AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.5 billion
for its fourth quarter (16 weeks) ended August 29, 2020, an
increase of 14.0% from the fourth quarter of fiscal 2019 (17
weeks). Excluding sales from the additional week included in last
year’s quarter, adjusted sales were up 21.2%. Domestic same store
sales, or sales for stores open at least one year, increased 21.8%
for the quarter. Same store sales are computed on a 16-week basis.
“As a result of the COVID-19 global pandemic, our primary focus
has been and continues to be to protect the health and wellness of
our customers and AutoZoners. I’m very proud of the steps our
team has taken in this regard and I’m very appreciative of the
phenomenal efforts of our AutoZoners who have continued to provide
exceptional service to our customers throughout this entire
extraordinary season! In recognition of their exceptional
efforts and to provide them with much needed flexibility, we
provided additional paid-time off for all eligible full and
part-time hourly AutoZoners at the beginning of the pandemic.
This quarter, we extended the same benefit to our Store Managers
and distribution center Advisors, each of whom have been on the
front line, supporting their teams and managing through an enormous
amount of change. While we are very pleased with our
performance, we know that the safety of our customers and
AutoZoners along with our strong performance would not have been
possible without the tremendous efforts of all AutoZoners across
the organization,” said Bill Rhodes, Chairman, President and Chief
Executive Officer.
Net income for the quarter increased $175.2 million, or 31.0%
over last year’s quarter to $740.5 million, while diluted earnings
per share increased 36.9% to $30.93 per share from $22.59 per share
in the year-ago quarter. Operating profit increased 30.4% to $1.0
billion. Excluding the additional week in the fourth quarter of
2019, adjusted net income for the quarter increased 41.2% over the
previous year, adjusted diluted earnings per share increased 47.6%
and adjusted operating profit increased 40.4%.
For the quarter, gross profit, as a percentage of sales, was
53.1% (versus 53.4% for last year’s quarter). The decrease in gross
margin was attributable to lower merchandise margins driven
primarily by a shift in mix. Operating expenses, as a percentage of
sales, were 30.7% (versus 33.8% for last year’s quarter), with
leverage primarily due to higher sales volumes.
For the fiscal year ended August 29, 2020, sales were $12.6
billion, an increase of 6.5% from the prior year, while domestic
same store sales were up 7.4% for the year. Same store sales are
computed on a 52-week basis. Gross profit, as a percentage of
sales, was 53.6% versus 53.7%. The decrease in gross margin was
primarily attributable to lower merchandise margins driven
primarily by a shift in mix. Operating expenses, as a percentage of
sales, were 34.5% versus 35.0%. The reduction in expenses as a
percent of sales was primarily due to leverage from higher sales
growth, partially offset by $83.9 million of costs incurred in
response to COVID-19. For fiscal 2020, net income increased 7.2% to
$1.7 billion and diluted earnings per share increased 13.4% to
$71.93 from $63.43. Last year’s net income and diluted earnings per
share benefitted from an additional week of sales. Return on
invested capital net of average excess cash, which ended the year
at $1.6 billion, finished at 38.1%.
Due to the uncertainty caused by the COVID-19 global pandemic,
AutoZone did not repurchase any shares during the quarter. For the
fiscal year, the Company repurchased 826 thousand shares of its
common stock for $930.9 million, at an average price of $1,127 per
share. At year end, the Company had $796 million remaining under
its current share repurchase authorization.
The Company’s inventory increased 3.6% over last year’s quarter,
driven by increased product placement and new stores.
Inventory per store was $683 thousand versus $674 thousand last
year and $685 thousand last quarter. Net inventory, defined as
merchandise inventories less accounts payable, on a per location
basis, was a negative $104 thousand versus negative $85 thousand
last year and negative $56 thousand last quarter.
“I would like to congratulate and thank our entire organization
for the results delivered this quarter and fiscal year. We
set many modern era records during our fourth quarter including
record same store sales of 21.8%, record commercial sales per
program per week of $12,200, record adjusted earnings before
interest and taxes growth of 40.4% and record quarterly operating
cash flow of $1.4 billion. During the quarter, our same store
sales growth was very consistent, generally increasing twenty-one
to twenty-seven percent per week. During the last four weeks
of the quarter, following the expiration of the enhanced
unemployment benefits provided by the Federal Government, our same
store sales increased 16.5%. As we begin fiscal 2021, there
continues to be significant uncertainty but our team has proven
that they are nimble and quickly able to adapt to this ever
changing environment and provide exceptional service to our
customers,” said Rhodes.
