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AutoZone 3rd Quarter Same Store Sales Increase 1.9%; EPS Increases to $34.12

AutoZone, Inc.
AutoZone, Inc.

MEMPHIS, Tenn., May 23, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.1 billion for its third quarter (12 weeks) ended May 6, 2023, an increase of 5.8% from the third quarter of fiscal 2022 (12 weeks). Domestic same store sales, or sales for stores open at least one year, increased 1.9% for the quarter.

“I would like to congratulate and thank our entire organization for delivering solid earnings in our third fiscal quarter. The hard work of our AutoZoners and their dedication to providing superior customer service, again drove our quarterly performance. While weaker than expected sales for the month of March meaningfully affected our results this quarter, we are excited about our initiatives and believe we are well positioned for future growth,” said Bill Rhodes, Chairman, President and Chief Executive Officer.

For the quarter, gross profit, as a percentage of sales, was 52.5%, an increase of 56 basis points versus the prior year. The increase in gross margin was impacted by a 42 basis point ($17 million) non-cash LIFO benefit, with the remaining leverage primarily from higher merchandise margins. Operating expenses, as a percentage of sales, were 31.5% versus last year at 31.6%.

ANNUNCIO PUBBLICITARIO

Operating profit increased 9.3% to $858.5 million. Net income for the quarter increased 9.3% over the same period last year to $647.7 million, while diluted earnings per share increased 17.5% to $34.12 from $29.03 in the year-ago quarter.

Under its share repurchase program, AutoZone repurchased 356 thousand shares of its common stock for $908.2 million during the third quarter, at an average price of $2,551 per share. At the end of the third quarter, the Company had $843.6 million remaining under its current share repurchase authorization.

The Company’s inventory increased 7.4% over the same period last year, driven by inflation and its growth initiatives. Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was negative $215 thousand versus negative $216 thousand last year and negative $227 thousand last quarter.

During the quarter ended May 6, 2023, AutoZone opened 22 new stores in the U.S., six in Mexico and two in Brazil. As of May 6, 2023, the Company had 6,248 stores in the U.S., 713 in Mexico and 83 in Brazil for a total store count of 7,044.
        
AutoZone is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. We also have commercial programs in the majority of our stores in Mexico and Brazil. AutoZone also sells the ALLDATA brand automotive diagnostic, repair and shop management software through www.alldata.com. Additionally, we sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation services.

AutoZone will host a conference call this morning, Tuesday, May 23, 2023, beginning at 10:00 a.m. (ET) to discuss its third quarter results. This call is being web cast and can be accessed, along with supporting slides, at AutoZone’s website at www.autozone.com and clicking on Investor Relations. Investors may also listen to the call by dialing (888) 506-0062, passcode AUTOZONE. In addition, a telephone replay will be available by dialing (877) 481-4010, replay passcode 48303 through June 6, 2023.

This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP measures include adjustments to reflect return on invested capital, adjusted debt and adjusted debt to EBITDAR. The Company believes that the presentation of these non-GAAP measures provides information that is useful to investors as it indicates more clearly the Company’s comparative year-to-year operating results, but this information should not be considered a substitute for any measures derived in accordance with GAAP. Management targets the Company’s capital structure in order to maintain its investment grade credit ratings. The Company believes this is important information for the management of its debt levels and share repurchases. We have included a reconciliation of this additional information to the most comparable GAAP measures in the accompanying reconciliation tables.

