AutoZone Revenue

AutoZone Quarterly Revenue Up Slightly Despite ‘Softer-Than-Expected Sales Environment’

A lower effective income tax rate – a byproduct of President Trump’s tax-reform measure – boosted AutoZone’s net income and diluted earnings per share, according to the company.

 

AutoZone reported a slight uptick in its third-quarter revenue and same-store sales, and double-digit growth in net income and earnings per share.

The company reported net sales of $2.7 billion, an increase of 1.6 percent over its fiscal 2017 third-quarter. AutoZone’s fiscal 2018 third quarter ended May 5.

U.S. same-store sales – stores open at least one year – increased 0.6 percent, according to the Memphis, Tenn.-based retailer.

Net income for the quarter increased nearly 11 percent year-over-year to $366.7 million, while diluted earnings per share increased 17.3 percent to $13.42 per share, up from $11.44 per share in third-quarter 2017.

A lower effective income tax rate – a byproduct of President Trump’s tax-reform measure – boosted AutoZone’s net income and diluted earnings per share, according to the company.

“I would like to thank our entire organization for delivering solid financial results in spite of a softer-than-expected sales environment,” said Bill Rhodes, AutoZone chairman, president and CEO. “As we entered the third quarter, we were optimistic about our sales prospects for Q3 since we were coming off the first reasonably severe winter in the last three years. Unfortunately, we had a very cold, wet spring through March and much of April and our sales didn’t respond until spring-like weather arrived in late April.  When the conditions improved, our performance improved significantly, which reinforces our optimism about the balance of the selling season.”

During the third quarter, AutoZone said it opened 26 new stores and relocated two stores in the United States, and opened four new stores in Mexico.

As of May 5, the company had 6,092 stores: 5,540 stores in 50 states, the District of Columbia and Puerto Rico; 536 stores in Mexico; and 16 stores in Brazil.

“Our ongoing initiatives, which include enhanced inventory availability, further commercial acceleration and new omni-channel selling initiatives, continue to gain traction as we roll them further across our chain,” Rhodes said. “As we continue to invest in our business, we remain committed to our disciplined approach of increasing operating earnings and cash flow, and utilizing our balance sheet and capital effectively.”

You May Also Like

MEMA Names John Chalifoux Chief Sustainability Officer

He also will serve as chief operating officer of the MEMA Aftermarket Suppliers membership group.

MEMA, The Vehicle Suppliers Association, has named John Chalifoux as its chief sustainability officer and head of its newly launched Center for Sustainability.

He also will serve as chief operating officer of the MEMA Aftermarket Suppliers membership group. Most recently, Chalifoux was president and chief operating officer of MEMA’s Association for Sustainable Manufacturing (MERA).

Advance Auto Parts Reports Q3 Net Sales Of $2.6 Billion

Comparable-store sales decreased 0.7%.

Genuine Parts Company Reports Strong Q3 Results

Sales for the Automotive Parts Group were $3.5 billion, up 8.9% year-over-year.

O’Reilly Q3 Sales Up 9%

Comparable-store sales rose 7.6%.

AutoZone’s Fiscal Q4 Sales Up 9%

For AutoZone’s 2022 fiscal year, sales were up 11.1% to $16.3 billion, while domestic same-store sales were up 8.4%.

Other Posts

Advance Launches ‘Diehards Choose DieHard’ Campaign

The campaign features former Marine sergeant and world-renowned climber Kirstie Ennis.

MEMA Establishes Center for Sustainability

The mission of the new Sustainability Center is to serve MEMA members wherever they are in their sustainability journey.

MEMA Names Jackson Executive Director of Strategy and Research

He most recently was executive director of strategy and research for MEMA’s light-duty original equipment division. 

MEMA Taps Gardner to Lead Marketing and Communications

Prior to MEMA’s reorganization, marketing and communication responsibilities were siloed across MEMA’s four divisions.