RSS   Newsletter   Contact   Advertise with us
Post Online Media
AutoZone   Domestic same store sale increased 1.6%

AutoZone Q1 net sales $2.5 billion

AutoZoneAutoZone reported net sales of $2.5 billion for its first quarter ended November 19, 2016, an increase of 3.4% from the first quarter of fiscal 2016 (12 weeks).

Domestic same store sales, or sales for stores open at least one year, increased 1.6% for the quarter.

Article continues below

READ MORE AutoZone Q2 profit climbs 4 percent

Net income for the quarter increased 7.8% over the same period last year to $278.1 million, while diluted earnings per share increased 13.0% to $9.36 per share from $8.29 per share in the year-ago quarter.

For the quarter, gross profit, as a percentage of sales, was 52.7% (versus 52.5% for the same period last year). The improvement in gross margin was attributable to lower acquisition costs, partially offset by higher supply chain costs associated with current year inventory initiatives (-14 bps).

Operating expenses, as a percentage of sales, were 34.1% (versus 34.2% the same period last year). Operating expenses, as a percentage of sales, were relatively flat to last year as favorability across several areas was offset by higher domestic store payroll (-9 bps).

Under its share repurchase program, AutoZone repurchased 478 thousand shares of its common stock for $363 million during the first quarter, at an average price of $759 per share.

At the end of the first quarter, the Company had $783 million remaining under its current share repurchase authorization.

The Company’s inventory increased 7.3% over the same period last year, driven by new stores and increased product placement. Inventory per location was $647 thousand versus $624 thousand last year and $625 thousand last quarter.

Net inventory, defined as merchandise inventories less accounts payable, on a per location basis, was a negative $67 thousand versus negative $66 thousand last year and negative $80 thousand last quarter.




What to read next



 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy