AutoZone, Inc. (NYSE: AZO) today reported net sales of $2.9 billion
for its second quarter (12 weeks) ended February 13, 2021, an
increase of 15.8% from the second quarter of fiscal 2020 (12
weeks). Domestic same store sales, or sales for stores open at
least one year, increased 15.2% for the quarter.
For the quarter, gross profit, as a percentage of sales, was
53.6%, a decrease of 77 basis points versus the prior year. The
decrease in gross margin was attributable to increased supply chain
costs, pricing initiatives, accelerated loyalty program
participation and a shift in mix. Operating expenses, as a
percentage of sales, improved to 37.0% versus 38.1% for last year’s
quarter, with leverage primarily due to higher sales volumes,
offset by additional emergency time-off benefits and other
pandemic-related expenses totaling approximately $40 million (137
basis points).
Operating profit increased 18.1% to $481.8 million. Net income
for the quarter increased 15.6% over the same period last year to
$345.9 million, while diluted earnings per share increased 20.5% to
$14.93 per share from $12.39 per share in the year-ago quarter. The
increase in net income was driven by strong topline growth.
AutoZone repurchased 752,004 shares of its common stock for $900
million during the second quarter, at an average price of $1,197
per share. At the end of the second quarter, the Company had $717.6
million remaining under its current share repurchase
authorization.
The Company’s inventory increased 2.8% over the same period last
year, driven by new stores and improved product assortment. Net
inventory, defined as merchandise inventories less accounts
payable, on a per store basis, was approximately negative $93
thousand versus negative $41 thousand last year and negative $99
thousand last quarter.“This quarter, we were again able to deliver
exceptionally strong same store sales and earnings growth, and many
performance metrics remained at historically high levels. While our
strong (DIY) sales have been aided by government stimulus and
changes to consumer behavior as a result of the pandemic, our
growth initiatives continue to deliver strong share gains with both
DIY and Commercial customers. In Commercial, our business was up
15% this quarter as the investments we are making in pricing,
service and assortment are strengthening our competitive position
in this large, fragmented market. We intend to accelerate our
Company’s historical growth rate as we increase our penetration in
this market.
Our outstanding performance is also driven by the exceptional
and heroic efforts of our AutoZoners, particularly those in our
stores and distribution centers who have been there every day for
our customers during these extraordinary times. We recently
announced a financial incentive for our employees to receive the
COVID-19 vaccine and we will continue to invest appropriately in a
safe and productive work environment for our people,” said Bill
Rhodes, Chairman, President and Chief Executive Officer.
During the quarter ended February 13, 2021, AutoZone opened 27
new stores in the U.S., seven in Mexico and one in Brazil. As of
February 13, 2021, the Company had 5,951 stores in the U.S., 628
stores in Mexico, and 46 stores in Brazil for a total store count
of 6,625.
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 all stores 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,
March 2, 2021, beginning at 10:00 a.m. (EST) to discuss its second
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 April 2, 2021, 11:59
pm (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 and adjusted debit to
EBITDAR. 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. 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; risks
associated with self-insurance; war and the prospect of war,
including terrorist activity; the impact of public health issues,
such as the ongoing global pandemic of a novel strain of the
coronavirus (“COVID-19”); 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; disruption in our supply chain, due to public health
epidemics or otherwise; 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
Company’s Annual Report on Form 10-K for the year ended August 29,
2020, 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.
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
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.
