UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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On February 27, 2024, AutoZone, Inc. issued a press release announcing its earnings for the fiscal quarter ended February 10, 2024, which is furnished as Exhibit 99.1.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release dated February 27, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AUTOZONE, INC. | ||
| Date: February 27, 2024 | By: | /s/ Jamere Jackson |
| Jamere Jackson | ||
| Chief Financial Officer | ||
EXHIBIT 99.1
AutoZone 2nd Quarter Total Company Same Store Sales Increase 1.5%; Domestic Same Store Sales Increase 0.3%; EPS Increases to $28.89
MEMPHIS, Tenn., Feb. 27, 2024 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $3.9 billion for its second quarter (12 weeks) ended February 10, 2024, an increase of 4.6% from the second quarter of fiscal 2023 (12 weeks). Same store sales, or sales for our domestic and international stores open at least one year, are as follows:
| Constant Currency | Constant Currency | |||||||||||||
| 12 Weeks | 12 Weeks* | 24 Weeks | 24 Weeks* | |||||||||||
| Domestic | 0.3 | % | 0.3 | % | 0.8 | % | 0.8 | % | ||||||
| International | 23.9 | % | 10.6 | % | 24.5 | % | 10.7 | % | ||||||
| Total Company | 3.0 | % | 1.5 | % | 3.2 | % | 1.8 | % | ||||||
| * Excludes impacts from fluctuations of foreign exchange rates. | ||||||||||||||
For the quarter, gross profit, as a percentage of sales, was 53.9%, an increase of 160 basis points versus the prior year. The increase in gross margin was driven by higher merchandise margins and a 63 basis point ($24 million net) non-cash LIFO favorability, with the remaining leverage primarily from favorable supply chain costs. Operating expenses, as a percentage of sales, were 34.6% versus last year at 34.1%. Deleverage was primarily driven by domestic store payroll and investment in technology related initiatives.
Operating profit increased 10.9% to $743.2 million. Net income for the quarter increased 8.1% over the same period last year to $515.0 million, while diluted earnings per share increased 17.2% to $28.89.
Under its share repurchase program, AutoZone repurchased 84 thousand shares of its common stock at an average price per share of $2,676, for a total investment of $223.8 million. At the end of the second quarter, the Company had $2.1 billion remaining under its current share repurchase authorization.
The Company’s inventory increased 4.2% over the same period last year driven by new store growth. Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was negative $164 thousand versus negative $227 thousand last year and negative $197 thousand last quarter.
“I want to thank our AutoZoners for delivering solid earnings in our second fiscal quarter. Their commitment to delivering superior customer service again drove our very solid quarterly performance. While a difficult holiday comparison for both Christmas and New Year’s negatively impacted quarterly sales performance, we continue to be encouraged with our sales initiatives, and believe we are well positioned for future growth. Additionally, we are pleased with our international business as we delivered another quarter of double-digit growth. We remain committed to prudently investing capital in our business, and we will be steadfast in our long-term, disciplined approach to increasing operating earnings and cash flows while utilizing our balance sheet effectively,” said Phil Daniele, President and Chief Executive Officer.
During the quarter ended February 10, 2024, AutoZone opened 19 new stores and closed three in the U.S., opened six new stores in Mexico and four in Brazil for a total of 26 net new stores. As of February 10, 2024, the Company had 6,332 stores in the U.S., 751 in Mexico and 108 in Brazil for a total store count of 7,191.
AutoZone is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. The majority of stores have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. AutoZone also sells automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. Additionally, we sell the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.alldata.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation services.
AutoZone will host a conference call this morning, Tuesday, February 27, 2024, beginning at 10:00 a.m. (ET) to discuss its second quarter results. This call is being web cast and can be accessed, along with supporting slides, at AutoZone’s website at www.autozone.com by clicking on Investor Relations. Investors may also listen to the call by dialing (888) 506-0062, passcode AUTOZONE. In addition, a telephone replay will be available by dialing (877) 481-4010, replay passcode 49727 through March 12, 2024.
This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP measures include adjustments to reflect return on invested capital, adjusted debt and adjusted debt to EBITDAR. The Company believes that the presentation of these non-GAAP measures provides information that is useful to investors as it indicates more clearly the Company’s comparative year-to-year operating results, but this information should not be considered a substitute for any measures derived in accordance with GAAP. Management targets the Company’s capital structure in order to maintain its investment grade credit ratings. The Company believes this is important information for the management of its debt levels and share repurchases. We have included a reconciliation of this additional information to the most comparable GAAP measures in the accompanying reconciliation tables.
