AutoZone reported fourth-quarter net sales of $6.6 billion, up 5.6% from the same quarter a year earlier, as same-store sales rose 1.5% for the total company and 1.6% domestically.
Gross profit margin expanded to 53.3% from 51.5% a year ago, a gain of 182 basis points. Operating expenses rose to 33.4% of sales from 32.4%, while operating profit increased 10.1% to $1.3 billion.
Net income for the 16-week quarter climbed to $931.6 million from $837.0 million, and diluted earnings per share rose to $56.05 from $48.71.
For the full fiscal year, sales increased 7.4% to $20.3 billion. Same-store sales rose 4.5% for the total company and 3.3% domestically. International same-store sales jumped 13.5% for the year, or 2.2% on a constant-currency basis.
Full-year gross margin slipped to 52.3% from 52.6%, while operating expenses increased to 34.0% of sales from 33.6%. Operating profit rose 3.1% to $3.7 billion. Net income increased 3.0% to $2.6 billion, and diluted EPS climbed 5.3% to $152.55 from $144.87.
AutoZone repurchased 223,000 shares in the quarter for $697.5 million at an average price of $3,125 per share. For the full year, it bought back 579,000 shares for $2.0 billion at an average price of $3,496 per share.
Inventory increased 10.1% from a year earlier. Net inventory per store improved to negative $107,000 from negative $131,000 a year ago and was unchanged from the prior quarter.
The company opened 175 stores in the quarter, including 97 in the U.S., 68 in Mexico and 10 in Brazil. Full-year openings totaled 374 stores. At quarter-end, AutoZone operated 8,031 stores, up from 7,657 a year earlier. Following these announcements, the company's shares moved 4.0%, and are now trading at a price of $2915.34. If you want to know more, read the company's complete 8-K report here.
