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AutoZone Fiscal Q2 Sales Up 15.8%

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By Counterman
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AutoZone reported net sales of $3.4 billion for its second quarter, an increase of 15.8% from the second quarter of fiscal 2021.

Domestic same-store sales for the quarter, which ended Feb. 12, increased 13.8%.

“Our second quarter’s results are a reflection of our AutoZoners’ continued commitment to delivering exceptional service to our customers during these unique times,” CEO Bill Rhodes said. “Our retail and commercial sales performance remained strong this quarter. While our commercial sales growth continued to be elevated at 32.1%, our retail sales growth also remained healthy with over 10% growth against a tough comparison from a year ago. We believe the initiatives we have in place position us well for the remainder of our fiscal year.”

Gross profit as a percentage of sales was 53.0%, a decrease of 59 basis points versus fiscal second-quarter 2021. AutoZone attributed the decrease in gross margin to initiatives aiming to accelerate commercial growth.

Operating profit increased 30.1% to $626.7 million. Diluted earnings per share increased 49.4% to $22.30.

The company’s inventory increased 6.2% compared to its fiscal second quarter of 2021, driven by new stores, hubs and megahubs, with the remaining growth primarily due to inflation, according to the company.

“As we continue to focus on the health and well-being of our customers and AutoZoners, we remain committed to providing the best and safest place to shop for everyone’s automotive needs,” Rhodes said. “During these unique and challenging times, we strive to deliver the best customer service possible. As we continue to prudently invest capital in our business, we remain focused on returns on capital. We are committed to our long-term approach of increasing operating earnings and free cash flows while utilizing our balance sheet effectively.”

During the quarter, AutoZone opened 26 new stores and closed one in the United States, opened three stores in Mexico and two stores in Brazil. As of Feb. 12, the company had 6,091 stores in the United States, 669 in Mexico and 55 in Brazil for a total store count of 6,815.

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