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AutoZone Fiscal Q3 Sales Jump 6%

Counterman

By Counterman
in Auto Parts News

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AutoZone reported net sales of $4.1 billion for its fiscal third quarter, a 5.8% year-over-year increase. The quarter ended May 6.

Domestic same-store sales, or sales for stores open at least one year, increased 1.9% for the quarter.

“I would like to congratulate and thank our entire organization for delivering solid earnings in our third fiscal quarter,” AutoZone CEO Bill Rhodes said. “The hard work of our AutoZoners and their dedication to providing superior customer service, again drove our quarterly performance. While weaker-than-expected sales for the month of March meaningfully affected our results this quarter, we are excited about our initiatives and believe we are well-positioned for future growth.”

Operating profit increased 9.3% to $858.5 million.

AutoZone said its inventory increased 7.4% over the same period last year, driven by inflation and its growth initiatives.

During the quarter, AutoZone opened 22 new stores in the United States, six in Mexico and two in Brazil. As of May 6, the company had 6,248 stores in the United States, 713 in Mexico and 83 in Brazil for a total store count of 7,044.

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