AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the Americas.
AutoZone, Inc. (NYSE: AZO) announced first quarter financial results that ended November 23rd, 2019. AutoZone reported net sales of USD 2.8 Billion. Domestic same store sales increased 3.4%. Net income decreased to USD 350.3 Million. AutoZone repurchased 403,000 shares of common stock for USD 450 Million. The average price of shares purchased was USD 1,116.
At the close of the first quarter the company had USD 1.3 Billion left under its share repurchase agreement. Inventory for AutoZone increased 9.1% compared to a year ago. “I would like to thank and congratulate our entire organization for delivering solid sales and earnings in our first fiscal quarter. Our business strengthened during the quarter with accelerated growth in both Retail and Commercial. The hard work of our AutoZoners and their dedication to providing superior customer service, again drove our strong quarterly performance. As our industry’s fundamentals remain healthy, we are optimistic about what we can accomplish this new year, with our ongoing initiatives in place to improve inventory availability, drive DIY sales, and continue to grow Commercial substantially faster than industry growth. We believe our efforts will allow us to meet or exceed our customers’ needs across all channels. As we opportunistically invest capital in our business, we remain committed to our disciplined approach of increasing operating earnings and cash flow, and of utilizing our balance sheet and capital effectively,” said Bill Rhodes, Chairman, President and Chief Executive Officer.
Share value of AutoZone reached a new all-time high of USD 1,274.41 today.