AutoZone's Strong Q4 Performance: Growth Figures and Store Openings
AutoZone's Impressive Fourth-Quarter Earnings Report
AutoZone, Inc, the well-known automotive retailer, recently released its earnings report for the fourth quarter, showcasing a compelling performance. The company recorded earnings per share of $51.58, which, despite being below the anticipated $53.53, highlights a robust operational foundation.
Revenue and Sales Growth Overview
The quarterly revenue stood at $6.205 billion, marking a 9% increase compared to the previous year. This figure, although slightly below the analyst consensus of $6.221 billion, reflects steady growth. If we factor out the additional week included in this year’s data, adjusted sales showed a growth of 2.6%, highlighting the company's consistency in performance.
Store Performance and Opening New Locations
During this quarter, AutoZone continued its expansion strategy by opening a total of 117 new stores, comprising 68 in the U.S., 31 in Mexico, and 18 in Brazil. With this addition, AutoZone now operates 6,432 stores in the U.S., 794 in Mexico, and 127 in Brazil, totaling 7,353 locations. This growth in physical presence should enhance customer accessibility and drive sales further.
Profit Margins and Operating Income Insights
The gross profit margin for the quarter slightly decreased to 52.5%, down 21 basis points year over year, primarily due to a non-cash LIFO impact. On a positive note, operating profit grew by 6.1% to reach $1.3 billion, indicating efficient operational management that boosted overall profitability.
Share Repurchase Program and its Impact
AutoZone's share repurchase program continues to reflect the company's commitment to returning value to shareholders. During the fourth quarter, the company repurchased 244 thousand shares at an average price of $2,915, amounting to a total investment of $710.6 million. Since the inception of this program, AutoZone has bought back 155 million shares at an average price of $238, totaling $37.0 billion invested. This robust buyback strategy not only enhances shareholder value but signals management's confidence in the company's future.
Sales Analysis Per Store and Region
In terms of sales performance, AutoZone reported an increase in sales per average store, which rose to $0.84 million, up from $0.79 million year over year. On a per square foot basis, sales climbed to $124 from $118, showing efficient utilization of retail space. Total auto parts sales also showed improvement, reaching $6.09 billion compared to $5.59 billion in the previous year, underlining the company's strong position in the automotive parts market.
Commercial Sales Growth
The domestic commercial sales sector saw significant growth, reporting $1.66 billion, an increase from $1.5 billion year over year. This upward trend in commercial sales may indicate a growing demand among businesses for automotive parts, which is beneficial for AutoZone's overall growth.
AutoZone Stock Performance
On the stock performance front, AutoZone's stock has appreciated over 18% over the past year. As of the last check, the stock was trading at $2,935.01, reflecting a premarket decrease of 3.73%. Investors looking to gain exposure to AutoZone may also consider options like the Vanguard Mid-Cap ETF (VO) and the iShares Russell 1000 Growth ETF (IWF), both of which have included AutoZone in their portfolios.
Frequently Asked Questions
What were AutoZone's fourth-quarter earnings per share?
AutoZone reported fourth-quarter earnings per share of $51.58.
How much revenue did AutoZone generate in the fourth quarter?
The company recorded quarterly revenues of $6.205 billion, reflecting a 9% year-over-year growth.
How many new stores did AutoZone open this quarter?
AutoZone opened a total of 117 new stores during the fourth quarter.
What is AutoZone's gross profit margin for the quarter?
The gross profit margin for the quarter was 52.5%, down 21 basis points year over year.
Which ETFs include AutoZone stock?
Investors can find AutoZone stock in the Vanguard Mid-Cap ETF (VO) and the iShares Russell 1000 Growth ETF (IWF).
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