AutoZone, Inc. (NYSE: AZO) today reported net sales of $3.6 billion
for its fourth quarter (16 weeks) ended August 25, 2018, an
increase of 1.3% from the fourth quarter of fiscal 2017 (16 weeks).
Domestic same store sales, or sales for stores open at least
one year, increased 2.2% for the quarter.
Net income for the quarter decreased 7.7% over the same period
last year to $400.3 million, while diluted earnings per share
decreased 1.6% to $15.02 per share from $15.27 per share in the
year-ago quarter. As previously disclosed, during the quarter
we terminated our qualified and non-qualified pension plans that
had been frozen since fiscal 2003. Adjusted for the charges
related to the termination of the pension plans of $93.7 million,
net of tax benefit, adjusted net income for the quarter increased
13.8% over the same period last year to $494.0 million, while
adjusted diluted earnings per share increased 21.4% to $18.54 per
share from $15.27 per share in the year-ago quarter. Net
income and diluted earnings per share benefitted from a lower
effective income tax rate, primarily due to the recent tax
reform. Adjusted operating profit, which excludes the charges
related to the termination of the pension plans of $130.3 million,
increased 2.0% to $721.5 million.
For the quarter, gross profit, as a percentage of sales, was
53.6% (versus 52.8% the same period last year). The increase
in gross margin was attributable to the impact of the sale of two
business units completed during the year (+72 bps) and higher
merchandise margins, partially offset by higher supply chain
costs. Operating expenses, as a percentage of sales, were
37.0% (versus 32.6% the same period last year). The increase
was primarily due to the charges related to the termination of the
pension plans of $130.3 million (-366 bps) and domestic store
payroll.
For the fiscal year ended August 25, 2018, sales were $11.2
billion, an increase of 3.1% from the prior year, while domestic
same store sales were up 1.8% for the year. Gross profit, as a
percentage of sales, was 53.2% (versus 52.7% the same period last
year). Operating expenses, as a percentage of sales, were 37.1%
(versus 33.6% the same period last year) primarily due to the
second quarter impairment charges of $193.2 million, or 1.7% of
sales and the fourth quarter charges related to the termination of
the pension plans of $130.3 million, or 1.2% of sales, which on a
combined basis negatively impacted earnings per share by
$8.76. For fiscal 2018, net income increased 4.4% to $1.338
billion and diluted earnings per share for the year increased 10.7%
to $48.77 from $44.07. Net income and diluted earnings per
share benefitted from a lower effective income tax rate, primarily
due to the recent tax reform. Return on invested capital
finished the year at 32.1%, while full year cash flow before share
repurchases and changes in debt was $1.596 billion.
Under its share repurchase program, AutoZone repurchased 974
thousand shares of its common stock for $665 million during the
fourth quarter, at an average price of $683 per share. For
the fiscal year, the Company repurchased 2.4 million shares of its
common stock for a record $1.592 billion, at an average price of
$664 per share. At year end, the Company had $232 million
remaining under its current share repurchase
authorization.
The Company’s inventory increased 1.6% over the same period last
year, driven by new stores and increased product placement,
partially offset by the impact of the sale of two business
units.
Inventory per location at the end of the year was $636 thousand
versus $644 thousand last year and $658 thousand last
quarter. Net inventory, defined as merchandise inventories
less accounts payable, on a per location basis, was a negative $75
thousand at the end of the year versus negative $48 thousand last
year and last quarter.
“I would like to thank our entire organization for their efforts
that delivered solid financial results again in fiscal 2018. Our
culture of exceptional customer service continues to guide us every
day and is our driving force. We were pleased to deliver positive
same store sales for both our Retail and Commercial businesses. We
expected our sales, particularly in the Rust Belt, to increase this
summer and, for the most part, that materialized.
