The company said net sales for 12 weeks in Q3 (ended May 4, 2024) were $4.2 billion, up 3.5% from a year earlier, and operating profit (EBIT) rose 4.9% to $900.2 million.

1. 01

   The company said net sales for 12 weeks in Q3 (ended May 4, 2024) were $4.2 billion, up 3.5% from a year earlier, and operating profit (EBIT) rose 4.9% to $900.2 million.

2. 02

   AutoZone said gross margin for Q3 was 53.5%, up 102 basis points from a year earlier. It cited higher merchandise margins and a non-cash LIFO benefit as the drivers. Operating expenses as a percentage of sales were 32.2%, compared with 31.5% a year earlier, and the company cited higher store payroll as a percentage of sales as the reason.

3. 03

   Net income for Q3 was $651.7 million (compared with $647.7 million a year earlier), and diluted earnings per share rose 7.5% to $36.69, the company said. It also said it repurchased 242 thousand shares at an average price of $3,036 for a total of $734.7 million, and had $1.4 billion remaining under its share repurchase authorization at the end of the quarter.

4. 04

   The company said same store sales for Q3 (12 weeks) were 0.0% in Domestic, 18.1% in International and 1.9% for Total Company, and that on a constant currency basis Total Company same store sales were 0.9%. In the same quarter, it opened 32 new stores in the U.S., 12 in Mexico and 1 in Brazil, for a net 45 new stores and a total of 7,236 stores.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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