AutoZone Authorizes $1.5B Stock Repurchase

AutoZone, Inc. (NYSE: AZO) has announced that its Board of Directors has authorized the repurchase of an additional $1.5 billion of the Company’s common stock, bringing the total authorized for share repurchases to $39.2 billion since the inception of the program in 1998.

As of May 4, 2024, AutoZone had 6,364 stores in the U.S., 763 in Mexico, and 109 in Brazil, totaling 7,236 stores. The company is a leading retailer and distributor of automotive replacement parts and accessories in the Americas.

AutoZone's Chief Financial Officer, Jamere Jackson, highlighted the company's strong free cash flow, which allows for the increased cumulative share authorization while maintaining investment grade credit ratings. This demonstrates the company's commitment to a disciplined capital allocation policy to drive growth while ensuring adequate liquidity.

The press release did not provide specific metrics comparing the current repurchase authorization to the previous period. The market has reacted to these announcements by moving the company's shares 1.6% to a price of $3014.91. For the full picture, make sure to review AutoZone's 8-K report.

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