Certain statements contained herein constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically use words such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “seek,” “may,” “could” and similar expressions. These are based on assumptions and assessments made by our management in light of experience and perception of historical trends, current conditions, expected future developments and other factors that we believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation: product demand, due to changes in fuel prices, miles driven or otherwise; energy prices; weather, including extreme temperatures, natural disasters and general weather conditions; competition; credit market conditions; cash flows; access to available and feasible financing on favorable terms; future stock repurchases; the impact of recessionary conditions; consumer debt levels; changes in laws or regulations; risks associated with self-insurance; war and the prospect of war, including terrorist activity; the impact of public health issues; inflation, including wage inflation; the ability to hire, train and retain qualified employees including members of management and other key personnel; construction delays; failure or interruption of our information technology systems; issues relating to the confidentiality, integrity or availability of information, including due to cyber-attacks; historic growth rate sustainability; downgrade of our credit ratings; damage to our reputation; challenges associated with doing business in and expanding into international markets; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; impact of tariffs; impact of new accounting standards; our ability to execute our growth initiatives; and other business interruptions. Certain of these risks and uncertainties are discussed in more detail in the “Risk Factors” section contained in Item 1A under Part 1 of the Company’s Annual Report on Form 10-K for the year ended August 26, 2023, and these Risk Factors should be read carefully. Forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. Events described above and in the “Risk Factors” could materially and adversely affect our business. However, it should be understood that it is not possible to identify or predict all such risks and other factors that could affect these forward-looking statements. Forward-looking statements speak only as of the date made. Except as required by applicable law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information:
Financial: Brian Campbell at (901) 495-7005, brian.campbell@autozone.com
Media: David McKinney at (901) 495-7951, david.mckinney@autozone.com
| AutoZone's 2nd Quarter Highlights - Fiscal 2024 | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| 2nd Quarter, FY2024 | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| GAAP Results | |||||||||||||||
| 12 Weeks Ended | 12 Weeks Ended | ||||||||||||||
| February 10, 2024 | February 11, 2023 | ||||||||||||||
| Net sales | $ | 3,859,126 | $ | 3,690,982 | |||||||||||
| Cost of sales | 1,779,474 | 1,760,979 | |||||||||||||
| Gross profit | 2,079,652 | 1,930,003 | |||||||||||||
| Operating, SG&A expenses | 1,336,410 | 1,260,026 | |||||||||||||
| Operating profit (EBIT) | 743,242 | 669,977 | |||||||||||||
| Interest expense, net | 102,619 | 65,609 | |||||||||||||
| Income before taxes | 640,623 | 604,368 | |||||||||||||
| Income tax expense | 125,593 | 127,824 | |||||||||||||
| Net income | $ | 515,030 | $ | 476,544 | |||||||||||
| Net income per share: | |||||||||||||||
| Basic | $ | 29.74 | $ | 25.48 | |||||||||||
| Diluted | $ | 28.89 | $ | 24.64 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 17,319 | 18,705 | |||||||||||||
