AutoZone’s Fiscal Q4 Sales Up 9%

[Counterman]

AutoZone reported net sales of $5.3 billion for its fourth quarter ending Aug. 27, an 8.9% year-over-year increase.

Domestic same-store sales, or sales for stores open at least one year, increased 6.2% for the quarter.

“Our results are a testament to our AutoZoners’ ongoing commitment to delivering exceptional customer service every day,” AutoZone CEO Bill Rhodes said. “ Our retail business performed well this quarter ending with positive same-store sales on top of last year’s strong performance.  And, our commercial-business growth continued to be exceptionally strong at 22%. The investments we have made in both inventory availability and technology are enhancing our competitive positioning.  We are optimistic about our growth prospects heading into our new fiscal year.”

For AutoZone’s 2022 fiscal year, sales were up 11.1% to $16.3 billion, while domestic same-store sales were up 8.4%.

For fiscal 2022, net income increased 11.9% to $2.4 billion and diluted earnings per share increased 23.1% to $117.19.

“We are committed to being the best place to shop for everyone’s automotive needs while delivering on our ongoing promise to be a great place to work,” Rhodes said. “We believe our initiatives will drive growth in the new fiscal year. As we continue to prudently invest capital in our business, we remain steadfast in our long-term, disciplined approach to increasing operating earnings and cash flows while utilizing our balance sheet effectively.”

During the fiscal year, AutoZone opened 118 new stores and closed one in the United States, opened 39 stores in Mexico and 20 stores in Brazil. As of Aug. 27, the company had 6,168 stores in the United States, 703 in Mexico and 72 in Brazil for a total store count of 6,943.

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