AutoZone reported net sales of $3.6 billion for its fiscal fourth quarter, which ended Aug. 25.
Fourth-quarter net sales were up 1.3 percent from $3.5 billion in its fiscal fourth-quarter 2017.
Domestic same-store sales – sales for stores open at least one year – increased 2.2 percent compared to fourth-quarter 2017, according to AutoZone.
As previously announced, the retailer terminated its qualified and non-qualified pension plans, which had been frozen since fiscal 2003. Adjusting for the nearly $94 million in charges that the retailer incurred from terminating the pension plans, AutoZone’s net income increased 13.8 percent to $494 million, while adjusted diluted earnings per share increased 21.4 percent to $18.54 per share, up from $15.27 per share in the year-ago quarter.
“I would like to thank our entire organization for their efforts that delivered solid financial results again in fiscal 2018,” said Bill Rhodes, chairman, president and CEO of AutoZone. “Our culture of exceptional customer service continues to guide us every day and is our driving force. We were pleased to deliver positive same-store sales for both our Retail and Commercial businesses.
“We expected our sales, particularly in the Rust Belt, to increase this summer and, for the most part, that materialized. Additionally, our Commercial sales performance accelerated nicely in the quarter growing 8.8 percent. While these were positive developments, we believe we have further opportunities to improve our operations and results. As we are investing to grow, we will remain committed to our disciplined approach to increasing operating earnings and utilizing our capital effectively.”
During the quarter, AutoZone opened 78 new stores and relocated four stores in the United States, opened 28 new stores in Mexico and four in Brazil.
As of Aug. 25, the company had 5,618 stores in 50 U.S. states, the District of Columbia and Puerto Rico, 564 stores in Mexico and 20 stores in Brazil, for a total count of 6,202.