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 2nd
Quarter Highlights - Fiscal 2021 |
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
2nd Quarter,
FY2021 |
|
(in thousands, except
per share data) |
|
|
|
|
|
GAAP Results |
|
|
|
|
|
|
|
12 Weeks
Ended |
|
12 Weeks
Ended |
|
|
|
|
|
|
|
February 13, 2021(2) |
|
February 15, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
2,910,818 |
|
|
$ |
2,513,663 |
|
|
|
|
Cost of sales |
|
|
1,351,435 |
|
|
|
1,147,600 |
|
|
|
|
Gross profit |
|
|
1,559,383 |
|
|
|
1,366,063 |
|
|
|
|
Operating, SG&A expenses |
|
|
1,077,616 |
|
|
|
958,125 |
|
|
|
|
Operating profit (EBIT) |
|
|
481,767 |
|
|
|
407,938 |
|
|
|
|
Interest expense, net |
|
|
46,012 |
|
|
|
44,335 |
|
|
|
|
Income before taxes |
|
|
435,755 |
|
|
|
363,603 |
|
|
|
|
Income taxes(1) |
|
|
89,809 |
|
|
|
64,321 |
|
|
|
|
Net income |
|
$ |
345,946 |
|
|
$ |
299,282 |
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
15.27 |
|
|
$ |
12.70 |
|
|
|
|
|
Diluted |
|
$ |
14.93 |
|
|
$ |
12.39 |
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
22,648 |
|
|
|
23,570 |
|
|
|
|
|
Diluted |
|
|
23,168 |
|
|
|
24,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The twelve weeks
ended February 13, 2021 and the comparable prior year period
include $11.6M and $15.0M in tax benefits from stock option
exercises, respectively |
|
|
|
|
|
|
(2)The twelve weeks
ended February 13, 2021 was negatively impacted by charges for
Emergency Time-Off benefits and other Pandemic related expenses in
response to COVID-19, approximately $40M (pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date
2nd Quarter, FY2021 |
|
(in thousands, except
per share data) |
|
|
|
|
|
GAAP Results |
|
|
|
|
|
|
|
24 Weeks
Ended |
|
24 Weeks
Ended |
|
|
|
|
|
|
|
February 13, 2021(2) |
|
February 15, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
6,065,078 |
|
|
$ |
5,306,700 |
|
|
|
|
Cost of sales |
|
|
2,830,078 |
|
|
|
2,439,569 |
|
|
|
|
Gross profit |
|
|
3,235,000 |
|
|
|
2,867,131 |
|
|
|
|
Operating, SG&A expenses |
|
|
2,138,008 |
|
|
|
1,959,170 |
|
|
|
|
Operating profit (EBIT) |
|
|
1,096,992 |
|
|
|
907,961 |
|
|
|
|
Interest expense, net |
|
|
92,191 |
|
|
|
88,078 |
|
|
|
|
Income before taxes |
|
|
1,004,801 |
|
|
|
819,883 |
|
|
|
|
Income taxes(1) |
|
|
216,422 |
|
|
|
170,263 |
|
|
|
|
Net income |
|
$ |
788,379 |
|
|
$ |
649,620 |
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
34.37 |
|
|
$ |
27.38 |
|
|
|
|
|
Diluted |
|
$ |
33.59 |
|
|
$ |
26.70 |
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
22,935 |
|
|
|
23,722 |
|
|
|
|
|
Diluted |
|
|
23,473 |
|
|
|
24,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The twenty-four
weeks ended February 13, 2021 and the comparable prior year period
include $19.2M and $16.5M in tax benefits from stock option
exercises, respectively |
|
|
|
|
|
|
(2)The twenty-four
weeks ended February 13, 2021 was negatively impacted by charges
for Emergency Time-Off benefits and other Pandemic related expenses
in response to COVID-19, approximately $45M (pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Balance Sheet Information |
|
(in thousands) |
|
|
|
|
|
February 13, 2021 |
|
February 15, 2020 |
|
August 29, 2020 |
|
Cash and cash equivalents |
|
$ |
1,026,164 |
|
|
$ |
152,970 |
|
|
$ |
1,750,815 |
|
|
Merchandise inventories |
|
|
4,736,826 |
|
|
|
4,606,211 |
|
|
|
4,473,282 |
|
|
Current assets |
|
|
6,326,845 |
|
|
|
5,300,547 |
|
|
|
6,811,872 |
|
|
Property and equipment, net |
|
|
4,627,993 |
|
|
|
4,476,426 |
