AutoZone Reports Q2 Results with Increases in Same Store Sales

AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

AutoZone, Inc. posted a solid performance for its second quarter, ending February 10, 2024, with net sales reaching $3.9 billion, marking a 4.6% increase from the same period last fiscal year. The company reported that same store sales, encompassing both domestic and international outlets open for at least one year, showed positive growth. Domestic same store sales increased by 0.3%, while international same store sales surged by 23.9%.

Gross profit margin improved to 53.9% of sales, a 160 basis points increase compared to the previous year. This uptick was primarily attributed to higher merchandise margins and non-cash LIFO favorability, AutoZone reported. Operating expenses accounted for 34.6% of sales, slightly up from the prior year’s 34.1%. Operating profit rose by 10.9% to $743.2 million, with net income increasing by 8.1% to $515 million. Diluted earnings per share also saw a significant uptick, rising by 17.2% to $28.89.

AutoZone’s inventory increased by 4.2% over the same period last year, mainly due to new store openings. Despite this growth, net inventory per store showed improvement, standing at negative $164,000.

Phil Daniele, president and CEO of AutoZone, expressed gratitude to the company’s employees, or “AutoZoners,” for their role in achieving solid earnings.

“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,” he said. “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.”

During the quarter, AutoZone expanded its footprint by opening 19 new stores in the U.S., while also adding six new stores in Mexico and four in Brazil. As of February 10, 2024, the company operated a total of 7,191 stores across the Americas.

You May Also Like

Phinia Reports Q4 Results & 2024 Outlook

Phinia reported that it expects strong earnings and cash generation in 2024, driven by operational efficiencies, and growth in aftermarket sales.

financial results

Phinia Inc. reported its fourth-quarter and full-year results for the period ending December 31, 2023. The company reported fourth quarter net sales totaling $882 million, marking a 3.6% increase compared with Q4 2022. This excludes $24 million of contract manufacturing sales, which saw a slight increase compared to the same period in 2022.

"Our Q4 results were stronger than expected," said Brady Ericson, Phinia's president and CEO. "I’m pleased with our teams’ focus on serving our customers while closing out 2023 with solid cost and margin performance."

GPC Delivers on 2023 Financial Goals

GPC reported mid-single-digit total sales growth and its third consecutive year of double-digit earnings growth.

MPA Reports Strong Financial Results for Fiscal Q3 2024

MPA’s Q3 results showed increases in net sales, operating income and cash flow from operating activities.

O’Reilly Reports Q4, Full-Year 2023 Financial Results

The company said it anticipates continued growth in 2024, with projections including 190 to 200 net new store openings.

financial results
Valvoline, Inc. Reports Q1 Growth

Valvoline saw an increase in system-wide stores to 1,890, including 895 company-operated stores and 995 franchised stores in Q1.

Valvoline Instant Oil Change building

Other Posts

Forvia Reports FY 2023 Results After HELLA Acquisition

The company reported synergies with HELLA, with cumulative net cost synergies reaching over $200 million by the end of 2023.

The Bosch Group Achieves Sales Growth in 2023 Amid Challenges

In response to automotive industry changes, Bosch announced the largest realignment of its core business, establishing the integrated Mobility business sector.

Snap-on Reports Q4 and 2023 Operating Results

Full-year net sales for 2023 reached $4,730.2 million, reflecting an increase of $237.4 million, or 5.3%, from 2022 levels.

Eaton Reports Record Q4 2023 Results

Fourth-quarter sales reached $6 billion, an 11% increase from the previous year, driven by organic growth and a slight boost from foreign exchange.