PHOENIX — CSK Auto Corp. has reported its financial results for the second quarter of fiscal 2004.
Net sales for the 13 weeks, which ended on Aug. 1, 2004 were $409.1 million, compared to $418.5 million for the 13 weeks, which ended on Aug. 3, 2003. Same store sales decreased 2.5 percent in the second quarter of fiscal 2004 as compared to the second quarter of fiscal 2003.
Gross profit was $191.3 million, or 46.8 percent of net sales, in the second quarter of fiscal 2004 as compared to $193.7 million, or 46.3 percent of net sales, in the second quarter of fiscal 2003. The company said gross profit, as a percent to sales, increased over the second quarter of fiscal 2003 due to lower product acquisition costs on selected items and continued reduction in store inventory shrinkage as a result of improved store procedures and enhanced inventory control systems.
Operating profit for the second quarter of fiscal 2004 decreased to $30.3 million compared to $35.2 million for the second quarter of fiscal 2003. The decrease in operating profit primarily relates to a decline in sales and higher payroll rates and benefit-related expenses.
Interest expense for the second quarter of fiscal 2004 decreased to $7.6 million from $13.3 million in the second quarter of fiscal 2003 due to lower interest expense achieved as a result of the company’s January 2004 refinancing.
Net income for the second quarter of fiscal 2004 was $13.9 million, or 30 cents per diluted share, compared to net income of $10.8 million, or 24 cents per diluted share, for the second quarter of fiscal 2003. Net income for the second quarter of fiscal 2003 was negatively impacted by $4.3 million of costs related to debt retirement. On a comparable basis, net income was $13.9 million, or 30 cents per diluted share, for the second quarter of fiscal 2004 as compared to $13.5 million, or 30 cents per diluted share, for the second quarter of fiscal 2003.
During the second quarter of fiscal 2004, CSK repurchased approximately 1.3 million shares of its common stock for approximately $19.8 million under a previously announced $25 million stock repurchase program.
For more information about CSK, go to: www.cskauto.com .
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