| Diluted | 17,828 | 19,337 | |||||||||||||
| Year-To-Date 2nd Quarter, FY2024 | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| GAAP Results | |||||||||||||||
| 24 Weeks Ended | 24 Weeks Ended | ||||||||||||||
| February 10, 2024 | February 11, 2023 | ||||||||||||||
| Net sales | $ | 8,049,403 | $ | 7,676,049 | |||||||||||
| Cost of sales | 3,755,735 | 3,751,424 | |||||||||||||
| Gross profit | 4,293,668 | 3,924,625 | |||||||||||||
| Operating, SG&A expenses | 2,701,822 | 2,531,615 | |||||||||||||
| Operating profit (EBIT) | 1,591,846 | 1,393,010 | |||||||||||||
| Interest expense, net | 194,004 | 123,332 | |||||||||||||
| Income before taxes | 1,397,842 | 1,269,678 | |||||||||||||
| Income taxes | 289,349 | 253,816 | |||||||||||||
| Net income | $ | 1,108,493 | $ | 1,015,862 | |||||||||||
| Net income per share: | |||||||||||||||
| Basic | $ | 63.29 | $ | 53.87 | |||||||||||
| Diluted | $ | 61.48 | $ | 52.12 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 17,514 | 18,856 | |||||||||||||
| Diluted | 18,031 | 19,491 | |||||||||||||
| Selected Balance Sheet Information | |||||||||||||||
| (in thousands) | |||||||||||||||
| February 10, 2024 | February 11, 2023 | August 26, 2023 | |||||||||||||
| Cash and cash equivalents | $ | 304,096 | $ | 301,286 | $ | 277,054 | |||||||||
| Merchandise inventories | 5,970,175 | 5,731,255 | 5,764,143 | ||||||||||||
| Current assets | 7,157,056 | 6,794,805 | 6,779,426 | ||||||||||||
| Property and equipment, net | 5,907,484 | 5,236,129 | 5,596,548 | ||||||||||||
| Operating lease right-of-use assets | 2,999,294 | 2,943,844 | 2,998,097 | ||||||||||||
| Total assets | 16,717,654 | 15,545,142 | 15,985,878 | ||||||||||||
| Accounts payable | 7,149,882 | 7,321,551 | 7,201,281 | ||||||||||||
| Current liabilities | 8,772,609 | 8,614,618 | 8,511,856 | ||||||||||||
| Operating lease liabilities, less current portion | 2,901,636 | 2,854,227 | 2,917,046 | ||||||||||||
| Total debt | 8,630,553 | 7,042,302 | 7,668,549 | ||||||||||||
| Stockholders' deficit | (4,837,321 | ) | (4,184,170 | ) | (4,349,894 | ) | |||||||||
| Working capital | (1,615,553 | ) | (1,819,813 | ) | (1,732,430 | ) | |||||||||
| AutoZone's 2nd Quarter Highlights - Fiscal 2024 | ||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||
| Adjusted Debt / EBITDAR | ||||||||||||||||||
| (in thousands, except adjusted debt to EBITDAR ratio) | ||||||||||||||||||
| Trailing 4 Quarters | ||||||||||||||||||
| February 10, 2024 | February 11, 2023 | |||||||||||||||||
| Net income | $ | 2,621,057 | $ | 2,418,476 | ||||||||||||||
| Add: Interest expense | 377,044 | 229,215 | ||||||||||||||||
| Income tax expense | 674,721 | 634,803 | ||||||||||||||||
| EBIT | 3,672,822 | 3,282,494 | ||||||||||||||||
| Add: Depreciation and amortization | 519,805 | 465,905 | ||||||||||||||||
| Rent expense(1) | 417,864 | 394,298 | ||||||||||||||||
| Share-based expense | 96,669 | 82,253 | ||||||||||||||||
| EBITDAR | $ | 4,707,160 | $ | 4,224,950 | ||||||||||||||
| Debt | $ | 8,630,553 | $ | 7,042,302 | ||||||||||||||
| Financing lease liabilities | 328,955 | 290,858 | ||||||||||||||||
| Add: Rent x 6(1) | 2,507,184 | 2,365,788 | ||||||||||||||||
| Adjusted debt | $ | 11,466,692 | $ | 9,698,948 | ||||||||||||||
| Adjusted debt to EBITDAR | 2.4 | 2.3 | ||||||||||||||||
| Adjusted Return on Invested Capital (ROIC) | ||||||||||||||||||
| (in thousands, except ROIC) | ||||||||||||||||||
| Trailing 4 Quarters | ||||||||||||||||||
| February 10, 2024 | February 11, 2023 | |||||||||||||||||
| Net income | $ | 2,621,057 | $ | 2,418,476 | ||||||||||||||
| Adjustments: | ||||||||||||||||||
| Interest expense | 377,044 | 229,215 | ||||||||||||||||
