AutoZone Reports 1.3% Increase in Same Store Sales

By Bobby Samwell • Tuesday, September 24 07:55 • Permanent Link

AutoZone, Inc. (NYSE: AZO) reported a 1.3% increase in total company same store sales for the fourth quarter of fiscal 2024 compared to the same period in the previous year. Domestic same store sales increased by 0.2% during this period.

The company's net sales for the fourth quarter ended August 31, 2024, were $6.2 billion, marking a 9.0% increase from the fourth quarter of fiscal 2023. Adjusted for the additional week included in this year’s quarter, sales were up 2.6%.

Gross profit as a percentage of sales for the quarter was 52.5%, a decrease of 21 basis points versus the prior year. Operating profit increased 6.1% to $1.3 billion, and net income for the quarter was $902.2 million compared to $864.8 million in the same period last year, with diluted earnings per share increasing 11.0% to $51.58.

For the fiscal year ended August 31, 2024, sales were $18.5 billion, an increase of 5.9% from the previous year. Gross profit as a percentage of sales increased to 53.1% from 52.0% in the prior year. Operating profit increased 9.1% to $3.8 billion, with net income increasing 5.3% to $2.7 billion and diluted earnings per share increasing 13.0% to $149.55 from $132.36.

AutoZone repurchased 244 thousand shares of its common stock during the fourth quarter for a total investment of $710.6 million. For the fiscal year, the company repurchased 1.1 million shares of its common stock for a total investment of $3.2 billion.

The company's inventory increased by 6.8% over the same period last year driven by new store growth. As of August 31, 2024, AutoZone had 6,432 stores in the U.S., 794 in Mexico, and 127 in Brazil for a total store count of 7,353.

AutoZone President and CEO, Phil Daniele, expressed satisfaction with the company's performance, highlighting the solid sales growth of 5.9% for the fiscal year and a 13.0% increase in earnings per share. He also mentioned the challenges faced in the domestic business due to deferrals across discretionary merchandise categories but was pleased with the accelerating commercial sales performance.

As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $3048.82. For the full picture, make sure to review AutoZone's 8-K report.

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