AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.0 billion
for its fourth quarter (17 weeks) ended August 31, 2019, an
increase of 12.1% from the fourth quarter of fiscal 2018 (16
weeks). Excluding sales from the additional week included in this
year’s quarter, adjusted sales were up 5.4%. Domestic same store
sales, or sales for stores open at least one year, increased 3.0%
for the quarter. Same store sales are computed on a 16-week basis.
Net income for the quarter increased $164.9 million, or 41.2%
over the same period last year to $565.2 million, while diluted
earnings per share increased 50.4% to $22.59 per share from $15.02
per share in the year-ago quarter. Operating profit increased 32.1%
to $780.8 million. Excluding the additional week in the fourth
quarter of 2019 and the pension plan termination costs which
occurred in the fourth quarter of 2018, adjusted net income for the
quarter increased 6.1% over the previous year’s quarter to $524.3
million, while adjusted diluted earnings per share increased 13.0%
to $20.95 per share. Adjusted operating profit increased 0.5% to
$725.0 million.
For the quarter, gross profit, as a percentage of sales, was
53.4% (versus 53.6% the same period last year). 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 33.8% (versus 37.0% the same period last year), with
leverage primarily due to last year’s pension plan termination
charge of $130.3 million (366 bps) and the additional week of
sales, partially offset by increased domestic store payroll (58
bps).
For the fiscal year ended August 31, 2019, sales were $11.9
billion, an increase of 5.7% from the prior year, while domestic
same store sales were up 3.0% for the year. Same store sales are
computed on a 52-week basis. Gross profit, as a percentage of
sales, was 53.7% (versus 53.2% the same period last year). The
increase in gross margin was primarily attributable to the impact
of the sale of two businesses completed in the prior year (37 basis
points). Operating expenses, as a percentage of sales, were 35.0%
(versus 37.1% the same period last year) primarily due to last
year’s impairment charges of $193.2 million related to the sale of
two businesses and pension plan termination charges of $130.3
million, partially offset by increased domestic store payroll (66
bps) in 2019. For fiscal 2019, net income increased 20.9% to $1.6
billion and diluted earnings per share for the year increased 30.1%
to $63.43 from $48.77. Net income and diluted earnings per share
benefitted from an additional week of sales in the current year and
the prior year’s impairment and pension termination charges. Return
on invested capital finished the year at 35.7%, while full year
cash flow before share repurchases and changes in debt was $1.759
billion.
Under its share repurchase program, AutoZone repurchased 634
thousand shares of its common stock for $692 million during the
fourth quarter, at an average price of $1,091 per share. For the
fiscal year, the Company repurchased 2.2 million shares of its
common stock for $2.005 billion, at an average price of $919 per
share. At year end, the Company had $476.8 million remaining under
its current share repurchase authorization.
The Company’s inventory increased 9.5% over the same period last
year, driven by increased product placement and new stores.
Inventory per store was $674 thousand versus $636 thousand last
year and $688 thousand last quarter. Net inventory, defined as
merchandise inventories less accounts payable, on a per location
basis, was a negative $85 thousand versus negative $75 thousand
last year and negative $58 thousand last quarter.
“I would like to congratulate and thank our entire organization
for the solid performance they delivered in our fourth quarter and
fiscal year. Our customer service and trustworthy advice are what
continue to differentiate us across our industry, and our
AutoZoners’ passion to deliver superior service has allowed us to
consistently deliver strong financial results. For the year, we
delivered several impressive accomplishments which include a record
$11.9 billion in total sales, three percent same store sales
growth, domestic Commercial sales grew by 13.4% (on a 52-week
basis), the opening of 209 stores globally and 152 additional
domestic Commercial programs, and repurchasing a record $2 billion
of our common stock. I am especially proud to say our organization
delivered on the major initiatives we set for ourselves at the
beginning of the year: we invested in incremental wages for our
most tenured hourly store AutoZoners’ and we accelerated our
investment in information technology with specific emphasis on
expanding our Omnichannel initiatives, which contributed to us
gaining market share across our industry. We also improved our
return on invested capital from the prior year of 32.1% to 35.7%.
As we start a new fiscal year, we promise to remain committed to
delivering exceptional customer service while growing our Retail,
Commercial, and International businesses. We will maintain our
disciplined approach to growing operating earnings and utilizing
our capital effectively,” said Bill Rhodes, Chairman, President and
Chief Executive Officer.
