AutoZone Q3 Sales Flat, Same-Store Sales Down 1%

AutoZone Q3 Sales Flat, Same-Store Sales Down 1%

However, same-store sales picked up over the last four weeks of the quarter as consumers began receiving their stimulus checks.

AutoZone reported net sales of $2.8 billion for its third quarter, down 0.1% from its fiscal third-quarter 2019.

Domestic same-store sales for the quarter, which ended May 9, slipped 1%.

In a news release announcing its results, AutoZone said the quarter had three distinct four-week segments. Retail and commercial sales were strong during the first four weeks, and the company saw “mid-single-digit” increases in same-store sales. AutoZone started feeling the impact of COVID-19 stay-at-home orders during the next four weeks, and “same-store sales were down materially.” Over the last four weeks of the quarter, as consumers began receiving their stimulus checks, “same-store sales turned meaningfully positive,” the company noted.

“Prior to a discussion of our third-quarter results, it is important to address the impact the COVID-19 crisis has had on our business,” AutoZone CEO Bill Rhodes said. “While certain retailers closed their stores during this time, our stores remained open to service the motoring public. First and foremost, the health, safety and well-being of our AutoZoners and customers remains our most important concern. During these times, our AutoZoners have made sure customers can safely and responsibly operate their vehicles and get back on the road. To better serve our customers and promote health and safety, we initially reduced the hours of operation in most of our stores, but subsequently have returned to more normal operating hours. We also increased the frequency of cleaning and disinfecting all locations, and introduced new service options for customers, such as curbside pickup. We have provided additional paid time off for both full-time and part-time eligible hourly AutoZoners to help them deal with the challenges they face as a result of COVID-19.”

Due to the coronavirus, AutoZone “experienced the most extreme fluctuations in sales, both negative and positive, in the company’s more than 40-year history,” Rhodes asserted.

“Because of this extreme volatility and uncertainty around the continued effects of the virus and government and consumer responses, it is difficult for us to forecast short-term results with any degree of confidence,” Rhodes added. “But our team has proven yet again that we can flex our business quickly in this dynamic environment, and we significantly enhanced our liquidity as previously announced.”

You May Also Like

NAPA Auto Parts Parent GPC Reports Record Q1 Sales

Global sales for the Automotive Parts Group were $3.5 billion, up 7% over first-quarter 2022.

Genuine Parts Co. (GPC) reported record first-quarter sales of $5.8 billion, up nearly 9% over first-quarter 2022.

Net income was $304 million, up from $246 million in first-quarter 2022.

“We are pleased with the continued strength and momentum in our business and excited to report results that exceeded our expectations for the quarter,” said Paul Donahue, chairman and CEO. “Our performance was a clear example of how our multi-year strategic transformation to a global automotive and industrial company is a competitive advantage that distinguishes GPC in the marketplace. We benefited from our business mix and the geographic diversity of our operations with continued strong performances in our international automotive businesses and in the industrial segment. We are extremely proud of the outstanding work by all our GPC teammates.”

Advance Reports 2022 Sales of $11.2 Billion

Fourth-quarter net sales increased 3.2% to $2.5 billion, while comparable-store sales were up 2.1%.

Genuine Parts Co. Reports Record 2022 Sales

Full-year net sales for the Global Automotive Parts group were $13.7 billion, up from $12.5 billion in 2021.

O’Reilly Reports Record 2022, Q4 Revenue

Comparable-store sales were up 6.4% for the full year.

Advance Auto Parts Reports Q3 Net Sales Of $2.6 Billion

Comparable-store sales decreased 0.7%.

Other Posts

Phil Daniele Takes Over as AutoZone CEO

As part of a previously announced transition plan, longtime CEO Phil Rhodes becomes executive chairman.

AutoZone Announces Leadership Changes

Longtime President and CEO Bill Rhodes will step down in January, among other leadership changes.

Pent-Up Demand Expected to Buoy US New-Vehicle Sales in Q2

Edmunds is forecasting second-quarter sales of more than 4 million new cars and trucks.

AutoZone Recognizes Contributions of Top Suppliers

AutoZone named BBB its 2023 Vendor of the Year.