|
|
|
4,509,221 |
|
|
Operating lease right-of-use assets |
|
|
2,660,667 |
|
|
|
2,579,217 |
|
|
|
2,581,677 |
|
|
Total assets |
|
|
14,159,993 |
|
|
|
12,863,749 |
|
|
|
14,423,872 |
|
|
Accounts payable |
|
|
5,351,096 |
|
|
|
4,869,914 |
|
|
|
5,156,324 |
|
|
Current liabilities |
|
|
6,554,271 |
|
|
|
5,779,560 |
|
|
|
6,283,091 |
|
|
Operating lease liabilities, less current portion |
|
|
2,566,974 |
|
|
|
2,494,840 |
|
|
|
2,501,560 |
|
|
Total debt |
|
|
5,516,396 |
|
|
|
5,451,471 |
|
|
|
5,513,371 |
|
|
Stockholders' deficit |
|
|
(1,523,573 |
) |
|
|
(1,711,119 |
) |
|
|
(877,977 |
) |
|
Working capital |
|
|
(227,426 |
) |
|
|
(479,013 |
) |
|
|
528,781 |
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 2nd
Quarter Highlights - Fiscal 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt
/ EBITDAR |
|
(in thousands, except adjusted debt to EBITDAR ratio) |
|
Trailing 4
Quarters |
|
|
|
|
|
|
|
|
|
|
February 13, 2021 |
|
February 15, 2020 |
|
|
|
|
|
Net income |
|
|
$ |
1,871,731 |
|
|
$ |
1,620,797 |
|
|
|
|
|
|
Add: Interest expense |
|
|
205,278 |
|
|
|
192,513 |
|
|
|
|
|
|
Income tax expense |
|
|
529,701 |
|
|
|
422,949 |
|
|
|
|
|
|
EBIT |
|
|
|
|
2,606,710 |
|
|
|
2,236,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation and amortization |
|
|
401,073 |
|
|
|
384,147 |
|
|
|
|
|
|
Rent expense(1) |
|
|
335,969 |
|
|
|
339,117 |
|
|
|
|
|
|
Share-based expense |
|
|
46,906 |
|
|
|
43,804 |
|
|
|
|
|
|
EBITDAR |
|
|
$ |
3,390,658 |
|
|
$ |
3,003,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt(2) |
|
|
$ |
4,684,979 |
|
|
$ |
5,451,471 |
|
|
|
|
|
|
Financing lease liabilities |
|
|
225,411 |
|
|
|
196,047 |
|
|
|
|
|
|
Add: rent x 6(1) |
|
|
2,015,814 |
|
|
|
2,034,702 |
|
|
|
|
|
|
Adjusted debt |
|
$ |
6,926,204 |
|
|
$ |
7,682,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
2.0 |
|
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Return on Invested Capital (ROIC) |
|
(in thousands, except
ROIC) |
|
|
|
|
|
|
Trailing 4
Quarters |
|
|
|
|
|
|
|
|
|
|
February 13, 2021 |
|
February 15, 2020 |
|
|
|
|
|
Net income |
|
|
$ |
1,871,731 |
|
|
$ |
1,620,797 |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
205,278 |
|
|
|
192,513 |
|
|
|
|
|
|
Rent expense(1) |
|
|
335,969 |
|
|
|
339,117 |
|
|
|
|
|
|
Tax effect(3) |
|
|
(119,616 |
) |
|
|
(110,048 |
) |
|
|
|
|
|
Adjusted after-tax return |
|
$ |
2,293,362 |
|
|
$ |
2,042,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average debt(4)(5) |
|
$ |
4,648,593 |
|
|
$ |
5,241,651 |
|
|
|
|
|
|
Average stockholders' deficit(5) |
|
|
(1,354,477 |
) |
|
|
(1,676,987 |
) |
|
|
|
|
|
Add: Rent x 6(1) |
|
|
2,015,814 |
|
|
|
2,034,702 |
|
|
|
|
|
|
Average financing lease liabilities(5) |
|
|
220,550 |
|
|
|
178,416 |
|
|
|
|
|
|
Invested capital |
|
$ |
5,530,480 |
|
|
$ |
5,777,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted After-Tax ROIC |
|
|
41.5 |
% |
|
|
35.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 trailing four quarters
ended February 13, 2021 and February 15, 2020 (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease cost, per ASC 842, for the trailing four quarters ended
February 13, 2021 |
|
$ |
418,100 |
|
|
|
|
|
|
|
|
Less: |
Financing lease interest and amortization |
|
|
(55,880 |
) |
|
|
|
|
|
|
|
Less: |
Variable operating
lease components, related to insurance and common area
maintenance |
|
|
(26,251 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent expense for the trailing four quarters ended February 13,
2021 |
|
$ |