Certain statements contained herein constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically use words such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “seek,” “may,” “could” and similar expressions. These are based on assumptions and assessments made by our management in light of experience and perception of historical trends, current conditions, expected future developments and other factors that we believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation: product demand, due to changes in fuel prices, miles driven or otherwise; energy prices; weather, including extreme temperatures, natural disasters and general weather conditions; competition; credit market conditions; cash flows; access to available and feasible financing; future stock repurchases; the impact of recessionary conditions; consumer debt levels; changes in laws or regulations; risks associated with self-insurance; war and the prospect of war, including terrorist activity; the impact of public health issues; inflation, including wage inflation; the ability to hire, train and retain qualified employees; construction delays; failure or interruption of our information technology systems; issues relating to the confidentiality, integrity or availability of information, including due to cyber-attacks; historic growth rate sustainability; downgrade of our credit ratings; damage to our reputation; challenges associated with doing business and expanding into international markets; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; impact of tariffs; impact of new accounting standards; our ability to execute our growth initiatives; and other business interruptions. Certain of these risks and uncertainties are discussed in more detail in the “Risk Factors” section contained in Item 1A under Part 1 of the Company’s Annual Report on Form 10-K for the year ended August 27, 2022, and Part II, Item 1A, of our Quarterly Report on Form 10-Q for the quarterly period ended November 19, 2022. These Risk Factors should be read carefully. Forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. Events described above and in the “Risk Factors” could materially and adversely affect our business. However, it should be understood that it is not possible to identify or predict all such risks and other factors that could affect these forward-looking statements. Forward-looking statements speak only as of the date made. Except as required by applicable law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information:
Financial: Brian Campbell at (901) 495-7005, brian.campbell@autozone.com
Media: David McKinney at (901) 495-7951, david.mckinney@autozone.com

AutoZone's 3rd Quarter Highlights - Fiscal 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

 

 

3rd Quarter, FY2023

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

GAAP Results

 

 

 

 

 

 

 

12 Weeks Ended

 

12 Weeks Ended

 

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

4,090,541

 

 

$

3,865,222

 

 

 

 

Cost of sales

 

 

1,944,415

 

 

 

1,858,808

 

 

 

 

Gross profit

 

 

2,146,126

 

 

 

2,006,414

 

 

 

 

Operating, SG&A expenses

 

 

1,287,645

 

 

 

1,220,744

 

 

 

 

Operating profit (EBIT)

 

 

858,481

 

 

 

785,670

 

 

 

 

Interest expense, net

 

 

74,313

 

 

 

41,888

 

 

 

 

Income before taxes

 

 

784,168

 

 

 

743,782

 

 

 

 

Income tax expense

 

 

136,445

 

 

 

151,211

 

 

 

 

Net income

 

$

647,723

 

 

$

592,571

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

 

$

35.22

 

 

$

29.93

 

 

 

 

Diluted

 

$

34.12

 

 

$

29.03

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

 

18,389

 

 

 

19,798

 

 

 

 

Diluted

 

 

18,983

 

 

 

20,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-To-Date 3rd Quarter, FY2023

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

GAAP Results

 

 

 

 

 

 

 

36 Weeks Ended

 

36 Weeks Ended

 

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

11,766,591

 

 

$

10,903,875

 

 

 

 

Cost of sales

 

 

5,695,840

 

 

 

5,187,075

 

 

 

 

Gross profit

 

 

6,070,751

 

 

 

5,716,800

 

 

 

 

Operating, SG&A expenses

 

 

3,819,261

 

 

 

3,549,885

 

 

 

 

Operating profit (EBIT)

 

 

2,251,490

 

 

 

2,166,915

 

 

 

 

Interest expense, net

 

 

197,645

 

 

 

127,642

 

 

 

 

Income before taxes

 

 

2,053,845

 

 

 

2,039,273

 

 

 

 

Income tax expense

 

 

390,260

 

 

 

419,712

 

 

 

 

Net income

 

$

1,663,585

 

 

$

1,619,561

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

 

$

88.96

 

 

$

79.26

 

 

 

 

Diluted

 

$

86.10

 

 

$

76.90

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

 

18,700

 

 

 

20,433

 

 

 

 

Diluted

 

 

19,322

 

 

 

21,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Information

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

August 27, 2022

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

274,916

 

 

$

263,044

 

 

$

264,380

 

 

Merchandise inventories

 

 

5,703,688

 

 

 

5,313,114

 

 

 

5,638,004

 

 

Current assets

 

 

6,708,872

 

 

 

6,254,721

 

 