Additionally, our Commercial sales performance accelerated nicely
in the quarter growing 8.8%. While these were positive
developments, we believe we have further opportunities to improve
our operations and results. As we are investing to grow, we
will remain committed to our disciplined approach to increasing
operating earnings and utilizing our capital effectively,” said
Bill Rhodes, Chairman, President and Chief Executive Officer.
During the quarter ended August 25, 2018, AutoZone opened 78 new
stores and relocated four stores in the U.S., opened 28 new stores
in Mexico and four in Brazil. As of August 25, 2018, the
Company had 5,618 stores in 50 states in the U.S., the District of
Columbia and Puerto Rico, 564 stores in Mexico and 20 stores in
Brazil for a total count of 6,202.
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. 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 our commercial
customers can make purchases through www.autozonepro.com. AutoZone
does not derive revenue from automotive repair or installation.
AutoZone will host a conference call this morning, Tuesday,
September 18, 2018, beginning at 10:00 a.m. (EDT) to discuss its
fourth 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, September 25, 2018, 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 adjusted EPS, adjusted operating profit, adjusted
operating, SG&A expenses, adjusted net income, return on
invested capital, adjusted debt and adjusted debt to EBITDAR and
cash flow before share repurchases. These adjustments include
impairment charges and pension termination charges. 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 4th Quarter Highlights - Fiscal
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
4th Quarter, FY2018 |
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
GAAP Results |
|
|
|
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
|
|
August 25, 2018
(2) |
|
August 26, 2017 |
|
|
|
|
|
|
|
Net
sales |
|
$ |
3,558,769 |
|
|
$ |
3,512,605 |
|
Cost of
sales |
|
|
1,650,890 |
|
|
|
1,658,480 |
|
Gross
profit |
|
|
1,907,879 |
|
|
|
1,854,125 |
|
Operating,
SG&A expenses |
|
|
1,316,640 |
|
|
|
1,146,497 |
|
Operating
profit (EBIT) |
|
|
591,239 |
|
|
|
707,628 |
|
Interest
expense, net |
|
|
54,340 |
|
|
|
51,401 |
|
Income
before taxes |
|
|
536,899 |
|
|
|
656,227 |
|
Income
taxes (1) |
|
|
136,617 |
|
|
|
222,328 |
|
Net
income |
|
$ |
400,282 |
|
|
$ |
433,899 |
|
Net income
per share: |
|
|
|
|
|
Basic |
|
$ |
15.27 |
|
|
$ |
15.52 |
|
|
Diluted |
|
$ |
15.02 |
|
|
$ |
15.27 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
Basic |
|
|
26,212 |
|
|
|
27,963 |
|
|
Diluted |
|
|
26,649 |
|
|
|
28,424 |
|
|
|
|
|
|
|
|
(1) The Company's effective tax rate was 25.4% for the 16
Weeks Ended August 25, 2018 and 33.9% for the comparable prior year
period. |
(2) The 16 Weeks Ended August 25, 2018 were negatively
impacted by the pension termination charges of $130.3MM
(pre-tax). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2018 |
|
|
|
|
(in
thousands, except per share data) |
|
GAAP Results |
|
|
|
|
52 Weeks Ended |
|
52 Weeks Ended |
|
|
|
|
August 25, 2018
(2) |
|
August 26, 2017 |
|
|
|
|
|
