AutoZone Q2 Sales Increase 16% To $2.9 Billion

AutoZone Q2 Sales Increase 16% To $2.9 Billion

Domestic same-store sales increased 15.2% for the quarter, which ended Feb. 13.

AutoZone reported fiscal second-quarter net sales of $2.9 billion, a  15.8% year-over-year increase.

Domestic same-store sales, or sales for stores open at least one year, increased 15.2% for the quarter, which ended Feb. 13.

Operating profit increased 18.1% to $481.8 million. Net income for the quarter increased 15.6% to $345.9 million, while diluted earnings per share increased 20.5% to $14.93 per share, from $12.39 per share in the year-ago quarter. The increase in net income was driven by strong top-line growth, according to the company.

“This quarter, we were again able to deliver exceptionally strong same-store sales and earnings growth, and many performance metrics remained at historically high levels,” CEO Bill Rhodes said in a news release. “While our strong (DIY) sales have been aided by government stimulus and changes to consumer behavior as a result of the pandemic, our growth initiatives continue to deliver strong share gains with both DIY and commercial customers. In commercial, our business was up 15% this quarter, as the investments we are making in pricing, service and assortment are strengthening our competitive position in this large, fragmented market. We intend to accelerate our company’s historical growth rate as we increase our penetration in this market.”

“Our outstanding performance is also driven by the exceptional and heroic efforts of our AutoZoners, particularly those in our stores and distribution centers who have been there every day for our customers during these extraordinary times. We recently announced a financial incentive for our employees to receive the COVID-19 vaccine and we will continue to invest appropriately in a safe and productive work environment for our people.”

During the quarter, AutoZone opened 27 new stores in the United States, seven in Mexico and one in Brazil. As of Feb. 13, the company had 5,951 stores in the United States, 628 stores in Mexico, and 46 stores in Brazil for a total store count of 6,625.

You May Also Like

Advance Auto Parts Q1 Sales Increase 1.3%

Comparable-store sales increased by 0.6%.

Advance Auto Parts reported first-quarter net sales of $3.4 billion, a 1.3% year-over-year increase.

Comparable-store sales increased by 0.6%. However, comparable sales increased by 25.3% on a two-year stack, which blends comparable-sales from 2022 and 2021.

“In the first quarter of 2022, we delivered our eighth consecutive quarter of comparable-store sales, adjusted operating income and adjusted earnings per share growth,” said Tom Greco, president and chief executive officer. “We started 2022 with strong mid-single-digit comp growth through the first 10 weeks of our 16-week quarter. During the final six weeks, we experienced comp declines driven by our DIY omnichannel business. This was primarily a result of headwinds from the expected lap of the DIY sales boost from the 2021 stimulus as well as a slower start to the spring selling season due to cooler temperatures and higher precipitation. These headwinds have subsided during the first four weeks of our second quarter with comparable-sales growth within our full-year guidance range.”

Record DIFM Sales Drive Solid Q3 For AutoZone

DIFM sales continue to rebound from the lows of the pandemic.

GPC Reports 19% Jump In Q1 Sales, Boosts 2022 Guidance

Sales in the Automotive Parts Group were $3.3 billion, up nearly 11%.

O’Reilly Reports 7% Increase In Q1 Sales

Comparable-store sales were up 4.8%.

AutoZone Fiscal Q2 Sales Up 15.8%

Domestic same-store sales for the quarter, which ended Feb. 12, increased 13.8%.

Other Posts

AutoZone Exec Philip Daniele to Keynote AASA Vision Conference

The conference is scheduled for April 11-12 in Chicago.

Angry Driving Or ‘COVID Driving’?

If we all don’t slow down, we’re all going to get somewhere fast all right — a grave.

NGK, AutoZone Receive AASA Channel Excellence Award

The teams shared market research and applied POS data and other information to develop an oxygen-sensor program.

AutoZone Carrying Lectron EV Chargers On Website

The move by AutoZone makes Lectron its most widely available EV-charging provider.