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By 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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By AutoZone
MEMPHIS, Tenn. , Sept. 19, 2022 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $5.3 billion for its fourth quarter (16 weeks) ended August 27, 2022 , an increase of 8.9% from the fourth quarter of fiscal 2021 (16 weeks). Domestic same store sales, or sales for stores
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By AutoZone
MEMPHIS, Tenn. , Aug. 31, 2022 (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 fourth quarter ended Saturday, August 27, 2022 , before market open on Monday, September
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By Counterman
Advance Auto Parts announced second-quarter net sales of $2.7 billion, up 0.6% compared to second-quarter 2021.
Comparable-store sales were down 0.6%, while operating income dropped 17.7% to $201.7 million.
Advance CEO Tom Greco acknowledged that it was “a more challenging quarter on the top line than we expected.”
“Our deliberate move to increase owned-brand penetration reduced both net and comp sales by approximately one full point,” Greco said. “Our DIY omnichannel sales were particularly challenged in the quarter and we expect that high inflation and significant year-over-year increases in fuel prices will continue to pressure DIY consumers in the back half of the year. As a result, we are updating our 2022 full-year guidance.”
Advance now expects full-year net sales of $11 billion to $11.2 billion, compared to its previous guidance of $11.2 billion to $11.5 billion.
“While our industry is not immune to the inflationary pressures consumers and broader retail have been experiencing, we believe our industry is well-positioned for the long term within the broader retail space to withstand these headwinds,” Greco said. “In addition, our team continues to make progress on our strategic initiatives to drive long-term shareholder value. We remain relentlessly focused on customer service, parts availability and reliability of delivery. We’re confident this will help enable sustainable sales growth, margin expansion and strong cash returns.”
Greco also highlighted some of the positive from the second quarter, including a 10% increase in diluted earnings per share.
“In Q2 we delivered another quarter of growth in net sales and adjusted operating income, underscored by adjusted operating-income margin expansion,” Greco said. “Our adjusted operating-income margin rate of 11.7% was the highest-level AAP has achieved in seven years. This helped enable a quarterly record for adjusted diluted earnings per share of $3.74, which increased 10% compared with Q2 2021 and 72% compared with Q2 2019. Additionally, we returned $291 million dollars to our shareholders through a combination of share repurchases and our quarterly cash dividend.”
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