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AutoZone Authorizes Additional Stock Repurchase

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MEMPHIS, Tenn. , Dec. 20, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), today announced its Board of Directors authorized the repurchase of an additional $2.0 billion of the Company’s common stock in connection with its ongoing share repurchase program.

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    • By AutoZone
      MEMPHIS, Tenn. , Feb. 02, 2024 (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 second quarter ended Saturday, February 10, 2024 , before market open on Tuesday,
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    • By Counterman
      AutoZone on Jan. 2 completed its previously announced leadership transition plan.
      Phil Daniele became president and CEO. Daniele, a 30-year AutoZoner, previously served as executive vice president merchandising, marketing and supply chain.
      Bill Rhodes, who most recently served as chairman, president and CEO, transitioned into the role of executive chairman. Rhodes served as AutoZone’s CEO for nearly 19 years.
      “A very special congratulations to Phil on becoming AutoZone’s president and CEO,” Rhodes said in a news release. “For only the fifth time in our company’s rich history, we have a new CEO. I am tremendously excited about AutoZone’s future and continued growth under Phil’s leadership.”
      AutoZone first announced the leadership changes on June 26.
      “I am extremely honored and enthusiastic about the opportunity to serve as president and CEO of AutoZone, a company that I love dearly and have been a part of for over three decades,” Daniele said. “Our ability to put the customer first is and will forever be the key to our accelerated growth and continued success. Both Bill and I deeply believe that AutoZone’s best days lie ahead.”
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    • By AutoZone
      MEMPHIS, Tenn. , Jan. 02, 2024 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) completed its Leadership Transition Plan announced on June 26, 2023 . Today, Phil Daniele , a 30-year AutoZoner, who most recently served as Chief Executive Officer-Elect, became President and Chief Executive Officer
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    • By AutoZone
      MEMPHIS, Tenn. , Dec. 12, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE:AZO) announced it will hold its Annual Meeting of Stockholders on December 20, 2023 , at the J.R. Hyde III Store Support Center in Memphis, Tennessee . The meeting will begin at 9:00 a.m. (ET) .
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    • A-premium Auto Parts:5% OFF with Code GM5.
    • By Counterman
      Executives on AutoZone’s most recent earnings call were upbeat about the growth prospects for the company’s international stores.
      AutoZone began publishing its international same-store sales numbers in September, along with its overall FY-2022 fourth-quarter results.
      In the fourth quarter, AutoZone’s stores in Mexico and Brazil posted year-over-year same-store sales growth of nearly 15% on a constant-currency basis – compared to 1.7% for the company’s domestic stores.
      In the first quarter of AutoZone’s fiscal-year 2023, which ended Nov. 18, same-store sales growth in Mexico and Brazil outpaced U.S. stores again. On a constant-currency basis, AutoZone’s international stores posted year-over-year same-store sales growth of nearly 11%, compared to 1.2% for its U.S. stores.
      On AutoZone’s Dec. 5 conference call, CEO Bill Rhodes noted that “international has become a more important part of our growth story and an area where we are increasingly deploying capital.”
      “We are very excited about the short- and long-term growth prospects of international,” Rhodes added. “Our expectations are we will continue to grow mature-store volumes both in DIY and DIFM and we plan to accelerate new-store openings over the next several years, ultimately getting to a minimum of 200 international new stores by 2028.”
      During the first quarter, AutoZone said it opened five new stores in Mexico and four in Brazil. As of Nov. 18, the company had 6,316 stores in the United States, 745 in Mexico and 104 in Brazil, for a total store count of 7,165.
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      Although AutoZone isn’t breaking out bottom-line data for its international stores, CFO Jamere Jackson provided some insight on profit margins during the question-and-answer session with analysts.
      “From a margin standpoint, we’re very pleased with the progress that we’re making on margins – both gross margins and total operating margins,” Jackson said. “In our business in Mexico, which is much more mature than what we have in Brazil, we’ve been very pleased with the actions we’ve been able to take on the merchandising side of the business, and that’s given us a very healthy gross margin in that business.”
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      While Rhodes and Daniele made a point to highlight the same-store sales growth in Mexico and Brazil during the call, Daniele emphasized that “the No. 1 focus for the remainder of the year will be on growing [market] share in our domestic commercial business.”
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