During the quarter ended August 29, 2020, AutoZone opened 49 new
stores in the U.S., 11 stores in Mexico and five stores in Brazil.
At our fiscal year end, the Company had 5,885 stores in the U.S.,
621 stores in Mexico and 43 stores in Brazil for a total count of
6,549.
AutoZone is the leading retailer and a leading distributor of
automotive replacement parts and accessories in the Americas. 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. We also have commercial programs in Mexico and
Brazil. AutoZone also sells the ALLDATA brand 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. We also provide product information on our
Duralast branded products through www.duralastparts.com. AutoZone
does not derive revenue from automotive repair or installation.
AutoZone will host a conference call this morning, Tuesday,
September 22, 2020, beginning at 10:00 a.m. (EDT) to discuss its
fourth quarter results. This call is being web cast and can be
accessed, along with supporting slides, at AutoZone’s website at
www.autozone.com and clicking on Investor Relations.
Investors may also listen to the call by dialing (210)
839-8923 and entering the participant
passcode 9697984. In addition, a telephone replay
will be available by dialing (203) 369-1211 through October 22,
11:59 pm (EDT).
This release includes certain financial information not derived
in accordance with generally accepted accounting principles
(“GAAP”). These non-GAAP measures include adjusted results to
exclude the additional week in the prior year’s fourth quarter and
adjustments to reflect return on invested capital, adjusted debt
and adjusted debit to EBITDAR including adjustments for 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 the Company’s management in light of
experience and perception of historical trends, current conditions,
expected future developments and other factors that the Company
believes 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; the impact of public health issues, such as the COVID-19
pandemic; 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 the Company’s credit ratings; damage to the Company’s
reputation; challenges in international markets; failure or
interruption of the Company’s information technology systems;
origin and raw material costs of suppliers; disruption in the
Company’s supply chain; impact of tariffs; anticipated impact of
new accounting standards; and business interruptions. Certain of
these risks and uncertainties are described in more detail in the
“Risk Factors” section contained in Item 1A under Part 1 of the
Company’s Annual Report on Form 10-K for the fiscal year ended
August 31, 2019 and in our other SEC filings. These Risk Factors
should be read carefully. However, it should be understood that it
is not possible to identify or predict all such risks and other
factors that could affect these forward-looking statements.
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 including, but not limited
to, those described above could materially and adversely affect the
Company’s 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 4th
Quarter Highlights - Fiscal 2020 |
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
4th Quarter,
FY2020 |
(in thousands, except
per share data) |
|
|
|
GAAP Results |
|
|
|
16 Weeks
Ended |
|
17 Weeks
Ended |
|
|
|
August 29, 2020(2) |
|
August 31, 2019 |
|
|
|
|
|
|
Net sales |
|
$ |
4,545,968 |
|
|
$ |
3,988,435 |
|
Cost of sales |
|
|
2,132,993 |
|
|
|
1,858,035 |
|
Gross profit |
|
|
2,412,975 |
|
|
|
2,130,400 |
|
Operating, SG&A expenses |
|
|
1,394,930 |
|
|
|
1,349,625 |
|
Operating profit (EBIT) |
