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AutoZone Q2 Sales Increase 16% To $2.9 Billion

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

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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.”

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“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.

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