During the quarter ended August 31, 2019, AutoZone opened 86 new
stores in the U.S., 28 stores in Mexico and 10 stores in Brazil. As
of August 31, 2019, the Company had 5,772 stores in 50 states in
the U.S., the District of Columbia, Puerto Rico and Saint Thomas,
604 stores in Mexico and 35 stores in Brazil for a total count of
6,411.
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. 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 24, 2019, 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.autozone.com by clicking “Investor Relations,” located
at the bottom of the page. The call will also be available by
dialing (210) 839-8923. A replay of the call and slides will be
available on AutoZone’s website. In addition, a replay of the call
will be available by dialing (203) 369-1211 through Tuesday,
October 8, 2019, 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 adjusted results for
adjustments to exclude the additional week in the current year’s
fourth quarter, pension termination charges in the fourth quarter
of 2018, 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 constitute
forward-looking statements that are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements typically use words such as “believe,”
“anticipate,” “should,” “intend,” “plan,” “will,” “expect,”
“estimate,” “project,” “positioned,” “strategy,” “seek,” “may,”
“could” and similar expressions. These are based on assumptions and
assessments made by our management in light of experience and
perception of historical trends, current conditions, expected
future developments and other factors that we believe to be
appropriate. These forward-looking statements are subject to a
number of risks and uncertainties, including without limitation:
product demand; energy prices; weather; competition; credit market
conditions; cash flows; access to available and feasible financing;
future stock repurchases; the impact of recessionary conditions;
consumer debt levels; changes in laws or regulations; war and the
prospect of war, including terrorist activity; inflation; the
ability to hire, train and retain qualified employees; construction
delays; the compromising of confidentiality, availability or
integrity of information, including cyber-attacks; historic growth
rate sustainability; downgrade of our credit ratings; damages to
our reputation; challenges in international markets; failure or
interruption of our information technology systems; origin and raw
material costs of suppliers; impact of tariffs; anticipated impact
of new accounting standards; and business interruptions. Certain of
these risks are discussed in more detail in the “Risk Factors”
section contained in Item 1A under Part 1 of this Annual Report on
Form 10-K for the year ended August 25, 2018, and these Risk
Factors should be read carefully. Forward-looking statements are
not guarantees of future performance and actual results,
developments and business decisions may differ from those
contemplated by such forward-looking statements, and events
described above and in the “Risk Factors” could materially and
adversely affect our business. Forward-looking statements speak
only as of the date made. Except as required by applicable law, we
undertake no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise. Actual results may materially differ from anticipated
results.
Contact Information:Financial: Brian Campbell at (901) 495-7005,
brian.campbell@autozone.comMedia: David McKinney at (901) 495-7951,
david.mckinney@autozone.com
|
|
AutoZone's 4th Quarter Highlights - Fiscal
2019 |