335,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total lease cost, per ASC 842, for the 24 weeks ended February 15,
2020 |
|
$ |
190,390 |
|
|
|
|
|
|
|
|
Less: |
Financing
lease interest and amortization |
|
|
|
|
(28,195 |
) |
|
|
|
|
|
|
|
Less: |
Variable operating
lease components, related to insurance and common area
maintenance |
|
|
(11,444 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent expense for the 24 weeks ended February 15, 2020 |
|
$ |
150,751 |
|
|
|
|
|
|
|
|
Add: |
Rent expense for the
29 weeks ended August 31, 2019 as previously reported prior to the
adoption of ASC 842 |
|
|
188,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent expense for the trailing four quarters ended February 15,
2020 |
|
$ |
339,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)The Company ended
Q2 FY21 with excess cash of $831.4M. Debt is presented net of
excess cash |
|
|
|
|
(3) Effective tax rate
over trailing four quarters ended February 13, 2021 and February
15, 2020 is 22.1% and 20.7%, respectively |
|
|
|
|
(4)Average debt for
the trailing four quarters ended February 13, 2021 is presented net
of average excess cash of $834.3M |
|
|
|
|
(5)All averages are
computed based on trailing 5 quarter balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected
Financial Information |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
February 13, 2021 |
|
February 15, 2020 |
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
23,932,433 |
|
|
$ |
22,188,053 |
|
|
|
|
|
|
Remaining share repurchase authorization ($) |
|
|
717,567 |
|
|
|
961,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
149,033 |
|
|
|
147,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of quarter |
|
|
22,183 |
|
|
|
23,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended |
|
12 Weeks
Ended |
|
24 Weeks
Ended |
|
24 Weeks
Ended |
|
|
|
|
|
|
February 13, 2021 |
|
February 15, 2020 |
|
February 13, 2021 |
|
February 15, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
94,476 |
|
|
$ |
90,671 |
|
|
$ |
184,027 |
|
$ |
180,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital spending |
|
|
125,608 |
|
|
|
89,156 |
|
|
|
238,644 |
|
|
190,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 2nd
Quarter Highlights - Fiscal 2021 |
|
Selected
Operating Highlights |
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count
& Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended |
|
|
12 Weeks
Ended |
|
|
24 Weeks
Ended |
|
|
24 Weeks
Ended |
|
|
|
|
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
Domestic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning stores |
|
|
5,924 |
|
|
|
|
5,790 |
|
|
|
|
5,885 |
|
|
|
|
5,772 |
|
|
|
Stores opened |
|
|
27 |
|
|
|
|
25 |
|
|
|
|
66 |
|
|
|
|
43 |
|
|
|
Ending domestic stores |
|
|
5,951 |
|
|
|
|
5,815 |
|
|
|
|
5,951 |
|
|
|
|
5,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated stores |
|
|
1 |
|
|
|
|
- |
|
|
|
|
5 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with commercial programs |
|
|
5,088 |
|
|
|
|
4,942 |
|
|
|
|
5,088 |
|
|
|
|
4,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands) |
|
|
39,003 |
|
|
|
|
38,077 |
|
|
|
|
39,003 |
|
|
|
|
38,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning stores |
|
|
621 |
|
|
|
|
606 |
|
|
|
|
621 |
|
|
|
|
604 |
|
|
|
Stores opened |
|
|
7 |
|
|
|
|
2 |
|
|
|
|
7 |
|
|
|
|
4 |
|
|
|
Ending Mexico stores |
|
|
628 |
|
|
|
|
608 |
|
|
|
|
628 |
|
|
|
|
608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning stores |
|
|
45 |