| Rent expense(1) | 417,864 | 394,298 | ||||||||||||||||
| Tax effect(2) | (162,956 | ) | (129,691 | ) | ||||||||||||||
| Adjusted after-tax return | $ | 3,253,009 | $ | 2,912,298 | ||||||||||||||
| Average debt(3) | $ | 7,853,082 | $ | 6,278,213 | ||||||||||||||
| Average stockholders' deficit(3) | (4,577,327 | ) | (3,617,143 | ) | ||||||||||||||
| Add: Rent x 6(1) | 2,507,184 | 2,365,788 | ||||||||||||||||
| Average financing lease liabilities(3) | 295,494 | 294,337 | ||||||||||||||||
| Invested capital | $ | 6,078,433 | $ | 5,321,195 | ||||||||||||||
| Adjusted After-Tax ROIC | 53.5 | % | 54.7 | % | ||||||||||||||
| (1)The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the trailing four quarters ended February 10, 2024 and February 11, 2023. | ||||||||||||||||||
| Trailing 4 Quarters | ||||||||||||||||||
| (in thousands) | February 10, 2024 | February 11, 2023 | ||||||||||||||||
| Total lease cost, per ASC 842 | $ | 546,195 | $ | 498,970 | ||||||||||||||
| Less: Financing lease interest and amortization | (93,591 | ) | (77,302 | ) | ||||||||||||||
| Less: Variable operating lease components, related to insurance and common area maintenance | (34,740 | ) | (27,370 | ) | ||||||||||||||
| Rent expense | $ | 417,864 | $ | 394,298 | ||||||||||||||
| (2)Effective tax rate over the trailing four quarters ended February 10, 2024 and February 11, 2023 is 20.5% and 20.8%, respectively. | ||||||||||||||||||
| (3)All averages are computed based on trailing five quarter balances. | ||||||||||||||||||
| Other Selected Financial Information | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||
| February 10, 2024 | February 11, 2023 | |||||||||||||||||
| Cumulative share repurchases ($ since fiscal 1998) | $ | 35,540,758 | $ | 31,898,212 | ||||||||||||||
| Remaining share repurchase authorization ($) | 2,109,242 | 1,751,788 | ||||||||||||||||
| Cumulative share repurchases (shares since fiscal 1998) | 154,696 | 153,273 | ||||||||||||||||
| Shares outstanding, end of quarter | 17,312 | 18,467 | ||||||||||||||||
| 12 Weeks Ended February 10, 2024 | 12 Weeks Ended February 11, 2023 | 24 Weeks Ended February 10, 2024 | 24 Weeks Ended February 11, 2023 | |||||||||||||||
| Depreciation and amortization | $ | 124,968 | $ | 113,711 | $ | 245,192 | $ | 222,964 | ||||||||||
| Cash flow from operations | 434,127 | 354,474 | 1,264,386 | 1,148,061 | ||||||||||||||
| Capital spending | 255,379 | 144,837 | 490,807 | 259,234 | ||||||||||||||
| AutoZone's 2nd Quarter Highlights - Fiscal 2024 | |||||||||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
| Selected Operating Highlights | |||||||||||||||||||||||
| Store Count & Square Footage | |||||||||||||||||||||||
| 12 Weeks Ended | 12 Weeks Ended | 24 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||
| February 10, 2024 | February 11, 2023 | February 10, 2024 | February 11, 2023 | ||||||||||||||||||||
| Domestic: | |||||||||||||||||||||||
| Beginning stores | 6,316 | 6,196 | 6,300 | 6,168 | |||||||||||||||||||
| Stores opened | 19 | 30 | 36 | 58 | |||||||||||||||||||
| Stores closed | (3 | ) | - | (4 | ) | - | |||||||||||||||||
| Ending domestic stores | 6,332 | 6,226 | 6,332 | 6,226 | |||||||||||||||||||
| Relocated stores | 3 | 1 | 3 | 4 | |||||||||||||||||||
| Stores with commercial programs | 5,823 | 5,500 | 5,823 | 5,500 | |||||||||||||||||||
| Square footage (in thousands) | 41,853 | 41,103 | 41,853 | 41,103 | |||||||||||||||||||
| Mexico: | |||||||||||||||||||||||
| Beginning stores | 745 | 706 | 740 | 703 | |||||||||||||||||||
| Stores opened | 6 | 1 | 11 | 4 | |||||||||||||||||||
| Ending Mexico stores | 751 | 707 | 751 | 707 | |||||||||||||||||||
