AutoZone (AZO) Saw Profit Jump 24% During Q1, Inventory Up 7.2%
Tweet
Share
E-mail
Get Alerts AZO Hot Sheet
Price: $2,985.54 +0.42%
EPS Growth %: +17.2%
Financial Fact:
Net sales: 3.4B
Today's EPS Names:
MAXN, CSTR, ACU, More
EPS Growth %: +17.2%
Financial Fact:
Net sales: 3.4B
Today's EPS Names:
MAXN, CSTR, ACU, More
Join SI Premium – FREE
AutoZone, Inc. (NYSE: AZO) Tuesday reported its first-quarter fiscal 2012 results.
The company reported net sales rose 7.4 percent year-over-year to $1.9 billion, slightly topping the Street’s consensus of $1.89 billion. Domestic same-store sales increased 4.6 percent.
Gross margin totaled 51.1 percent, up from 50.7 percent during the same period last year. The improvement in gross margin was attributable to lower distribution costs on higher sales (23 bps), lower shrink expense (18 bps) and slightly higher merchandise margins. Operating expenses accounted for 33.4 percent of total sales, versus 33.6 percent in the year-ago quarter.
Net income for the quarter increased 11.1 percent to $191.1 million, while diluted earnings per share increased 24.0 percent to $4.68. The company trumped the Street’s forecast of $4.44 per share in earnings.
AutoZone's inventory increased 7.2 percent over the same period last year, driven by new stores and continued strategic investments in parts assortment. Inventory per store was $524,000 versus $508,000 in the first quarter of 2011, an increase of 3 percent.
AutoZone ended the quarter with $96.676 million in cash and cash equivalents, down from $98.013 million last year during the same period.
The company repurchased 954,000 shares of its common stock for $310 million during the first quarter, at an average price of $325 per share. At quarter end, the Company had $659 million remaining under its current share repurchase authorization.
"After three years of impressive financial performance, we are pleased to begin fiscal 2012 with strong quarterly results. This past quarter marked our twelfth consecutive quarter of 20 percent growth in earnings per share and our twenty-first consecutive quarter of double digit growth. Our 4.6 percent same store sales and 22.6 percent growth in Commercial sales are both testaments to our organization's efforts to continually improve and further validation of our strategies. We continue to execute on our '1Team Driving our Future' operating theme for 2012. Our financial success continues to be the direct result of the tremendous contributions of our more than 65,000 dedicated AutoZoners, and I am convinced it is their dedication to helping our customers that differentiates us from our competition and drives our successes. We remain focused on our disciplined approach of growing operating earnings while efficiently utilizing our capital," said Bill Rhodes, Chairman, President and Chief Executive Office
The company reported net sales rose 7.4 percent year-over-year to $1.9 billion, slightly topping the Street’s consensus of $1.89 billion. Domestic same-store sales increased 4.6 percent.
Gross margin totaled 51.1 percent, up from 50.7 percent during the same period last year. The improvement in gross margin was attributable to lower distribution costs on higher sales (23 bps), lower shrink expense (18 bps) and slightly higher merchandise margins. Operating expenses accounted for 33.4 percent of total sales, versus 33.6 percent in the year-ago quarter.
Net income for the quarter increased 11.1 percent to $191.1 million, while diluted earnings per share increased 24.0 percent to $4.68. The company trumped the Street’s forecast of $4.44 per share in earnings.
AutoZone's inventory increased 7.2 percent over the same period last year, driven by new stores and continued strategic investments in parts assortment. Inventory per store was $524,000 versus $508,000 in the first quarter of 2011, an increase of 3 percent.
AutoZone ended the quarter with $96.676 million in cash and cash equivalents, down from $98.013 million last year during the same period.
The company repurchased 954,000 shares of its common stock for $310 million during the first quarter, at an average price of $325 per share. At quarter end, the Company had $659 million remaining under its current share repurchase authorization.
"After three years of impressive financial performance, we are pleased to begin fiscal 2012 with strong quarterly results. This past quarter marked our twelfth consecutive quarter of 20 percent growth in earnings per share and our twenty-first consecutive quarter of double digit growth. Our 4.6 percent same store sales and 22.6 percent growth in Commercial sales are both testaments to our organization's efforts to continually improve and further validation of our strategies. We continue to execute on our '1Team Driving our Future' operating theme for 2012. Our financial success continues to be the direct result of the tremendous contributions of our more than 65,000 dedicated AutoZoners, and I am convinced it is their dedication to helping our customers that differentiates us from our competition and drives our successes. We remain focused on our disciplined approach of growing operating earnings while efficiently utilizing our capital," said Bill Rhodes, Chairman, President and Chief Executive Office
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Growth isn't weak enough to truly undercut inflation pressures - BMO
- Intuitive Surgical (ISRG) PT Raised to $435 at Piper Sandler
- MetroCity Bankshares, Inc. (MCBS) Tops Q1 EPS by 4c
Create E-mail Alert Related Categories
Corporate News, EarningsRelated Entities
Stock Buyback, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