|
|
1,018,045 |
|
|
|
780,775 |
|
Interest expense, net |
|
|
65,638 |
|
|
|
61,197 |
|
Income before taxes |
|
|
952,407 |
|
|
|
719,578 |
|
Income taxes(1) |
|
|
211,950 |
|
|
|
154,350 |
|
Net income |
|
$ |
740,457 |
|
|
$ |
565,228 |
|
Net income per share: |
|
|
|
|
|
Basic |
|
$ |
31.67 |
|
|
$ |
23.15 |
|
|
Diluted |
|
$ |
30.93 |
|
|
$ |
22.59 |
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
|
23,383 |
|
|
|
24,417 |
|
|
Diluted |
|
|
23,942 |
|
|
|
25,019 |
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
August 29, 2020 |
|
August 31, 2019(3) |
|
|
|
|
|
|
Net sales |
|
$ |
- |
|
|
$ |
238,617 |
|
Cost of sales |
|
|
- |
|
|
|
110,359 |
|
Gross profit |
|
|
- |
|
|
|
128,258 |
|
Operating, SG&A expenses |
|
|
- |
|
|
|
72,492 |
|
Operating profit (EBIT) |
|
|
- |
|
|
|
55,766 |
|
Interest expense, net |
|
|
- |
|
|
|
3,600 |
|
Income before taxes |
|
|
- |
|
|
|
52,166 |
|
Income taxes |
|
|
- |
|
|
|
11,189 |
|
Net income |
|
$ |
- |
|
|
$ |
40,977 |
|
Net income per share: |
|
|
|
|
|
Basic |
|
$ |
- |
|
|
$ |
1.68 |
|
|
Diluted |
|
$ |
- |
|
|
$ |
1.64 |
|
|
|
|
|
|
|
|
|
|
Adjusted Results |
|
|
|
16 Weeks
Ended |
|
16 Weeks
Ended |
|
|
|
4th Quarter 2020(2) |
|
4th Quarter 2019(3) |
|
|
|
|
|
|
Net sales |
|
$ |
4,545,968 |
|
|
$ |
3,749,818 |
|
Cost of sales |
|
|
2,132,993 |
|
|
|
1,747,676 |
|
Gross profit |
|
|
2,412,975 |
|
|
|
2,002,142 |
|
Operating, SG&A expenses |
|
|
1,394,930 |
|
|
|
1,277,133 |
|
Operating profit (EBIT) |
|
|
1,018,045 |
|
|
|
725,009 |
|
Interest expense, net |
|
|
65,638 |
|
|
|
57,597 |
|
Income before taxes |
|
|
952,407 |
|
|
|
667,412 |
|
Income taxes(1) |
|
|
211,950 |
|
|
|
143,161 |
|
Net income |
|
$ |
740,457 |
|
|
$ |
524,251 |
|
Net income per share: |
|
|
|
|
|
Basic |
|
$ |
31.67 |
|
|
$ |
21.47 |
|
|
Diluted |
|
$ |
30.93 |
|
|
$ |
20.95 |
|
|
|
|
|
|
|
(1)The Company's
effective tax rate was 22.3% for the sixteen weeks ended August 29,
2020 and 21.5% for the seventeen weeks ended August 31, 2019.
Fourth quarter Fiscal 2020 and 2019 include $3.3M and $7.7M in tax
benefits from stock option exercises, respectively |
(2)The sixteen weeks
ended August 29, 2020 was negatively impacted by the charges for
additional Emergency-Time Off ("ETO") benefit enhancement for
eligible part-time and full-time hourly employees and other
pandemic related expenses in response to COVID-19 of $10.7M
(pre-tax) |
(3)The Company
adjusted Fourth quarter Fiscal 2019 to exclude the impact of the
seventeenth week of operations |
|
|
|
|
|
|
|
AutoZone's 4th
Quarter Highlights - Fiscal 2020 |
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
Fiscal Year
2020 |
(in thousands, except per share data) |
|
GAAP Results |
|
|
|
52 Weeks
Ended |
|
53 Weeks
Ended |
|
|
|
August 29, 2020(2) |
|
August 31, 2019 |
|
|
|
|
|
|
Net sales |
|
$ |
12,631,967 |
|
|
$ |
11,863,743 |
|
Cost of sales |
|
|
5,861,214 |
|
|
|
5,498,742 |
|
Gross profit |
|
|
6,770,753 |
|
|
|
6,365,001 |
|
Operating, SG&A expenses |
|
|
4,353,074 |
|
|
|
4,148,864 |
|
Operating profit (EBIT) |
|
|
2,417,679 |
|
|
|
2,216,137 |
|
Interest expense, net |
|
|
201,165 |
|
|
|
184,804 |
|
Income before taxes |
|
|
2,216,514 |
|
|
|
2,031,333 |
|
Income taxes(1) |
|
|
483,542 |
|
|
|
414,112 |
|
Net income |
|
$ |
1,732,972 |
|
|
$ |
1,617,221 |
|
Net income per share: |
|
|
|
|
|
Basic |
|
$ |
73.62 |
|
|
$ |
64.78 |
|
|
Diluted |
|
$ |
71.93 |
|
|
$ |
63.43 |
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
|
23,540 |
|
|
|
24,966 |
|
|
Diluted |
|
|
24,093 |
|
|
|
25,498 |
|
|
|
|
|
|
|
(1)The Company's
effective tax rate was 21.8% for the 52 weeks ended August 29, 2020