|
|
Net
sales |
|
$ |
11,221,077 |
|
|
$ |
10,888,676 |
|
Cost of
sales |
|
|
5,247,331 |
|
|
|
5,149,056 |
|
Gross
profit |
|
|
5,973,746 |
|
|
|
5,739,620 |
|
Operating,
SG&A expenses |
|
|
4,162,890 |
|
|
|
3,659,551 |
|
Operating
profit (EBIT) |
|
|
1,810,856 |
|
|
|
2,080,069 |
|
Interest
expense, net |
|
|
174,527 |
|
|
|
154,580 |
|
Income
before taxes |
|
|
1,636,329 |
|
|
|
1,925,489 |
|
Income
taxes (1) |
|
|
298,793 |
|
|
|
644,620 |
|
Net
income |
|
$ |
1,337,536 |
|
|
$ |
1,280,869 |
|
Net income
per share: |
|
|
|
|
|
Basic |
|
$ |
49.59 |
|
|
$ |
45.05 |
|
|
Diluted |
|
$ |
48.77 |
|
|
$ |
44.07 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
Basic |
|
|
26,970 |
|
|
|
28,430 |
|
|
Diluted |
|
|
27,424 |
|
|
|
29,065 |
|
|
|
|
|
|
|
|
(1) The Company's effective tax rate was 18.3% for the 52
Weeks Ended August 25, 2018 and 33.5% for the comparable prior year
period. |
(2) The
year ended August 25, 2018 was negatively impacted by the pension
termination charges of $130.3MM (pre-tax) recognized in the
fourth quarter and asset impairments of $193.2MM (pre-tax)
recognized in the second quarter of fiscal 2018. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Reconciliations |
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating, SG&A expenses |
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
|
|
August 25,
2018 |
|
August 26, 2017 |
GAAP operating, SG&A expenses |
|
$ |
1,316,640 |
|
|
$ |
1,146,497 |
|
|
Adjustments: |
|
|
|
|
|
|
Pension termination
charges |
|
|
(130,263 |
) |
|
|
- |
|
|
|
|
|
|
|
|
Adjusted operating, SG&A expenses |
|
$ |
1,186,377 |
|
|
$ |
1,146,497 |
|
|
|
|
|
|
|
|
Adjusted operating profit |
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
|
|
August 25,
2018 |
|
August 26, 2017 |
GAAP operating profit (EBIT) |
|
$ |
591,239 |
|
|
$ |
707,628 |
|
|
Adjustments: |
|
|
|
|
|
|
Pension termination
charges |
|
|
130,263 |
|
|
|
- |
|
|
|
|
|
|
|
|
Adjusted operating profit |
|
$ |
721,502 |
|
|
$ |
707,628 |
|
|
|
|
|
|
|
|
Adjusted net income |
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
|
|
August 25,
2018 |
|
August 26, 2017 |
GAAP net income |
|
$ |
400,282 |
|
|
$ |
433,899 |
|
|
Adjustments: |
|
|
|
|
|
|
Pension
termination charges, net of $36.6MM income tax benefit |
|
93,685 |
|
|
|
- |
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
493,967 |
|
|
$ |
433,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS |
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
|
|
August 25,
2018 |
|
August 26, 2017 |
GAAP diluted earnings per share |
|
$ |
15.02 |
|
|
$ |
15.27 |
|
|
Adjustments: |
|
|
|
|
|
|
Pension
termination charges, net of $36.6MM income tax benefit |
|
3.52 |
|
|
|
- |
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share |
|
$ |
18.54 |
|
|
$ |
15.27 |
|
|
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
August 25,
2018 |
|
August 26, 2017 |
Cash and
cash equivalents |
|
$ |
217,824 |
|
|
$ |
293,270 |
|
Merchandise
inventories |
|
|
3,943,670 |
|
|
|
3,882,086 |
|
Current
assets |
|
|
4,635,869 |
|
|
|
4,611,255 |
|
Property
and equipment, net |
|
|
4,218,400 |
|
|
|
4,031,018 |
|
Total
assets |
|
|
9,346,980 |
|
