- AutoZone Inc (NYSE:AZO) reported first-quarter FY23 sales growth of 8.6% year-on-year to $3.98 billion, beating the consensus of $3.86 billion.
- EPS of $27.45 beat the consensus of $25.27.
- Domestic same-store sales increased 5.6% in the quarter.
- Gross margin contracted 242 basis points Y/Y to 50.1%. The operating margin was 18.1%, and operating income dropped 4.2% Y/Y to $723 million.
- AutoZone held $269.7 million in cash and equivalents as of November 19, 2022. Adjusted debt totaled $8.9 billion.
- AutoZone opened 28 new stores in the U.S. in the quarter. As of November 19, 2022, AutoZone had 6,196 stores in the U.S., 706 in Mexico, and 76 in Brazil, for a total store count of 6,978.
- The company had $2.7 billion remaining under its share repurchase authorization at quarter end.
- The company’s inventory increased by 17.6%, driven by its growth initiatives and inflation.
- Price Action: AZO shares are trading higher by 0.68% at $2,543.99 in the premarket on Tuesday.
- Photo Via Company
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