AutoZone Reports 6% Increase in Fiscal Q4 Sales

[Counterman]

AutoZone reported net sales of $5.7 billion for its fiscal-2023 fourth quarter, a 6.4% year-over-year increase.

Domestic same-store sales for the fourth quarter, which ended Aug. 26, were up 1.7%.

Operating profit increased 10.8% to $1.2 billion. Net income for the quarter increased 6.8% to $864.8 million, while diluted earnings per share increased 14.7% to $46.46, according to the company.

“While we started this quarter slowly, we saw improvements in the back half of our quarter,” AutoZone CEO Bill Rhodes said in a news release. “Despite lower-than-expected growth in domestic commercial, we believe that the initiatives we have in place and are implementing will drive stronger growth in fiscal 2024. Additionally, we continued to be pleased with our international stores’ performance and we are excited about future growth prospects across both Mexico and Brazil.”

Same-store sales in Mexico and Brazil were up 4.5% on a year-over-year basis.

During the quarter, AutoZone opened 53 new stores and closed one in the United States, and opened 27 new stores in Mexico and 17 in Brazil for a total of 96 net new stores. For the fiscal year, the company opened 197 net new stores.

As of Aug. 26, the company had 6,300 stores in the United States, 740 in Mexico and 100 in Brazil for a total store count of 7,140.

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