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
4th Quarter 2019 |
|
|
|
|
(in thousands, except per share data) |
|
|
|
|
|
|
|
GAAP Results |
|
|
|
17 Weeks Ended |
|
16 Weeks Ended |
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
|
|
|
|
|
Net sales |
|
$ |
3,988,435 |
|
$ |
3,558,769 |
|
Cost of sales |
|
|
1,858,035 |
|
|
1,650,890 |
|
Gross profit |
|
|
2,130,400 |
|
|
1,907,879 |
|
Operating, SG&A expenses |
|
|
1,349,625 |
|
|
1,316,640 |
|
Operating profit (EBIT) |
|
|
780,775 |
|
|
591,239 |
|
Interest expense, net |
|
|
61,197 |
|
|
54,340 |
|
Income before taxes |
|
|
719,578 |
|
|
536,899 |
|
Income taxes (1) |
|
|
154,350 |
|
|
136,617 |
|
Net income |
|
$ |
565,228 |
|
$ |
400,282 |
|
Earnings per share: |
|
|
|
|
|
Basic |
|
$ |
23.15 |
|
$ |
15.27 |
|
|
Diluted |
|
$ |
22.59 |
|
$ |
15.02 |
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
|
24,417 |
|
|
26,212 |
|
|
Diluted |
|
|
25,019 |
|
|
26,649 |
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
August 31, 2019 (2) |
|
August 25, 2018 (3) |
|
|
|
|
|
|
Net sales |
|
$ |
238,617 |
|
$ |
- |
|
Cost of sales |
|
|
110,359 |
|
|
- |
|
Gross profit |
|
|
128,258 |
|
|
- |
|
Operating, SG&A expenses |
|
|
72,492 |
|
|
(130,263 |
) |
Operating profit (EBIT) |
|
|
55,766 |
|
|
130,263 |
|
Interest expense, net |
|
|
3,600 |
|
|
- |
|
Income before taxes |
|
|
52,166 |
|
|
130,263 |
|
Income taxes (1) |
|
|
11,189 |
|
|
36,578 |
|
Net income |
|
$ |
40,977 |
|
$ |
93,685 |
|
Earnings per share: |
|
|
|
|
|
Basic |
|
$ |
1.68 |
|
$ |
3.57 |
|
|
Diluted |
|
$ |
1.64 |
|
$ |
3.52 |
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
|
24,417 |
|
|
26,212 |
|
|
Diluted |
|
|
25,019 |
|
|
26,649 |
|
|
|
|
|
|
|
|
|
|
Adjusted Results |
|
|
|
16 Weeks Ended |
|
16 Weeks Ended |
|
|
|
4th Quarter 2019 (2) |
|
4th Quarter 2018 (3) |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,749,818 |
|
$ |
3,558,769 |
|
Cost of sales |
|
|
1,747,676 |
|
|
1,650,890 |
|
Gross profit |
|
|
2,002,142 |
|
|
1,907,879 |
|
Operating, SG&A expenses |
|
|
1,277,133 |
|
|
1,186,377 |
|
Operating profit (EBIT) |
|
|
725,009 |
|
|
721,502 |
|
Interest expense, net |
|
|
57,597 |
|
|
54,340 |
|
Income before taxes |
|
|
667,412 |
|
|
667,162 |
|
Income taxes (1) |
|
|
143,161 |
|
|
173,195 |
|
Net income |
|
$ |
524,251 |
|
$ |
493,967 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
21.47 |
|
$ |
18.85 |
|
|
Diluted |
|
$ |
20.95 |
|
$ |
18.54 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
24,417 |
|
|
26,212 |
|
|
Diluted |
|
|
25,019 |
|
|
26,649 |
|
|
|
|
|
|
|
|
|
|
(1)The Company's effective tax rate was 21.5% for the 17 weeks
ended August 31, 2019 and 25.4% for the 16 weeks ended August 25,
2018. |
Fourth quarter Fiscal 2019 and 2018 include
$7.7M and $4.1M in tax benefits from stock options,
respectively |
(2)The Company adjusted Q4 Fiscal 2019 to exclude the impact of the
17th week of operations |
(3)The Company adjusted Q4 Fiscal 2018 to exclude the pension
termination charges of $93.7M, net of tax benefit of $36.6M |
|
|
|
|
|
|
AutoZone's 4th Quarter Highlights - Fiscal
2019 |
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
Fiscal Year 2019 |
|
|
|
|
(in thousands, except per share data) |
|
GAAP Results |
|
|
|
53 Weeks Ended |
|
52 Weeks Ended |
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
|
|
|
|
|
Net sales |
|
$ |
11,863,743 |
|
|
$ |
11,221,077 |
|
Cost of sales |
|
|
5,498,742 |
|
|
|
5,247,331 |
|
Gross profit |
|
|
6,365,001 |
|
|
|
5,973,746 |
|
Operating, SG&A expenses |
|
|
4,148,864 |
|
|
|
4,162,890 |
|
Operating profit (EBIT) |
|
|
2,216,137 |