 

6,627,984

 

 

Property and equipment, net

 

 

5,334,023

 

 

 

4,971,626

 

 

 

5,170,419

 

 

Operating lease right-of-use assets

 

 

2,959,488

 

 

 

2,764,631

 

 

 

2,918,817

 

 

Total assets

 

 

15,597,922

 

 

 

14,520,565

 

 

 

15,275,043

 

 

Accounts payable

 

 

7,215,566

 

 

 

6,793,205

 

 

 

7,301,347

 

 

Current liabilities

 

 

8,464,947

 

 

 

8,064,076

 

 

 

8,588,393

 

 

Operating lease liabilities, less current portion

 

 

2,862,152

 

 

 

2,659,535

 

 

 

2,837,973

 

 

Total debt

 

 

7,340,484

 

 

 

6,057,444

 

 

 

6,122,092

 

 

Stockholders' deficit

 

 

(4,301,577

)

 

 

(3,387,230

)

 

 

(3,538,913

)

 

Working capital

 

 

(1,756,075

)

 

 

(1,809,355

)

 

 

(1,960,409

)

 

 

 

 

 

 

 

 

 

 

 


AutoZone's 3rd Quarter Highlights - Fiscal 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Debt / EBITDAR

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except adjusted debt to EBITDAR ratio)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 4 Quarters

 

 

 

 

 

 

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

Net income

 

 

$

2,473,628

 

 

$

2,405,332

 

 

 

 

 

 

 

 

Add: Interest expense

 

 

261,641

 

 

 

185,762

 

 

 

 

 

 

 

 

Income tax expense

 

 

620,035

 

 

 

619,851

 

 

 

 

 

 

 

 

EBIT

 

 

 

 

3,355,304

 

 

 

3,210,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Depreciation and amortization

 

 

479,945

 

 

 

431,004

 

 

 

 

 

 

 

 

Rent expense(1)

 

 

403,412

 

 

 

360,076

 

 

 

 

 

 

 

 

Share-based expense

 

 

83,943

 

 

 

67,109

 

 

 

 

 

 

 

 

EBITDAR

 

 

$

4,322,604

 

 

$

4,069,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

 

 

 

$

7,340,484

 

 

$

6,057,444

 

 

 

 

 

 

 

 

Financing lease liabilities

 

 

284,896

 

 

 

288,483

 

 

 

 

 

 

 

 

Add: Rent x 6(1)

 

 

2,420,472

 

 

 

2,160,456

 

 

 

 

 

 

 

 

Adjusted debt

 

$

10,045,852

 

 

$

8,506,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted debt to EBITDAR

 

 

2.3

 

 

 

2.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Invested Capital (ROIC)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except ROIC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 4 Quarters

 

 

 

 

 

 

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

Net income

 

 

$

2,473,628

 

 

$

2,405,332

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

261,641

 

 

 

185,762

 

 

 

 

 

 

 

 

Rent expense(1)

 

 

403,412

 

 

 

360,076

 

 

 

 

 

 

 

 

Tax effect(2)

 

 

(133,010

)

 

 

(111,896

)

 

 

 

 

 

 

 

Adjusted after-tax return

 

$

3,005,671

 

 

$

2,839,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average debt(3)

 

$

6,578,133

 

 

$

5,541,462

 

 

 

 

 

 

 

 

Average stockholders' deficit(3)

 

 

(3,849,963

)

 

 

(2,442,077

)

 

 

 

 

 

 

 

Add: Rent x 6(1)

 

 

2,420,472

 

 

 

2,160,456

 

 

 

 

 

 

 

 

Average financing lease liabilities(3)

 

 

296,772

 

 

 

268,111

 

 

 

 

 

 

 

 

Invested capital

 

$

5,445,414

 

 

$

5,527,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted After-Tax ROIC

 

 

55.2

%

 

 

51.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the trailing four quarters ended May 6, 2023 and May 7, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 4 Quarters

 

 

 

 

 

 

 

(in thousands)

