|
5,081,238 |
|
Stockholders' (deficit) |
|
|
(1,525,099 |
) |
|
|
(1,895,225 |
) |
|
|
(1,428,377 |
) |
Working capital |
|
|
(350,448 |
) |
|
|
(481,533 |
) |
|
|
(155,046 |
) |
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4
Qtrs) |
|
|
(in
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
Net income |
|
|
|
|
|
|
|
|
$ |
1,283,747 |
|
|
$ |
1,261,020 |
|
Add: |
Interest |
|
|
|
|
|
|
|
|
|
|
|
160,163 |
|
|
|
145,977 |
|
|
Taxes |
|
|
|
|
|
|
|
|
|
|
|
646,011 |
|
|
|
674,305 |
|
EBIT |
|
|
|
|
|
|
|
|
|
2,089,921 |
|
|
|
2,081,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
329,225 |
|
|
|
302,926 |
|
|
Rent
expense |
|
|
|
|
|
|
|
|
|
|
|
305,602 |
|
|
|
283,474 |
|
|
Share-based expense |
|
|
|
|
|
|
|
|
|
|
|
39,543 |
|
|
|
40,956 |
|
EBITDAR |
|
|
|
|
|
|
|
|
$ |
2,764,291 |
|
|
$ |
2,708,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
|
|
|
|
|
|
$ |
4,982,984 |
|
|
$ |
4,997,446 |
|
Capital lease obligations |
|
159,540 |
|
|
|
150,829 |
|
Add: rent x 6 |
|
|
|
|
|
|
|
|
|
1,833,612 |
|
|
|
1,700,844 |
|
Adjusted debt |
|
|
|
|
|
|
|
|
$ |
6,976,136 |
|
|
$ |
6,849,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
2.5 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash Flow Information |
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
77,986 |
|
|
$ |
71,812 |
|
Capital spending |
|
|
110,278 |
|
|
|
97,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow before share repurchases: |
|
|
Increase
(decrease) in cash and cash equivalents |
$ |
(35,593 |
) |
|
$ |
5,804 |
|
Add back decrease in debt, excluding deferred financing
costs |
|
|
(99,000 |
) |
|
|
72,200 |
|
Add back share repurchases |
|
352,572 |
|
|
|
362,634 |
|
Cash flow
before share repurchases and changes in debt |
$ |
415,979 |
|
|
$ |
296,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
(in
thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
$ |
18,178,870 |
|
|
$ |
17,117,283 |
|
Remaining share repurchase authorization ($) |
|
471,130 |
|
|
|
782,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
142,888 |
|
|
|
141,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding, end of quarter |
|
27,262 |
|
|
|
28,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
|
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
Net income |
|
|
|
|
|
|
|
|
$ |
1,283,747 |
|
|
$ |
1,261,020 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
160,163 |
|
|
|
145,977 |
|
Rent expense |
|
|
305,602 |
|
|
|
283,474 |
|
Tax effect* |
|
|
|
|
|
|
|
|
|
(154,727 |
) |
|
|
(149,450 |
) |
After-tax return |
|
|
1,594,785 |
|
|
|
1,541,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
debt** |
|
|
5,073,275 |
|
|
|
4,894,916 |
|
Average stockholders' deficit** |
|
(1,678,071 |
) |
|
|
(1,813,096 |
) |
Add: Rent x 6 |
|
|
|
|
|
|
|
|
|
1,833,612 |
|
|
|
1,700,844 |
|
Average capital lease obligations** |
|
152,517 |
|
|
|
135,540 |
|
Pre-tax invested capital |
$ |
5,381,333 |
|
|
$ |
4,918,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital
(ROIC) |
|
29.6 |
% |
|
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Effective tax rate over trailing four quarters ended
November 18, 2017 is 33.5% and November 19, 2016 is 34.8%. |
** All averages are computed based on trailing 5 quarter
balances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
12 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
November 18, 2017 |
|
November 19, 2016 |
Diluted
net income per share: |
$ |
10.00 |
|
|
$ |
9.36 |
|
Impact of excess tax benefits from option exercises |
|
(0.04 |
) |
|
|
(0.03 |
) |
Adjusted
diluted net income per share |
$ |
9.96 |
|
|
$ |
9.33 |
|
|
AutoZone's 1st Quarter Fiscal 2018 |
|
|
|
|
|
|
|
|
|
Selected Operating Highlights |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
12 Weeks Ended |