|
|
|
|
37 |
|
|
|
|
43 |
|
|
|
|
35 |
|
|
|
Stores opened |
|
|
1 |
|
|
|
|
1 |
|
|
|
|
3 |
|
|
|
|
3 |
|
|
|
Ending Brazil stores |
|
|
46 |
|
|
|
|
38 |
|
|
|
|
46 |
|
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
6,625 |
|
|
|
|
6,461 |
|
|
|
|
6,625 |
|
|
|
|
6,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands) |
|
|
44,021 |
|
|
|
|
42,885 |
|
|
|
|
44,021 |
|
|
|
|
42,885 |
|
|
|
Square footage per store |
|
|
6,645 |
|
|
|
|
6,638 |
|
|
|
|
6,645 |
|
|
|
|
6,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except sales per average square foot) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended |
|
|
12 Weeks
Ended |
|
|
Trailing 4
Quarters |
|
|
Trailing 4
Quarters(1) |
|
Total AutoZone Stores (Domestic, Mexico and
Brazil) |
February 13, 2021 |
|
|
February 15, 2020 |
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
|
Sales per average store |
|
$ |
433 |
|
|
|
$ |
382 |
|
|
|
$ |
2,011 |
|
|
|
$ |
1,867 |
|
|
|
Sales per average square foot |
|
$ |
65 |
|
|
|
$ |
58 |
|
|
|
$ |
303 |
|
|
|
$ |
282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico and
Brazil) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total auto parts sales |
|
$ |
2,859,698 |
|
|
|
$ |
2,464,988 |
|
|
|
$ |
13,158,997 |
|
|
|
$ |
11,857,188 |
|
|
|
%
Increase vs. LY |
|
|
16.0 |
% |
|
|
|
2.6 |
% |
|
|
|
11.0 |
% |
|
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total domestic commercial sales |
|
$ |
638,913 |
|
|
|
$ |
556,924 |
|
|
|
$ |
2,883,615 |
|
|
|
$ |
2,679,732 |
|
|
|
%
Increase vs. LY |
|
|
14.7 |
% |
|
|
|
8.2 |
% |
|
|
|
7.6 |
% |
|
|
|
15.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales per program per week |
|
$ |
10.5 |
|
|
|
$ |
9.4 |
|
|
|
$ |
11.1 |
|
|
|
$ |
10.4 |
|
|
|
%
Increase vs. LY |
|
|
11.7 |
% |
|
|
|
4.4 |
% |
|
|
|
6.7 |
% |
|
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other, including ALLDATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
All other sales |
|
$ |
51,120 |
|
|
|
$ |
48,675 |
|
|
|
$ |
231,348 |
|
|
|
$ |
220,953 |
|
|
|
%
Increase vs. LY |
|
|
5.0 |
% |
|
|
|
2.0 |
% |
|
|
|
4.7 |
% |
|
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fiscal 2019
results include an additional week of sales of approximately
$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
$6K, respectively |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended |
|
|
12 Weeks
Ended |
|
|
24 Weeks
Ended |
|
|
24 Weeks
Ended |
|
|
|
|
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
Domestic same store sales |
|
|
15.2 |
% |
|
|
|
(0.8 |
%) |
|
|
|
13.6 |
% |
|
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Statistics (Total Stores) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as
of |
|
|
as
of |
|
|
|
|
|
|
|
|
|
|
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
|
|
|
|
|
|
|
Accounts payable/inventory |
|
|
113.0 |
% |
|
|
|
105.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
|
$ |
4,736,826 |
|
|
|
$ |
4,606,211 |
|
|
|
|
|
|
|
|
|
Inventory per store |
|
|
715 |
|
|
|
|
713 |
|
|
|
|
|
|
|
|
|
Net inventory (net of payables) |
|
|
(614,270 |
) |
|
|
|
(263,703 |
) |
|
|
|
|
|
|
|
|
Net inventory / per store |
|
|
(93 |
) |
|
|
|
(41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5
Quarters |
|
|
|
|
|
|
|
|
|
|
|
|
February 13, 2021 |
|
|
February 15, 2020 |
|
|
|
|
|
|
|
|
Inventory turns |
|
|
1.4 |
x |
|
|
|
1.3 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone (NYSE:AZO)
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From Apr 2023 to Apr 2024