Welcome to our dedicated page for AutoZone news (Ticker: AZO), a resource for investors and traders seeking the latest updates and insights on AutoZone stock.
AutoZone, Inc. (NYSE: AZO) is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. Founded in 1979, AutoZone operates over 7,100 stores across the United States, Puerto Rico, Mexico, and Brazil. Each store offers an extensive range of products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured hard parts, maintenance items, and accessories.
AutoZone caters to both do-it-yourself (DIY) and do-it-for-me (DIFM) markets. The company’s vast store network and distribution system ensure a wide array of stock-keeping units applicable to various vehicle makes and models, providing customers with ample product availability. The firm’s team of knowledgeable staff assists consumers with diagnosing vehicle issues, selecting necessary parts, and sometimes even performing installations.
Internationally, AutoZone has expanded its reach with over 750 stores in Mexico and more than 100 stores in Brazil. Additionally, AutoZone sells automotive hard parts, maintenance items, accessories, and non-automotive products through its e-commerce platforms www.autozone.com and www.autozonepro.com.
Financially, AutoZone has demonstrated strong performance. For the fiscal year ending August 26, 2023, the company reported sales of $17.5 billion, a 7.4% increase from the prior year. The company’s net income increased by 4.1% to $2.5 billion, showcasing its robust financial health. AutoZone’s disciplined capital allocation strategy has allowed it to invest significantly in share repurchases, with a total investment of $3.7 billion in the fiscal year 2023.
AutoZone also offers the ALLDATA brand automotive diagnostic, repair, and shop management software through www.alldata.com. In Europe, ALLDATA provides repair data for a wide range of vehicle manufacturers, helping technicians access the most current OEM information. This contributes to safer and more accurate vehicle repairs.
With a history of continuous growth and innovation, AutoZone remains committed to delivering superior customer service and maintaining its status as an industry leader. The company does not derive revenue from automotive repair or installation services, focusing instead on providing quality parts and exceptional service.
AutoZone has announced that its Board of Directors has authorized an additional $1.5 billion for the company's ongoing share repurchase program. This increases the total authorized repurchases to $39.2 billion since the program started in 1998. CFO Jamere Jackson emphasized that the company’s strong free cash flow and investment grade credit ratings allow for this increase while maintaining financial discipline. The company is committed to a disciplined capital allocation policy to drive growth and maintain liquidity.
AutoZone (NYSE: AZO) held its annual Vendor Summit on June 5, 2024, in Memphis, Tennessee, recognizing 17 top suppliers for their outstanding performance and commitment to customer satisfaction. JK Fenner, a specialist in Mechanical Power Transmission products, earned the 2024 Vendor of the Year award for exceptional customer service and operational excellence. Other notable awards included the Extra Miler award for seven vendors like Baofeng and Valvoline, the Ray of Hope award to Great Neck Saw for community contributions, and the International Vendor of Excellence award to Reach Cooling for their international market insights. The WITTDTJR® award was given to seven vendors for product innovations and customer experience improvements.
AutoZone (NYSE: AZO) reported its Q3 fiscal 2024 earnings, showing net sales of $4.2 billion, up 3.5% from last year. While total company same store sales increased by 0.9%, domestic same store sales remained flat. International same store sales saw significant growth at 18.1% (constant currency basis). The gross profit margin rose to 53.5%, bolstered by higher merchandise margins and a 15 basis point non-cash LIFO favorability. Operating expenses increased to 32.2% of sales, primarily due to higher store payroll costs. Operating profit grew by 4.9% to $900.2 million, with a net income of $651.7 million and a 7.5% increase in diluted EPS to $36.69. AutoZone repurchased 242,000 shares for $734.7 million. The company opened 45 new stores, bringing the total count to 7,236.
AutoZone, Inc. (NYSE: AZO) will release its third quarter fiscal 2024 earnings on May 21, 2024. The leading retailer of automotive replacement parts in the Americas will host a conference call to discuss the results. Investors can access the call via webcast or telephone replay.
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