and 20.4% for the 53 weeks ended August 31, 2019. Fiscal 2020 and
2019 included $20.9M and $46.0M in excess tax benefits from stock
option exercises, respectively |
(2)The 52 weeks ended
August 29, 2020 was negatively impacted by the charges for
additional ETO and other pandemic related expenses in response to
COVID-19 of $83.9M (pre-tax), recognized in the third and fourth
quarters |
|
|
|
|
|
|
Selected Balance Sheet Information |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
August 29, 2020 |
|
August 31, 2019 |
Cash and cash equivalents |
|
$ |
1,750,815 |
|
|
$ |
176,300 |
|
Merchandise inventories |
|
|
4,473,282 |
|
|
|
4,319,113 |
|
Current assets |
|
|
6,811,872 |
|
|
|
5,028,685 |
|
Property and equipment, net |
|
|
4,509,221 |
|
|
|
4,398,751 |
|
Operating lease right-of-use assets |
|
|
2,581,677 |
|
|
|
- |
|
Total assets |
|
|
14,423,872 |
|
|
|
9,895,913 |
|
Accounts payable |
|
|
5,156,324 |
|
|
|
4,864,912 |
|
Current liabilities |
|
|
6,307,091 |
|
|
|
5,512,141 |
|
Operating lease liabilities, less current portion |
|
|
2,477,560 |
|
|
|
- |
|
Total debt |
|
|
5,513,371 |
|
|
|
5,206,344 |
|
Stockholders' deficit |
|
|
(877,977 |
) |
|
|
(1,713,851 |
) |
Working capital |
|
|
504,781 |
|
|
|
(483,456 |
) |
|
|
|
|
|
|
|
AutoZone's 4th
Quarter Highlights - Fiscal 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR |
|
|
|
|
|
|
|
|
(in thousands, except adjusted debt to EBITDAR ratio) |
|
Trailing 4
Quarters |
|
|
|
|
|
|
|
|
|
52 Weeks
Ended |
|
53 Weeks
Ended |
|
|
|
|
|
|
|
|
|
August 29, 2020 |
|
August 31, 2019 |
|
|
|
|
Net income |
|
$ |
1,732,972 |
|
|
$ |
1,617,221 |
|
|
|
|
|
Add: |
Interest expense |
|
|
201,165 |
|
|
|
184,804 |
|
|
|
|
|
|
Income tax expense |
|
|
483,542 |
|
|
|
414,112 |
|
|
|
|
|
Adjusted EBIT |
|
|
2,417,679 |
|
|
|
2,216,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
Depreciation and amortization |
|
|
397,466 |
|
|
|
369,957 |
|
|
|
|
|
|
Rent expense(1) |
|
|
329,783 |
|
|
|
332,726 |
|
|
|
|
|
|
Share-based expense |
|
|
44,835 |
|
|
|
43,255 |
|
|
|
|
|
Adjusted EBITDAR |
|
$ |
3,189,763 |
|
|
$ |
2,962,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt(2) |
|
$ |
3,957,186 |
|
|
$ |
5,206,344 |
|
|
|
|
|
Financing lease liabilities |
|
|
223,353 |
|
|
|
179,905 |
|
|
|
|
|
Add: rent x 6(1) |
|
|
1,978,696 |
|
|
|
1,996,358 |
|
|
|
|
|
Adjusted debt |
|
$ |
6,159,235 |
|
|
$ |
7,382,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
1.9 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on Invested Capital (ROIC) |
|
|
|
|
|
|
|
|
(in thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4
Quarters |
|
|
|
|
|
|
|
|
|
52 Weeks
Ended |
|
53 Weeks
Ended |
|
|
|
|
|
|
|
|
|
August 29, 2020 |
|
August 31, 2019 |
|
|
|
|
Net income |
|
$ |
1,732,972 |
|
|
$ |
1,617,221 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
201,165 |
|
|
|
184,804 |
|
|
|
|
|
Rent expense(1) |
|
|
329,783 |
|
|
|
332,726 |
|
|
|
|
|
Tax effect(3) |
|
|
(115,747 |
) |
|
|
(105,576 |
) |
|
|
|
|
Deferred tax liabilities, net of repatriation tax |
|
|
- |
|
|
|
(6,340 |
) |
|
|
|
|
Adjusted after-tax return |
|
$ |
2,148,173 |
|
|
$ |
2,022,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average debt(4)(5) |
|
$ |
5,001,194 |
|
|
$ |
5,126,286 |
|
|
|
|
|
Average stockholders' deficit(5) |
|
|
(1,542,355 |
) |
|
|
(1,615,339 |
) |
|
|
|
|
Add: Rent x 6(1) |
|
|
1,978,696 |
|
|
|
1,996,358 |
|
|
|
|
|
Average financing lease liabilities(5) |
|
|
203,998 |
|
|
|
162,591 |
|
|
|
|
|
Invested capital |
|
$ |
5,641,533 |
|
|
$ |
5,669,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted After-Tax ROIC |
