Fri, Jun 7, 8:08 PM (92 days ago)
AutoZone, Inc.'s Form 10-Q for the quarter ended May 4, 2024, indicates a solid financial performance with net sales increasing by 3.5% to $4.2 billion compared to the same period last year. The growth was driven primarily by new store openings and a 0.9% increase in same-store sales on a constant currency basis. Gross profit rose to $2.3 billion, with a gross margin improvement to 53.5%, attributed to higher merchandise margins and favorable LIFO adjustments. Operating expenses increased slightly to 32.2% of sales due to higher domestic store payroll costs. Net income saw a marginal increase to $651.7 million, while diluted earnings per share grew by 7.5% to $36.69. The company's liquidity remains robust with $275.4 million in cash and $2.2 billion in undrawn credit capacity. AutoZone continues to invest heavily in growth initiatives, including new distribution centers and store expansions, with capital expenditures rising to $725.9 million. The company also repurchased $2.4 billion in stock during the period, maintaining a strong focus on shareholder returns.