AutoZone shines on earnings beat

Sep. 22, 2020 7:18 AM ETAutoZone, Inc. (AZO)AZOBy: Niloofer Shaikh, SA News Editor5 Comments
  • AutoZone (NYSE:AZO) reports domestic same-store sales rose 218% vs. consensus of +10% in FQ4.
  • Total auto parts sales expanded 14.2% to $4.47B.
  • Total domestic commercial sales up 10% to $975.57M.
  • Gross margin rate -30 bps to 53.1% vs. consensus of 53.6, due to lower merchandise margins driven primarily by a shift in mix.
  • Merchandise inventories grew 3.6% Y/Y to $4.47B, driven by increased product placement and new stores.
  • Domestic store count +113 Y/Y to 5,885; Total store count +138 Y/Y to 6,549.
  • The company did not repurchase any shares during the quarter.
  • "As we begin fiscal 2021, there continues to be significant uncertainty but our team has proven that they are nimble and quickly able to adapt to this ever changing environment and provide exceptional service to our customers," said Bill Rhodes, Chairman, President and CEO.
  • AutoZone's forward fundamental outlook is not as strong as it has been, wrote Harrison Schwartz in his article "AutoZone's Performance Is Strong, But Its Road Is Downhill From Here."
  • Shares up 5.4% premarket.
  • Previously: AutoZone EPS beats by $6.42, beats on revenue (Sept. 22)

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