AutoZone, Inc. has reported a 2.9% increase in total company same store sales for its second quarter ended February 15, 2025. Domestic same store sales increased by 1.9% during the same period. The company's net sales for the quarter were $4.0 billion, marking a 2.4% increase from the second quarter of fiscal 2024.
The gross profit as a percentage of sales remained flat at 53.9% compared to last year. Operating expenses, as a percentage of sales, increased to 36.0% from 34.6% last year. Operating profit decreased by 4.9% to $706.8 million, while net income decreased by 5.3% to $487.9 million. Diluted earnings per share also decreased by 2.1% to $28.29.
During the quarter, AutoZone repurchased 100 thousand shares of its common stock at an average price per share of $3,291, totaling $329.4 million. At the end of the second quarter, the company had $1.3 billion remaining under its current share repurchase authorization. The company's inventory increased by 10.4% over the same period last year.
AutoZone opened 28 new stores in the U.S., 13 in Mexico, and four in Brazil during the quarter, resulting in 45 net new stores. As of February 15, 2025, the company had 6,483 stores in the U.S., 813 in Mexico, and 136 in Brazil, bringing the total store count to 7,432.
"We continue to be pleased with our strategy to grow our domestic DIY and commercial sales," said Phil Daniele, President and Chief Executive Officer of AutoZone. "Domestically, both DIY and commercial continued to perform well and sales accelerated from the previous quarter."
The company's international business also delivered strong results, with same store sales growing 9.5% on a constant currency basis. AutoZone's president and CEO expressed excitement about the company's momentum heading into the back half of the fiscal year and emphasized their commitment to increasing earnings and cash flow while delivering strong shareholder value.
AutoZone is a leading retailer and distributor of automotive replacement parts and accessories in the Americas, with a significant presence in the U.S., Mexico, and Brazil. The company operates both retail stores and online platforms to serve its customers, and it also has a commercial sales program providing parts and products to repair garages, dealers, service stations, and fleet owners.
The company's financial information includes non-GAAP measures, such as adjusted debt and adjusted debt to earnings before interest, taxes, depreciation, amortization, rent, and share-based expense. AutoZone believes that the presentation of these non-GAAP measures provides useful information to investors regarding the company's comparative year-to-year operating results.
AutoZone will host a conference call to discuss its second quarter results, and a webcast of the call will be available on the company's website. Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $3506.47. For more information, read the company's full 8-K submission here.