|
|
38.1 |
% |
|
|
35.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Effective September
1, 2019, the Company adopted ASC 842, the 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 52 weeks ended, August 29, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease cost, per ASC 842, for the 52 weeks ended August 29,
2020 |
|
$ |
415,505 |
|
|
|
|
|
|
|
Less: |
Financing lease interest and amortization |
|
|
|
|
(60,275 |
) |
|
|
|
|
|
|
Less: |
Variable operating lease components, related to insurance and
common area maintenance for the 52 weeks ended August 29, 2020 |
|
|
|
|
|
|
(25,447 |
) |
|
|
|
|
|
|
Rent expense for the 52 weeks ended August 29, 2020 |
|
|
|
$ |
329,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)The Company ended
FY20 with excess cash of $1.6B. Debt is presented net of excess
cash |
(3)Effective tax rate
for the 52 weeks ended August 29, 2020 is 21.8% and for the 53
weeks ended August 31, 2019 is 20.4% |
(4)Average debt is
presented net of average excess cash of $374.2M |
(5)All averages are
computed based on trailing 5 quarter balances |
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected
Financial Information |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
August 29, 2020 |
|
August 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
22,354,110 |
|
|
$ |
21,423,207 |
|
|
|
|
|
Remaining share repurchase authorization ($) |
|
|
795,890 |
|
|
|
476,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
147,696 |
|
|
|
146,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of quarter |
|
|
23,376 |
|
|
|
24,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks
Ended |
|
17 Weeks
Ended |
|
52 Weeks
Ended |
|
53 Weeks
Ended |
|
|
|
|
|
August 29, 2020 |
|
August 31, 2019 |
|
August 29, 2020 |
|
August 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
125,351 |
|
|
$ |
118,839 |
|
|
$ |
397,466 |
|
|
$ |
369,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
|
183,848 |
|
|
|
182,203 |
|
|
|
457,736 |
|
|
|
496,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 4th
Quarter Highlights - Fiscal 2020 |
Selected
Operating Highlights |
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks
Ended |
|
|
17 Weeks
Ended |
|
|
52 Weeks
Ended |
|
|
53 Weeks
Ended |
|
|
|
|
August 29, 2020 |
|
|
August 31, 2019 |
|
|
August 29, 2020 |
|
|
August 31, 2019 |
|
Domestic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning stores |
|
|
5,836 |
|
|
|
|
5,686 |
|
|
|
|
5,772 |
|
|
|
|
5,618 |
|
|
|
Stores
opened |
|
|
49 |
|
|
|
|
86 |
|
|
|
|
113 |
|
|
|
|
154 |
|
|
|
Ending
domestic stores |
|
|
5,885 |
|
|
|
|
5,772 |
|
|
|
|
5,885 |
|
|
|
|
5,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated
stores |
|
|
4 |
|
|
|
|
- |
|
|
|
|
5 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with
commercial programs |
|
|
5,007 |
|
|
|
|
4,893 |
|
|
|
|
5,007 |
|
|
|
|
4,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
38,559 |
|
|
|
|
37,769 |
|
|
|
|
38,559 |
|
|
|
|
37,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
stores |
|
|
610 |
|
|
|
|
576 |
|
|
|
|
604 |
|
|
|
|
564 |
|
|
|
Stores
opened |
|
|
11 |
|
|
|
|
28 |
|
|
|
|
17 |
|
|
|
|
40 |
|
|
|
Ending
Mexico stores |
|
|
621 |
|
|
|
|
604 |
|
|
|
|
621 |
|
|
|
|
604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
stores |
|
|
38 |
|
|
|
|
25 |
|
|
|
|
35 |
|
|
|
|
20 |
|
|
|
Stores
opened |
|
|
5 |
|
|
|
|
10 |
|
|
|
|
8 |
|
|
|
|
15 |
|
|
|
Ending
Brazil stores |
|
|
43 |
|
|
|
|
35 |
|
|
|
|
43 |
|
|
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
6,549 |
|
|
|
|
6,411 |
|
|
|
|
6,549 |
|
|
|
|