|
|
9,259,781 |
|
Accounts
payable |
|
|
4,409,372 |
|
|
|
4,168,940 |
|
Current
liabilities |
|
|
5,028,681 |
|
|
|
4,766,301 |
|
Total
debt |
|
|
5,005,930 |
|
|
|
5,081,238 |
|
Stockholders' deficit |
|
|
(1,520,355 |
) |
|
|
(1,428,377 |
) |
Working
capital |
|
|
(392,812 |
) |
|
|
(155,046 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4 Qtrs) |
|
|
|
|
|
|
|
|
|
|
(in
thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
|
|
|
|
|
|
|
|
|
|
August 25, 2018 |
|
August 26, 2017 |
|
|
|
|
|
|
Net income |
|
$ |
1,337,536 |
|
|
$ |
1,280,869 |
|
|
|
|
|
|
|
Add: |
Impairment before tax
impact |
|
|
193,162 |
|
|
|
- |
|
|
|
|
|
|
|
|
Pension termination
charges before tax impact |
|
|
130,263 |
|
|
|
- |
|
|
|
|
|
|
|
|
Interest |
|
|
174,527 |
|
|
|
154,580 |
|
|
|
|
|
|
|
|
Taxes |
|
|
298,793 |
|
|
|
644,620 |
|
|
|
|
|
|
|
Adjusted EBIT |
|
|
2,134,281 |
|
|
|
2,080,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
Depreciation and amortization |
|
|
345,084 |
|
|
|
323,051 |
|
|
|
|
|
|
|
|
Rent
expense |
|
|
315,580 |
|
|
|
302,928 |
|
|
|
|
|
|
|
|
Share-based expense |
|
|
43,674 |
|
|
|
38,244 |
|
|
|
|
|
|
|
EBITDAR |
|
$ |
2,838,619 |
|
|
$ |
2,744,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
$ |
5,005,930 |
|
|
$ |
5,081,238 |
|
|
|
|
|
|
|
Capital lease obligations |
|
|
154,303 |
|
|
|
150,456 |
|
|
|
|
|
|
|
Add: Rent x 6 |
|
|
1,893,480 |
|
|
|
1,817,568 |
|
|
|
|
|
|
|
Adjusted debt |
|
$ |
7,053,713 |
|
|
$ |
7,049,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
2.5 |
|
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
52 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
August 25, 2018 |
|
August 26, 2017 |
|
|
August 25, 2018 |
|
|
August 26, 2017 |
Depreciation and amortization |
|
$ |
107,993 |
|
|
$ |
103,063 |
|
|
|
$ |
345,084 |
|
|
|
$ |
323,051 |
Capital spending |
|
|
194,640 |
|
|
|
195,898 |
|
|
|
|
521,788 |
|
|
|
|
553,832 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow before share repurchases: |
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
|
$ |
(562 |
) |
|
$ |
66,129 |
|
|
|
$ |
(75,446 |
) |
|
|
$ |
103,536 |
Less (decrease)/increase in debt |
|
|
49,800 |
|
|
|
(73,100 |
) |
|
|
|
(79,800 |
) |
|
|
|
157,600 |
Add back share repurchases |
|
|
664,858 |
|
|
|
227,466 |
|
|
|
|
1,592,013 |
|
|
|
|
1,071,649 |
Cash flow
before share repurchases and changes in debt |
|
$ |
614,496 |
|
|
$ |
366,695 |
|
|
|
$ |
1,596,367 |
|
|
|
$ |
1,017,585 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
(in
thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
August 25, 2018 |
|
August 26, 2017 |
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
19,418,311 |
|
|
$ |
17,826,298 |
|
|
|
|
|
|
|
Remaining share repurchase authorization ($) |
|
|
231,689 |
|
|
|
823,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
144,688 |
|
|
|
142,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding, end of quarter |
|
|
25,742 |
|
|
|
27,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
|
|
August 25, 2018 |
|
August 26, 2017 |
|
|
|
|
|
|
Net income |
|
$ |
1,337,536 |
|
|
$ |
1,280,869 |
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Impairment before tax