|
|
|
1,810,856 |
|
Interest expense, net |
|
|
184,804 |
|
|
|
174,527 |
|
Income before taxes |
|
|
2,031,333 |
|
|
|
1,636,329 |
|
Income taxes (4) |
|
|
414,112 |
|
|
|
298,793 |
|
Net income |
|
$ |
1,617,221 |
|
|
$ |
1,337,536 |
|
Earnings per share: |
|
|
|
|
|
Basic |
|
$ |
64.78 |
|
|
$ |
49.59 |
|
|
Diluted |
|
$ |
63.43 |
|
|
$ |
48.77 |
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
|
24,966 |
|
|
|
26,970 |
|
|
Diluted |
|
|
25,498 |
|
|
|
27,424 |
|
|
|
|
|
|
|
(4)The Company's effective tax rate was 20.4% for the 53 Weeks
Ended August 31, 2019 and 18.3% for the 52 Weeks Ended August 25,
2018. |
Fiscal 2019 and 2018 include $46.0M and $31.3M
in tax benefits from stock options exercised, respectively |
|
Selected Balance Sheet Information |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
August 31, 2019 |
|
August 25, 2018 |
Cash and cash equivalents |
|
$ |
176,300 |
|
|
$ |
217,824 |
|
Merchandise inventories |
|
|
4,319,113 |
|
|
|
3,943,670 |
|
Current assets |
|
|
5,028,685 |
|
|
|
4,635,869 |
|
Property and equipment, net |
|
|
4,398,751 |
|
|
|
4,218,400 |
|
Total assets |
|
|
9,895,913 |
|
|
|
9,346,980 |
|
Accounts payable |
|
|
4,864,912 |
|
|
|
4,409,372 |
|
Current liabilities |
|
|
5,512,141 |
|
|
|
5,028,681 |
|
Total debt |
|
|
5,206,344 |
|
|
|
5,005,930 |
|
Stockholders' (deficit) |
|
|
(1,713,851 |
) |
|
|
(1,520,355 |
) |
Working capital |
|
|
(483,456 |
) |
|
|
(392,812 |
) |
|
|
|
|
|
|
AutoZone's 4th Quarter Highlights - Fiscal
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Debt / EBITDAR (Trailing 4
Qtrs) |
(in thousands, except adjusted debt to EBITDAR ratio) |
|
|
|
53 Weeks Ended |
|
52 Weeks Ended |
|
|
|
|
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
|
|
|
Net income |
|
$ |
1,617,221 |
|
|
$ |
1,337,536 |
|
|
|
|
|
Add: |
Impairment before tax impact |
|
|
- |
|
|
|
193,162 |
|
|
|
|
|
|
Pension termination before tax impact |
|
|
- |
|
|
|
130,263 |
|
|
|
|
|
|
Interest |
|
|
184,804 |
|
|
|
174,527 |
|
|
|
|
|
|
Taxes |
|
|
414,112 |
|
|
|
298,793 |
|
|
|
|
|
Adjusted EBIT |
|
|
2,216,137 |
|
|
|
2,134,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
Depreciation and amortization |
|
|
369,957 |
|
|
|
345,084 |
|
|
|
|
|
|
Rent expense |
|
|
332,726 |
|
|
|
315,580 |
|
|
|
|
|
|
Share-based expense |
|
|
43,255 |
|
|
|
43,674 |
|
|
|
|
|
EBITDAR |
|
$ |
2,962,075 |
|
|
$ |
2,838,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
$ |
5,206,344 |
|
|
$ |
5,005,930 |
|
|
|
|
|
Capital lease obligations |
|
|
179,905 |
|
|
|
154,303 |
|
|
|
|
|
Add: rent x 6 |
|
|
1,996,358 |
|
|
|
1,893,480 |
|
|
|
|
|
Adjusted debt |
|
$ |
7,382,607 |
|
|
$ |
7,053,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted debt to EBITDAR |
|
|
2.5 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Cash Flow Information |
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
17 Weeks Ended |
|
16 Weeks Ended |
|
53 Weeks Ended |
|
52 Weeks Ended |
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
August 31, 2019 |
|
August 25, 2018 |
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
$ |
118,839 |
|
|
$ |
107,993 |
|
|
$ |
369,957 |
|
|
$ |
345,084 |
|
Capital
spending |
|
$ |
182,203 |
|
|
$ |
194,640 |
|
|
$ |
496,050 |
|
|
$ |
521,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow before share repurchases: |
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
|
$ |
2,242 |
|
|
$ |
(562 |
) |
|
$ |
(41,524 |
) |
|
$ |
(75,446 |
) |
Less increase/(decrease) in debt |
|
|
53,201 |
|
|
|
49,800 |
|
|
|
204,700 |
|
|
|
(79,800 |
) |
Add back share repurchases |
|
|
