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AutoZone: DIFM Strength Drives 16% Sales Jump In Fiscal Q1
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By AutoZone
MEMPHIS, Tenn. , May 23, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.1 billion for its third quarter (12 weeks) ended May 6, 2023 , an increase of 5.8% from the third quarter of fiscal 2022 (12 weeks). Domestic same store sales, or sales for stores open at
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By AutoZone
MEMPHIS, Tenn. , May 04, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its third quarter ended Saturday, May 6, 2023 , before market open on Tuesday, May 23, 2023 .
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By Counterman
Genuine Parts Co. (GPC) reported record first-quarter sales of $5.8 billion, up nearly 9% over first-quarter 2022.
Net income was $304 million, up from $246 million in first-quarter 2022.
“We are pleased with the continued strength and momentum in our business and excited to report results that exceeded our expectations for the quarter,” said Paul Donahue, chairman and CEO. “Our performance was a clear example of how our multi-year strategic transformation to a global automotive and industrial company is a competitive advantage that distinguishes GPC in the marketplace. We benefited from our business mix and the geographic diversity of our operations with continued strong performances in our international automotive businesses and in the industrial segment. We are extremely proud of the outstanding work by all our GPC teammates.”
Global sales for the Automotive Parts Group, which includes NAPA Auto Parts, were $3.5 billion, up 7% over first-quarter 2022. A 6.6% year-over-year increase in comparable sales and a 3.5% benefit from acquisitions contributed to the number.
Industrial sales were $2.3 billion, up nearly 12% from the same period in 2022, and reflecting a 12.1% increase in comparable sales.
“Global Automotive sales were driven by the strong performance of our businesses outside the U.S., which helped to partially offset a slow start to the year in our U.S. automotive business,” said Will Stengel, president and chief operating officer. “In the Industrial segment, however, our broad-based strength in sales drove our eighth consecutive quarter of double-digit sales comps. The Industrial team is also operating well, posting the 11th consecutive quarter of margin expansion. Our first-quarter performance is a clear reflection of our balanced portfolio and One GPC approach to executing our strategic initiatives and taking care of our customers.”
“We are pleased with the solid start to 2023 and continue to expect another strong year of profitable growth,” Donahue said. “Our updated outlook for the full year reflects the confidence in our strategic plans and ability to execute through continued economic uncertainty. We believe GPC is well- positioned with the financial strength and flexibility to support our growth plans and provide for disciplined capital allocation and enhanced shareholder value.”
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By AutoZone
MEMPHIS, Tenn. , March 30, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), today announced that Jenna Bedsole will join the Company as Senior Vice President, General Counsel and Secretary, Customer Satisfaction. Jenna will come to AutoZone from Baker Donelson where she served as managing
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By Counterman
Advance Auto Parts reported net sales of $11.2 billion for 2022, up 1.4% from 2021, while comparable-store sales were flat.
Fourth-quarter net sales increased 3.2% to $2.5 billion, while comparable-store sales were up 2.1%.
“In 2022, our team members once again worked to serve our customers with relentless focus and dedication,” said Tom Greco, president and chief executive officer. “Despite challenges throughout 2022, we made progress on our strategic initiatives, including the expansion of our footprint, further strengthening of our DieHard brand and improved customer loyalty. However, we are not satisfied with our results in 2022 and are taking decisive actions to improve performance in 2023. Importantly, the disciplined inventory and pricing actions we discussed last quarter to adapt to an evolving competitive landscape contributed to stronger results in Q4 and we ended the year with positive momentum.
“We expect to see further improvements in inventory availability throughout 2023, which we view as the single most important driver to accelerate topline growth. After several years of significant investments in complex transformation initiatives and the majority of the integration behind us, we’re now able to focus more time and resources on leveraging our differentiated asset base and improving execution to drive long-term shareholder value.”
Advance’s 2023 guidance is for net sales between $11.4 billion and $11.6 billion, and year-over-year growth in comparable-store sales between 1% and 3%.
“In 2023 we are shifting to GAAP as our reporting method for annual guidance,” said Jeff Shepherd, executive vice president and chief financial officer. “As the GPI integration nears completion, we expect transformation costs to be less impactful, which reduces the need for non-GAAP adjustments. In addition, we believe that focusing on GAAP results will improve the understanding and comparability with our closest peers. In 2023 we are elevating our performance to improve topline growth and share gains while delivering operating income margin expansion.”
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