|
|
|
|
|
|
|
November 18, 2017 |
|
|
November 19, 2016 |
|
|
|
|
|
|
AutoZone Domestic stores (Domestic): |
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
Beginning domestic stores |
|
5,465 |
|
|
|
|
5,297 |
|
|
|
|
|
|
|
Stores opened |
|
16 |
|
|
|
|
16 |
|
|
|
|
|
|
|
Stores closed |
|
1 |
|
|
|
|
- |
|
|
|
|
|
|
|
Ending domestic stores |
|
5,480 |
|
|
|
|
5,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated stores |
|
1 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with commercial programs |
|
4,622 |
|
|
|
|
4,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands) |
|
35,813 |
|
|
|
|
34,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Mexico stores: |
|
|
|
|
|
|
|
|
|
|
Stores opened |
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
Total stores in Mexico |
|
529 |
|
|
|
|
488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Brazil stores: |
|
|
|
|
|
|
|
|
|
|
Stores opened |
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
Total stores in Brazil |
|
14 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AutoZone stores |
|
6,023 |
|
|
|
|
5,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands) |
|
39,822 |
|
|
|
|
38,345 |
|
|
|
|
|
|
|
Square footage per store |
|
6,612 |
|
|
|
|
6,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMC
branches: |
|
|
|
|
|
|
|
|
|
|
Branches opened |
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
Branches acquired |
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
Total IMC branches |
|
26 |
|
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total locations chainwide |
|
6,049 |
|
|
|
|
5,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 18, 2017 |
|
|
November 19, 2016 |
|
|
November 18, 2017 |
|
|
November 19, 2016 |
Sales per average store |
$ |
411 |
|
|
|
$ |
405 |
|
|
|
$ |
1,770 |
|
|
|
$ |
1,781 |
|
Sales per average square foot |
$ |
62 |
|
|
|
$ |
61 |
|
|
|
$ |
268 |
|
|
|
$ |
270 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico, Brazil, and
IMC) |
|
|
|
|
|
|
|
|
|
|
Total auto parts sales |
$ |
2,510,128 |
|
|
|
$ |
2,389,561 |
|
|
|
$ |
10,643,838 |
|
|
|
$ |
10,346,355 |
|
% Increase vs. LY |
|
5.0 |
% |
|
|
|
3.7 |
% |
|
|
|
2.9 |
% |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial (Excludes IMC) |
|
|
|
|
|
|
|
|
|
|
Total domestic commercial sales |
$ |
491,252 |
|
|
|
$ |
460,607 |
|
|
|
$ |
2,093,457 |
|
|
|
$ |
1,979,213 |
|
% Increase vs. LY |
|
6.7 |
% |
|
|
|
6.3 |
% |
|
|
|
5.8 |
% |
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
All
Other (ALLDATA, E-Commerce, and AutoAnything) |
|
|
|
|
|
|
|
|
|
|
All other sales |
$ |
79,003 |
|
|
|
$ |
78,284 |
|
|
|
$ |
366,123 |
|
|
|
$ |
371,124 |
|
% Increase vs. LY |
|
0.9 |
% |
|
|
|
(4.2 |
%) |
|
|
|
(1.3 |
%) |
|
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended |
|
|
12 Weeks Ended |
|
|
|
|
|
|
|
November 18, 2017 |
|
|
November 19, 2016 |
|
|
|
|
|
|
Domestic same store
sales |
|
2.3 |
% |
|
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Locations) |
|
|
|
|
|
|
|
|
|
|
|
as of |
|
|
as of |
|
|
|
|
|
|
|
November 18, 2017 |
|
|
November 19, 2016 |
|
|
|
|
|
|
Accounts payable/inventory |
|
107.8 |
% |
|
|
|
110.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
Inventory |
$ |
4,012,104 |
|
|
|
$ |
3,773,242 |
|
|
|
|
|
|
|
Inventory per location |
|
663 |
|
|
|
|
647 |
|
|
|
|
|
|
|
Net inventory (net of payables) |
|
(314,633 |
) |
|
|
|
(389,074 |
) |
|
|
|
|
|
|
Net inventory / per location |
|
(52 |
) |
|
|
|
(67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5 Quarters |
|
|
|
|
|
|
|
November 18, 2017 |
|
|
November 19, 2016 |
|
|
|
|
|
|
Inventory turns |
|
1.3 |
x |
|
|
|
1.4 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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