impact |
|
|
193,162 |
|
|
|
- |
|
|
|
|
|
|
|
|
Pension termination
charges before tax impact |
|
|
130,263 |
|
|
|
- |
|
|
|
|
|
|
|
|
Interest expense |
|
|
174,527 |
|
|
|
154,580 |
|
|
|
|
|
|
|
|
Rent
expense |
|
|
315,580 |
|
|
|
302,928 |
|
|
|
|
|
|
|
|
Tax
effect* |
|
|
(211,806 |
) |
|
|
(153,265 |
) |
|
|
|
|
|
|
|
Deferred tax
liabilities, net of repatriation tax |
|
|
(132,113 |
) |
|
|
- |
|
|
|
|
|
|
|
After-tax return |
|
$ |
1,807,149 |
|
|
$ |
1,585,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
debt** |
|
|
5,013,678 |
|
|
|
5,061,502 |
|
|
|
|
|
|
|
Average stockholders' deficit** |
|
|
(1,433,196 |
) |
|
|
(1,730,559 |
) |
|
|
|
|
|
|
Add: |
Rent x
6 |
|
|
1,893,480 |
|
|
|
1,817,568 |
|
|
|
|
|
|
|
Average capital lease obligations** |
|
|
156,198 |
|
|
|
150,066 |
|
|
|
|
|
|
|
Pre-tax invested capital |
|
$ |
5,630,160 |
|
|
$ |
5,298,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital (ROIC) |
|
|
32.1 |
% |
|
|
29.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Effective tax rate over trailing four quarters ended August
25, 2018 is 24.2% for impairment, 28.1% for pension termination and
26.2% for interest and rent expense. Effective tax rate over
trailing four quarters ended August 26, 2017 was 33.5%. |
|
|
|
|
|
|
|
|
|
|
|
|
** |
All averages
are computed based on trailing 5 quarter balances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 4th Quarter Fiscal 2018 |
Selected Operating Highlights |
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks Ended |
|
|
16 Weeks Ended |
|
|
52 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
|
|
August 25, 2018 |
|
|
August 26, 2017 |
|
|
August 25, 2018 |
|
|
August 26, 2017 |
AutoZone Domestic stores (Domestic): |
|
|
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
domestic stores |
|
|
5,540 |
|
|
|
|
5,381 |
|
|
|
|
5,465 |
|
|
|
|
5,297 |
|
|
Stores
opened |
|
|
78 |
|
|
|
|
84 |
|
|
|
|
155 |
|
|
|
|
168 |
|
|
Stores
closed |
|
|
- |
|
|
|
|
- |
|
|
|
|
2 |
|
|
|
|
- |
|
|
Ending
domestic stores |
|
|
5,618 |
|
|
|
|
5,465 |
|
|
|
|
5,618 |
|
|
|
|
5,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated
stores |
|
|
4 |
|
|
|
|
1 |
|
|
|
|
7 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with commercial programs |
|
|
4,741 |
|
|
|
|
4,592 |
|
|
|
|
4,741 |
|
|
|
|
4,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
36,746 |
|
|
|
|
35,713 |
|
|
|
|
36,746 |
|
|
|
|
35,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Mexico stores: |
|
|
|
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
28 |
|
|
|
|
25 |
|
|
|
|
40 |
|
|
|
|
41 |
|
|
Total
stores in Mexico |
|
|
564 |
|
|
|
|
524 |
|
|
|
|
564 |
|
|
|
|
524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone Brazil stores: |
|
|
|
|
|
|
|
|
|
|
|
|
Stores
opened |
|
|
4 |
|
|
|
|
5 |
|
|
|
|
6 |
|
|
|
|
6 |
|
|
Total
stores in Brazil |
|
|
20 |
|
|
|
|
14 |
|
|
|
|
20 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AutoZone stores |
|
|
6,202 |
|
|
|
|
6,003 |
|
|
|
|
6,202 |
|
|
|
|
6,003 |
|
|
Square
footage (in thousands) |
|
|
41,066 |
|
|
|
|
39,684 |
|
|
|
|
41,066 |
|
|
|
|
39,684 |
|
|
Square