691,780 |
|
|
|
664,858 |
|
|
|
2,004,896 |
|
|
|
1,592,013 |
|
Cash flow before share repurchases and changes in
debt |
|
$ |
640,821 |
|
|
$ |
614,496 |
|
|
$ |
1,758,672 |
|
|
$ |
1,596,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selected Financial Information |
|
|
|
|
|
|
|
|
(in thousands, except ROIC) |
|
|
|
|
|
|
|
|
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases ($ since fiscal 1998) |
|
$ |
21,423,207 |
|
|
$ |
19,418,311 |
|
|
|
|
|
Remaining share authorization ($) |
|
|
476,793 |
|
|
|
231,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative share repurchases (shares since fiscal 1998) |
|
|
146,870 |
|
|
|
144,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of quarter |
|
|
24,038 |
|
|
|
25,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 4 Quarters |
|
|
|
|
|
|
|
53 Weeks Ended |
|
52 Weeks Ended |
|
|
|
|
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
|
|
|
Net income |
|
$ |
1,617,221 |
|
|
$ |
1,337,536 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Impairment before tax impact |
|
|
- |
|
|
|
193,162 |
|
|
|
|
|
Pension termination before tax impact |
|
|
- |
|
|
|
130,263 |
|
|
|
|
|
Interest expense |
|
|
184,804 |
|
|
|
174,527 |
|
|
|
|
|
Rent expense |
|
|
332,726 |
|
|
|
315,580 |
|
|
|
|
|
Tax effect* |
|
|
(105,576 |
) |
|
|
(211,806 |
) |
|
|
|
|
Deferred tax liabilities, net of repatriation tax |
|
|
(6,340 |
) |
|
|
(132,113 |
) |
|
|
|
|
After-tax return |
|
$ |
2,022,835 |
|
|
$ |
1,807,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average debt** |
|
|
5,126,286 |
|
|
|
5,013,678 |
|
|
|
|
|
Average stockholders' deficit** |
|
|
(1,615,339 |
) |
|
|
(1,433,196 |
) |
|
|
|
|
Add: Rent x 6 |
|
|
1,996,358 |
|
|
|
1,893,480 |
|
|
|
|
|
Average capital lease obligations** |
|
|
162,591 |
|
|
|
156,198 |
|
|
|
|
|
Pre-tax invested capital |
|
$ |
5,669,896 |
|
|
$ |
5,630,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Invested Capital (ROIC) |
|
|
35.7 |
% |
|
|
32.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Effective tax rate over trailing four quarters for the 53 weeks
ended August 31, 2019 is 20.4%. Effective tax rate over trailing
four quarters for the 52 weeks ended August 25, 2018 is 24.2%
for impairment, 28.1% for pension termination and 26.2% for
interest and rent expense |
** |
All averages are computed based on trailing 5 quarter balances |
|
|
|
|
|
|
|
|
|
|
|
AutoZone's 4th Quarter Highlights - Fiscal
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count & Square Footage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 Weeks Ended |
|
16 Weeks Ended |
|
53 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
|
August 31, 2019 |
|
August 25, 2018 |
|
August 31, 2019 |
|
|
August 25, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic stores (Domestic): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning stores |
|
|
5,686 |
|
|
|
|
5,540 |
|
|
|
5,618 |
|
|
|
|
5,465 |
|
|
|
Stores opened |
|
|
86 |
|
|
|
|
78 |
|
|
|
154 |
|
|
|
|
155 |
|
|
|
Stores closed |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
2 |
|
|
|
Ending stores |
|
|
5,772 |
|
|
|
|
5,618 |
|
|
|
5,772 |
|
|
|
|
5,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated stores |
|
|
- |
|
|
|
|
4 |
|
|
|
2 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores with commercial programs |
|
|
4,893 |
|
|
|
|
4,741 |
|
|
|
4,893 |
|
|
|
|
4,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands): |
|
|
37,769 |
|
|
|
|
36,746 |
|
|
|
37,769 |
|
|
|
|
36,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico stores: |
|
|
|
|
|
|
