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AutoZone Inc. (AZO - Free Report) reported earnings of $32.55 per share for first-quarter fiscal 2024 (ended Nov 18, 2023), up 18.6% year over year. Earnings surpassed the Zacks Consensus Estimate of $31.01 per share.
Net sales grew 5.1% year over year to $4,190.3 million. The top line also surpassed the Zacks Consensus Estimate of $4,171.9 million.
In the reported quarter, domestic commercial sales totaled $1,092.9 million, up from $1,034.4 million recorded in the year-ago period. Domestic same-store sales (sales at stores open at least for a year) rose by 1.2%.
Gross profit increased to $2,214 million from the prior-year quarter’s figure of $1,994.6 million. Operating profit increased 17.4% year over year to $848.6 million.
During the quarter, AutoZone opened 17 new stores and closed one store in the United States, five new stores in Mexico and four stores in Brazil. It exited the quarter with 6,316 stores in the United States, 745 in Mexico and 104 in Brazil. The total store count was 7,165 as of Nov 18, 2023.
Its inventory increased by 3% year over year in the reported quarter, led by new store growth. At quarter-end, the inventory per location was negative $197,000 compared with negative $249,000 a year ago.
Financials and Share Repurchases
As of Nov 18, 2023, AutoZone had cash and cash equivalents of $282.9 million, up from $269.7 million as of Nov 19, 2022.
Its total debt amounted to $8,583.5 million as of Nov 18, 2023, increasing from $6,328.3 million as of Nov 19, 2022.
The company repurchased 580,000 shares of its common stock for $1.5 billion during the fiscal first quarter at an average price of $2,590 per share. At quarter-end, it had $333.1 million remaining under its current share repurchase authorization.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased by 3 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for RNLSY’s 2023 sales and earnings indicates year-over-year growth of 4.5% and 128.1%, respectively. The EPS estimates for 2023 and 2024 have increased by 15 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimates for 2023 and 2024 have increased by 59 cents and 55 cents, respectively, in the past 60 days.
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AutoZone (AZO) Q1 Earnings & Revenues Surpass Estimates
AutoZone Inc. (AZO - Free Report) reported earnings of $32.55 per share for first-quarter fiscal 2024 (ended Nov 18, 2023), up 18.6% year over year. Earnings surpassed the Zacks Consensus Estimate of $31.01 per share.
Net sales grew 5.1% year over year to $4,190.3 million. The top line also surpassed the Zacks Consensus Estimate of $4,171.9 million.
In the reported quarter, domestic commercial sales totaled $1,092.9 million, up from $1,034.4 million recorded in the year-ago period. Domestic same-store sales (sales at stores open at least for a year) rose by 1.2%.
Gross profit increased to $2,214 million from the prior-year quarter’s figure of $1,994.6 million. Operating profit increased 17.4% year over year to $848.6 million.
AutoZone, Inc. Price, Consensus and EPS Surprise
AutoZone, Inc. price-consensus-eps-surprise-chart | AutoZone, Inc. Quote
Store Opening & Inventory
During the quarter, AutoZone opened 17 new stores and closed one store in the United States, five new stores in Mexico and four stores in Brazil. It exited the quarter with 6,316 stores in the United States, 745 in Mexico and 104 in Brazil. The total store count was 7,165 as of Nov 18, 2023.
Its inventory increased by 3% year over year in the reported quarter, led by new store growth. At quarter-end, the inventory per location was negative $197,000 compared with negative $249,000 a year ago.
Financials and Share Repurchases
As of Nov 18, 2023, AutoZone had cash and cash equivalents of $282.9 million, up from $269.7 million as of Nov 19, 2022.
Its total debt amounted to $8,583.5 million as of Nov 18, 2023, increasing from $6,328.3 million as of Nov 19, 2022.
The company repurchased 580,000 shares of its common stock for $1.5 billion during the fiscal first quarter at an average price of $2,590 per share. At quarter-end, it had $333.1 million remaining under its current share repurchase authorization.
Zacks Rank & Key Picks
AZO currently carries Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo (VLVLY - Free Report) , Renault SA (RNLSY - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased by 3 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for RNLSY’s 2023 sales and earnings indicates year-over-year growth of 4.5% and 128.1%, respectively. The EPS estimates for 2023 and 2024 have increased by 15 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimates for 2023 and 2024 have increased by 59 cents and 55 cents, respectively, in the past 60 days.