footage per store |
|
|
6,621 |
|
|
|
|
6,611 |
|
|
|
|
6,621 |
|
|
|
|
6,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMC
branches: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Branches |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
26 |
|
|
|
|
- |
|
|
Branches
sold |
|
|
- |
|
|
|
|
- |
|
|
|
|
(26 |
) |
|
|
|
- |
|
|
Total IMC
branches |
|
|
- |
|
|
|
|
26 |
|
|
|
|
- |
|
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total locations chainwide |
|
|
6,202 |
|
|
|
|
6,029 |
|
|
|
|
6,202 |
|
|
|
|
6,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands, except sales per average square foot) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks Ended |
|
|
16 Weeks Ended |
|
|
Trailing 4 Quarters |
|
|
Trailing 4 Quarters |
Total AutoZone Parts (Domestic, Mexico and
Brazil) |
|
August 25, 2018 |
|
|
August 26, 2017 |
|
|
August 25, 2018 |
|
|
August 26, 2017 |
|
Sales per
average store |
|
$ |
569 |
|
|
|
$ |
562 |
|
|
|
$ |
1,778 |
|
|
|
$ |
1,756 |
|
|
Sales per
average square foot |
|
$ |
86 |
|
|
|
$ |
85 |
|
|
|
$ |
269 |
|
|
|
$ |
266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico, Brazil and
IMC) |
|
|
|
|
|
|
|
|
|
|
|
Total auto
parts sales |
|
$ |
3,499,313 |
|
|
|
$ |
3,397,460 |
|
|
|
$ |
10,951,498 |
|
(1) |
|
|
$ |
10,523,272 |
|
|
% Increase vs. LY |
|
|
3.0 |
% |
|
|
|
3.5 |
% |
|
|
|
4.1 |
% |
|
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
Total
domestic commercial sales |
|
$ |
731,834 |
|
|
|
$ |
672,479 |
|
|
|
$ |
2,214,208 |
|
|
|
$ |
2,062,812 |
|
|
% Increase vs. LY |
|
|
8.8 |
% |
|
|
|
5.9 |
% |
|
|
|
7.3 |
% |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
Other (ALLDATA, E-Commerce and AutoAnything) |
|
|
|
|
|
|
|
|
|
|
|
All other
sales |
|
$ |
59,456 |
|
|
|
$ |
115,145 |
|
|
|
$ |
269,579 |
|
(2) |
|
|
$ |
365,404 |
|
|
% Increase vs. LY |
|
|
(48.4 |
%) |
|
|
|
(0.8 |
%) |
|
|
|
(26.2 |
%) |
|
|
|
(2.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks Ended |
|
|
16 Weeks Ended |
|
|
52 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
|
|
August 25, 2018 |
|
|
August 26, 2017 |
|
|
August 25, 2018 |
|
|
August 26, 2017 |
Domestic same store
sales |
|
|
2.2 |
% |
|
|
|
1.0 |
% |
|
|
|
1.8 |
% |
|
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Locations) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of |
|
|
as of |
|
|
|
|
|
|
|
|
|
|
|
August 25, 2018 |
|
|
August 26, 2017 |
|
|
|
|
|
|
|
Accounts payable/inventory |
|
|
111.8 |
% |
|
|
|
107.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
|
$ |
3,943,670 |
|
|
|
$ |
3,882,086 |
|
|
|
|
|
|
|
|
Inventory
per location |
|
|
636 |
|
|
|
|
644 |
|
|
|
|
|
|
|
|
Net
inventory (net of payables) |
|
|
(465,702 |
) |
|
|
|
(286,854 |
) |
|
|
|
|
|
|
|
Net
inventory/per location |
|
|
(75 |
) |
|
|
|
(48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5 Quarters |
|
|
|
|
|
|
|
|
|
|
|
August 25, 2018 |
|
|
August 26, 2017 |
|
|
|
|
|
|
|
Inventory
turns |
|
|
1.3 |
|
x |
|
|
1.4 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone (NYSE:AZO)
Historical Stock Chart
From Mar 2024 to Apr 2024
AutoZone (NYSE:AZO)
Historical Stock Chart
From Apr 2023 to Apr 2024