|
|
|
|
|
|
Stores opened |
|
|
28 |
|
|
|
|
28 |
|
|
|
40 |
|
|
|
|
40 |
|
|
|
Total stores in Mexico |
|
604 |
|
|
|
|
564 |
|
|
|
604 |
|
|
|
|
564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil stores: |
|
|
|
|
|
|
|
|
|
|
|
|
Stores opened |
|
|
10 |
|
|
|
|
4 |
|
|
|
15 |
|
|
|
|
6 |
|
|
|
Total stores in Brazil |
|
35 |
|
|
|
|
20 |
|
|
|
35 |
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores |
|
|
6,411 |
|
|
|
|
6,202 |
|
|
|
6,411 |
|
|
|
|
6,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square footage (in thousands): |
|
|
42,526 |
|
|
|
|
41,066 |
|
|
|
42,526 |
|
|
|
|
41,066 |
|
|
|
Square footage per store |
|
|
6,633 |
|
|
|
|
6,621 |
|
|
|
6,633 |
|
|
|
|
6,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Statistics |
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except sales per average square foot) |
|
|
|
|
|
|
|
|
|
|
|
|
17 Weeks Ended |
|
16 Weeks Ended |
53 Weeks Ended |
|
|
52 Weeks Ended |
Total AutoZone Stores (Domestic, Mexico and
Brazil) |
|
August 31, 2019 (1) |
|
August 25, 2018 |
|
August 31, 2019 (1) |
|
|
August 25, 2018 |
|
|
Sales per average store |
$ |
617 |
|
|
|
$ |
569 |
|
|
$ |
1,847 |
|
|
|
$ |
1,778 |
|
|
|
Sales per average square foot |
|
$ |
93 |
|
|
|
$ |
86 |
|
|
$ |
279 |
|
|
|
$ |
269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Auto Parts (Domestic, Mexico, Brazil and
IMC) |
|
|
|
|
|
|
|
|
|
Total auto parts sales |
$ |
3,917,062 |
|
|
|
$ |
3,499,313 |
|
|
$ |
11,645,235 |
|
|
|
$ |
10,951,498 |
(2) |
|
|
% Increase vs. LY |
|
11.9 |
% |
|
|
|
3.0 |
% |
|
|
6.3 |
% |
|
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Commercial |
|
|
|
|
|
|
|
|
|
|
|
Total domestic commercial sales |
|
$ |
886,516 |
|
|
|
$ |
731,834 |
|
|
$ |
2,562,830 |
|
|
|
$ |
2,214,208 |
|
|
|
% Increase vs. LY |
|
21.1 |
% |
|
|
|
8.8 |
% |
|
|
15.7 |
% |
|
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other (ALLDATA and AutoAnything) |
|
|
|
|
|
|
|
|
|
|
All other sales |
|
$ |
71,373 |
|
|
|
$ |
59,456 |
|
|
$ |
218,508 |
|
|
|
$ |
269,579 |
(3) |
|
|
% Increase vs. LY |
|
20.0 |
% |
|
|
|
(48.4 |
%) |
|
|
(18.9 |
%) |
|
|
|
(26.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Fiscal 2019 results include an additional week of sales of
approximately $51.3M for Domestic Commercial, $234.5M for
Total Auto Parts 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 |
(2) |
Results include IMC, which was sold during the third quarter of
fiscal 2018 (effective April 4, 2018) |
(3) |
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 31, 2019 |
|
August 25, 2018 |
|
August 31, 2019 |
|
|
August 25, 2018 |
|
Domestic same store sales |
|
3.0 |
% |
(4) |
|
|
2.2 |
% |
|
|
3.0 |
% |
(4) |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
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 31, 2019 |
|
|
August 25, 2018 |
|
|
|
|
|
|
|
Accounts payable/inventory |
|
|
112.6 |
% |
|
|
|
111.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
$ |
4,319,113 |
|
|
|
$ |
3,943,670 |
|
|
|
|
|
|
|
|
Inventory per store |
|
|
674 |
|
|
|
|
636 |
|
|
|
|
|
|
|
|
Net inventory (net of payables) |
|
|
(545,799 |
) |
|
|
|
(465,702 |
) |
|
|
|
|
|
|
|
Net inventory / per store |
|
(85 |
) |
|
|
|
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing 5 Quarters |
|
|
|
|
|
|
|
|
|
August 31, 2019 |
|
|
August 25, 2018 |
|
|
|
|
|
|
|
Inventory turns |
|
|
1.3 |
x |
|
|
|
1.3 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AutoZone (NYSE:AZO)
Historical Stock Chart
From Feb 2024 to Mar 2024
AutoZone (NYSE:AZO)
Historical Stock Chart
From Mar 2023 to Mar 2024