AutoZone Inc.


SKU: AZO Category:


AutoZone delivered an all-around beat in the most recent quarterly result. The company achieved a total sales growth of 7.4% for the fiscal year, accompanied by a 12.9% increase in earnings per share. This performance builds upon the exceptional results achieved during the preceding three years, encompassing the challenging pandemic period from 2020 to 2022. Despite initial expectations of a return to pre-pandemic sales per store levels, AutoZone witnessed a continued surge, with domestic average weekly sales per store standing 33% higher than in 2019, reaching $47,300 a week compared to $35,600. This substantial sales growth translated into a significant 61% increase in operating profit compared to 2019, when adjusted for the 53rd week. Additionally, the company has introduced new reporting metrics to provide enhanced visibility, including same-store sales results for domestic, international, and total company operations. In terms of domestic performance, same-store sales for the quarter stood at 1.7%, with commercial sales growing by 3.9% for the fiscal year. Furthermore, IT improvements and the expansion of commercial programs, reaching 90% domestic penetration, have been noteworthy achievements. As per the management, the strategic direction for store operations and commercial teams includes global store growth, expansion of Hubs and Mega-Hubs, supply chain optimization, and technology improvements.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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