6,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
footage (in thousands) |
|
|
43,502 |
|
|
|
|
42,526 |
|
|
|
|
43,502 |
|
|
|
|
42,526 |
|
|
|
Square
footage per store |
|
|
6,643 |
|
|
|
|
6,633 |
|
|
|
|
6,643 |
|
|
|
|
6,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except sales per average square foot) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks
Ended |
|
|
17 Weeks
Ended |
|
|
52 Weeks
Ended |
|
|
53 Weeks
Ended |
|
Total AutoZone Stores (Domestic, Mexico and
Brazil) |
August 29, 2020 |
|
|
August 31, 2019(1) |
|
|
August 29, 2020 |
|
|
August 31, 2019(1) |
|
|
Sales per
average store |
|
$ |
686 |
|
|
|
$ |
617 |
|
|
|
$ |
1,914 |
|
|
|
$ |
1,847 |
|
|
|
Sales per
average square foot |
|
$ |
103 |
|
|
|
$ |
93 |
|
|
|
$ |
288 |
|
|
|
$ |
279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico and
Brazil) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total auto
parts sales |
|
$ |
4,473,098 |
|
|
|
$ |
3,917,062 |
|
|
|
$ |
12,405,929 |
|
|
|
$ |
11,645,235 |
|
|
|
%
Increase vs. LY |
|
|
14.2 |
% |
|
|
|
11.9 |
% |
|
|
|
6.5 |
% |
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
domestic commercial sales |
|
$ |
975,573 |
|
|
|
$ |
886,516 |
|
|
|
$ |
2,727,767 |
|
|
|
$ |
2,562,830 |
|
|
|
%
Increase vs. LY |
|
|
10.0 |
% |
|
|
|
21.1 |
% |
|
|
|
6.4 |
% |
|
|
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
sales per program per week |
|
$ |
12.2 |
|
|
|
$ |
10.7 |
|
|
|
$ |
10.6 |
|
|
|
$ |
10.0 |
|
|
|
%
Increase vs. LY |
|
|
14.2 |
% |
|
|
|
10.5 |
% |
|
|
|
5.6 |
% |
|
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other, including ALLDATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
All other
sales |
|
$ |
72,870 |
|
|
|
$ |
71,373 |
|
|
|
$ |
226,038 |
|
|
|
$ |
218,508 |
|
|
|
%
Increase vs. LY |
|
|
2.1 |
% |
|
|
|
20.0 |
% |
|
|
|
3.4 |
% |
|
|
|
(18.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Fiscal 2019 results
include an additional week of sales of $234.5M for Total Auto
Parts, $51.3M for Domestic Commercial and $4.1M for All Other.
Sales per average store and sales per average square foot benefited
from the additional week by $37K and $6K, respectively |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Weeks
Ended |
|
|
16 Weeks
Ended |
|
|
52 Weeks
Ended |
|
|
52 Weeks
Ended |
|
|
|
|
August 29, 2020 |
|
|
August 31, 2019 |
|
|
August 29, 2020 |
|
|
August 31, 2019 |
|
Domestic same store sales |
|
|
21.8 |
% |
|
|
|
3.0 |
% |
(2) |
|
|
7.4 |
% |
|
|
|
3.0 |
% |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)August 31, 2019
Domestic same store sales have been reported on a comparable basis
to exclude the impact of the additional week |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Stores) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as
of |
|
|
as
of |
|
|
|
|
|
|
|
|
|
|
August 29, 2020 |
|
|
August 31, 2019 |
|
|
|
|
|
|
|
|
Accounts
payable/inventory |
|
|
115.3 |
% |
|
|
|
112.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
$ |
4,473,282 |
|
|
|
$ |
4,319,113 |
|
|
|
|
|
|
|
|
|
Inventory
per store |
|
|
683 |
|
|
|
|
674 |
|
|
|
|
|
|
|
|
|
Net
inventory (net of payables) |
|
|
(683,042 |
) |
|
|
|
(545,799 |
) |
|
|
|
|
|
|
|
|
Net
inventory / per store |
|
|
(104 |
) |
|
|
|
(85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5
Quarters |
|
|
|
|
|
|
|
|
|
|
August 29, 2020 |
|
|
August 31, 2019 |
|
|
|
|
|
|
|
|
Inventory
turns |
|
|
1.3 |
|
x |
|
|
1.3 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone (NYSE:AZO)
Historical Stock Chart
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Historical Stock Chart
From Sep 2023 to Sep 2024