| Brazil: | |||||||||||||||||||||||
| Beginning stores | 104 | 76 | 100 | 72 | |||||||||||||||||||
| Stores opened | 4 | 5 | 8 | 9 | |||||||||||||||||||
| Ending Brazil stores | 108 | 81 | 108 | 81 | |||||||||||||||||||
| Total | 7,191 | 7,014 | 7,191 | 7,014 | |||||||||||||||||||
| Total Company stores opened, net | 26 | 36 | 51 | 71 | |||||||||||||||||||
| Square footage (in thousands) | 48,240 | 46,982 | 48,240 | 46,982 | |||||||||||||||||||
| Square footage per store | 6,708 | 6,698 | 6,708 | 6,698 | |||||||||||||||||||
| Sales Statistics | |||||||||||||||||||||||
| ($ in thousands, except sales per average square foot) | |||||||||||||||||||||||
| 12 Weeks Ended | 12 Weeks Ended | Trailing 4 Quarters | Trailing 4 Quarters | ||||||||||||||||||||
| Total AutoZone Stores (Domestic, Mexico and Brazil) | February 10, 2024 | February 11, 2023 | February 10, 2024 | February 11, 2023 | |||||||||||||||||||
| Sales per average store | $ | 527 | $ | 518 | $ | 2,465 | $ | 2,399 | |||||||||||||||
| Sales per average square foot | $ | 79 | $ | 77 | $ | 368 | $ | 359 | |||||||||||||||
| Auto Parts (Domestic, Mexico and Brazil) | |||||||||||||||||||||||
| Total auto parts sales | $ | 3,786,339 | $ | 3,623,110 | $ | 17,508,154 | $ | 16,590,483 | |||||||||||||||
| % Increase vs. LY | 4.5 | % | 9.6 | % | 5.5 | % | 8.2 | % | |||||||||||||||
| Domestic Commercial | |||||||||||||||||||||||
| Total domestic commercial sales | $ | 980,134 | $ | 954,584 | $ | 4,682,570 | $ | 4,475,546 | |||||||||||||||
| % Increase vs. LY | 2.7 | % | 13.1 | % | 4.6 | % | 19.2 | % | |||||||||||||||
| Average sales per program per week | $ | 14.1 | $ | 14.5 | $ | 15.9 | $ | 16.0 | |||||||||||||||
| % Increase vs. LY | (2.8 | %) | 7.4 | % | (0.6 | %) | 14.3 | % | |||||||||||||||
| All Other, including ALLDATA | |||||||||||||||||||||||
| All other sales | $ | 72,787 | $ | 67,872 | $ | 322,408 | $ | 299,144 | |||||||||||||||
| % Increase vs. LY | 7.2 | % | 6.8 | % | 7.8 | % | 10.4 | % | |||||||||||||||
| 12 Weeks Ended | 12 Weeks Ended | 24 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||
| Same store sales(4) | February 10, 2024 | February 11, 2023 | February 10, 2024 | February 11, 2023 | |||||||||||||||||||
| Domestic | 0.3 | % | 5.3 | % | 0.8 | % | 5.5 | % | |||||||||||||||
| International | 23.9 | % | 30.6 | % | 24.5 | % | 27.1 | % | |||||||||||||||
| Total Company | 3.0 | % | 7.6 | % | 3.2 | % | 7.3 | % | |||||||||||||||
| International - Constant Currency | 10.6 | % | 21.1 | % | 10.7 | % | 21.0 | % | |||||||||||||||
| Total Company - Constant Currency | 1.5 | % | 6.7 | % | 1.8 | % | 6.8 | % | |||||||||||||||
| (4)Same store sales are based on sales for all stores open at least one year. Constant Currency same store sales exclude the impact of fluctuations of foreign currency exchange rates by converting both the current year and prior year international results at the prior year foreign currency exchange rate. | |||||||||||||||||||||||
| Inventory Statistics (Total Stores) | |||||||||||||||||||||||
| as of | as of | ||||||||||||||||||||||
| February 10, 2024 | February 11, 2023 | ||||||||||||||||||||||
| Accounts payable/inventory | 119.8 | % | 127.7 | % | |||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| Inventory | $ | 5,970,175 | $ | 5,731,255 | |||||||||||||||||||
| Inventory per store | 830 | 817 | |||||||||||||||||||||
| Net inventory (net of payables) | (1,179,707 | ) | (1,590,296 | ) | |||||||||||||||||||
| Net inventory/per store | (164 | ) | (227 | ) | |||||||||||||||||||
| Trailing 5 Quarters | |||||||||||||||||||||||
| February 10, 2024 | February 11, 2023 | ||||||||||||||||||||||
| Inventory turns | 1.4 | x | 1.5 | x | |||||||||||||||||||