MEMPHIS, Tenn. – AutoZone has reported net sales of $1.9 billion for its first quarter (12 weeks) ended Nov. 19, 2011, an increase of 7.4 percent from the first quarter of fiscal 2011 (12 weeks).
Domestic same-store sales, or sales for stores open at least one year, increased 4.6 percent for the quarter.
Net income for the quarter increased $19 million, or 11.1 percent, over the same period last year to $191.1 million, while diluted earnings per share increased 24 percent to $4.68 per share from $3.77 per share in the year-ago quarter.
For the quarter, gross profit, as a percentage of sales, was 51.1 percent (versus 50.7 percent for last year’s quarter).
Under its share repurchase program, AutoZone repurchased 954,000 shares of its common stock for $310 million during the first quarter, at an average price of $325 per share. At quarter end, the company had $659 million remaining under its current share repurchase authorization.
The company’s inventory increased 7.2 percent over the same period last year, driven by new stores and continued strategic investments in parts assortment. Inventory per store was $524,000 versus $508,000 last year, an increase of 3 percent.
"After three years of impressive financial performance, we are pleased to begin fiscal 2012 with strong quarterly results. This past quarter marked our 12th consecutive quarter of 20 percent growth in earnings per share and our 21st consecutive quarter of double-digit growth. Our 4.6 percent same store sales and 22.6 percent growth in commercial sales are both testaments to our organization’s efforts to continually improve and further validation of our strategies. We continue to execute on our ‘1TeamDriving our Future’ operating theme for 2012. Our financial success continues to be the direct result of the tremendous contributions of our more than 65,000 dedicated AutoZoners, and I am convinced it is their dedication to helping our customers that differentiates us from our competition and drives our successes. We remain focused on our disciplined approach of growing operating earnings while efficiently utilizing our capital," said Bill Rhodes, chairman, president and CEO.
During the quarter, AutoZone opened 17 new stores in the U.S. and two new stores in Mexico. As of Nov. 19, 2011, the company had 4,551 stores in 48 states, the District of Columbia and Puerto Rico in the U.S. and 281 stores in Mexico for a total store count of 4,832.
