AutoZone’s board of directors has authorized the repurchase of an additional $1 billion of the company’s common stock in connection with its ongoing share repurchase program.

Since the inception of the repurchase program in 1998, and including the above amount, AutoZone’s board of directors has authorized $19.7 billion.

“AutoZone’s continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings,” said Bill Giles, executive vice president, chief financial officer and information technology. “We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans.”