Financials
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.
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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.
Full-year sales were $10.15 billion, up 6% from full-year 2018.
Overall, AutoZone reported net sales of $2.8 billion for its fiscal first quarter, a nearly 6% year-over-year increase.
While the Trump administration's tariffs on imported Chinese goods haven’t had an impact on AutoZone's bottom line, customers can expect to pay higher prices for auto parts as the trade war drags on.
AutoZone is ringing in its fiscal new year with plenty to toast, after the company reported record sales and continued to make inroads with commercial customers during its fiscal 2019, which ended Aug. 31.
