AutoZone Q1 net sales up 8.6% to $4.0B; EPS rises 6.9% to $27.45; gross margin down 242 bps

AUTOZONE INC

2023-Q1 EPS reported $27.45 revenue$3,985,067,000

Domestic same store sales increased 5.6% on top of prior-year 13.6%; commercial sales accelerated 15%.
Operating profit fell 4.2% to $723M; net income down 2.9% to $539.3M.
Gross margin 50.1% vs 52.5% a year ago; a 203 bps non-cash LIFO charge from rising freight costs.
Repurchased 392K shares for $900M (avg $2,295/share); $2.7B remaining under buyback authorization.
Opened 28 US stores, 3 in Mexico, 4 in Brazil; total stores 6,978 as of Nov 19, 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AUTOZONE INC reported first quarter ended November 19, 2022 results: revenue $4.0 billion, net income $539.3 million, EPS $27.45.

Period: first quarter ended November 19, 2022
Revenue: $4.0 billion
Net income: $539.3 million
EPS: $27.45
Result: reported results

Exact text from the filing

AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.0 billion for its first quarter (12 weeks) ended November 19, 2022, an increase of 8.6% from the first quarter of fiscal 2022 (12 weeks). Domestic same store sales, or sales for stores open at least one year, increased 5.6% for the quarter. “I would again like to thank and congratulate our AutoZoners across the Company for their ongoing commitment to deliver great results and exceptional customer service. Their efforts allowed us to deliver solid same store sales results on top of last year’s very strong 13.6%. While our Commercial sales growth accelerated 15%, our retail sales also grew impressively from a year ago. We continue to believe our initiatives to grow our business position us well for the remainder of our fiscal year,” said Bill Rhodes, Chairman, President and Chief Executive Officer. For the quarter, gross profit, as a percentage of sales, was 50.1%, a decrease of 242 basis points versus the prior year. The decre

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Source: SEC EDGAR

accession 0001171843-22-007838

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