Financials
AutoZone Q2 Sales Increase 16% To $2.9 Billion
Domestic same-store sales increased 15.2% for the quarter, which ended Feb. 13.
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Domestic same-store sales increased 15.2% for the quarter, which ended Feb. 13.
Comparable-store sales for the year were up 2.4%.
Full-year 2020 revenue was $11.6 billion, up $1.45 billion (14%) from full-year 2019.
The second quarter featured “the most dramatic swing in demand our business has ever seen,” CEO Greg Johnson said.
However, same-store sales picked up over the last four weeks of the quarter as consumers began receiving their stimulus checks.
However, sales have picked up since early April.
GPC estimates first-quarter sales took a 3% hit from the COVID-19 pandemic, and diluted earnings per share took a 21-cent hit.
Domestic same-store sales for the quarter, which ended Feb. 15, were down 0.8%.
Full-year net sales came in at $9.7 billion, up from $9.58 billion in 2018.
The company has a number of major projects on tap this year.