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

Total lease cost, per ASC 842

 

$

513,857

 

 

$

451,601

 

 

 

 

 

 

 

 

Less: Financing lease interest and amortization

 

 

(81,871

)

 

 

(65,128

)

 

 

 

 

 

 

 

Less: Variable operating lease components, related to insurance and common area maintenance

 

 

 

 

 

(28,574

)

 

 

(26,397

)

 

 

 

 

 

 

 

Rent expense

 

$

403,412

 

 

$

360,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)Effective tax rate over trailing four quarters ended May 6, 2023 and May 7, 2022 was 20.0% and 20.5%, respectively

 

 

 

 

 

 

 

(3)All averages are computed based on trailing five quarter balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

Cumulative share repurchases ($ since fiscal 1998)

 

$

32,806,437

 

 

$

29,092,425

 

 

 

 

 

 

 

 

Remaining share repurchase authorization ($)

 

 

843,563

 

 

 

2,057,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative share repurchases (shares since fiscal 1998)

 

 

153,629

 

 

 

152,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of quarter

 

 

18,225

 

 

 

19,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12 Weeks Ended

 

12 Weeks Ended

 

 

 

36 Weeks Ended

 

36 Weeks Ended

 

 

 

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

May 6, 2023

 

May 7, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

116,123

 

 

$

102,083

 

 

 

 

$

339,087

 

$

301,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations

 

 

724,715

 

 

 

843,368

 

 

 

 

 

1,872,776

 

 

1,983,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital spending

 

 

171,207

 

 

 

161,207

 

 

 

 

 

430,441

 

 

369,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



AutoZone's 3rd Quarter Highlights - Fiscal 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

 

Selected Operating Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store Count & Square Footage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12 Weeks Ended

 

 

12 Weeks Ended

 

 

36 Weeks Ended

 

 

36 Weeks Ended

 

 

 

 

 

 

May 6, 2023

 

 

May 7, 2022

 

 

May 6, 2023

 

 

May 7, 2022

 

Domestic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning stores

 

 

 

 

6,226

 

 

 

 

6,091

 

 

 

 

6,168

 

 

 

 

6,051

 

 

 

Stores opened

 

 

 

 

22

 

 

 

 

24

 

 

 

 

80

 

 

 

 

65

 

 

 

Stores closed

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(1

)

 

 

Ending domestic stores

 

 

 

 

6,248

 

 

 

 

6,115

 

 

 

 

6,248

 

 

 

 

6,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Relocated stores

 

 

 

 

1

 

 

 

 

4

 

 

 

 

5

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stores with commercial programs

 

 

 

 

5,526

 

 

 

 

5,276

 

 

 

 

5,526

 

 

 

 

5,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square footage (in thousands)

 

 

 

 

41,253

 

 

 

 

40,230

 

 

 

 

41,253

 

 

 

 

40,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning stores

 

 

 

 

707

 

 

 

 

669

 

 

 

 

703

 

 

 

 

664

 

 

 

Stores opened

 

 

 

 

6

 

 

 

 

4

 

 

 

 

10

 

 

 

 

9

 

 

 

Ending Mexico stores

 

 

 

 

713

 

 

 

 

673

 

 

 

 

713

 

 

 

 

673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning stores

 

 

 

 

81

 

 

 

 

55

 

 

 

 

72

 

 

 

 

52

 

 

 

Stores opened

 

 

 

 

2

 

 

 

 

3

 

 

 

 

11

 

 

 

 

6

 

 

 

Ending Brazil stores

 

 

 

 

83

 

 

 

 

58

 

 

 

 

83

 

 

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

7,044

 

 

 

 

6,846

 

 

 

 

7,044

 

 

 

 

6,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square footage (in thousands)

 

 

 

 

47,191

 

 

 

 

45,680

 

 

 

 

47,191

 

 

 

 

45,680

 

 

 

Square footage per store

 

 

 

 

6,699

 

 

 

 

6,673

 

 

 

 

6,699

 

 

 

 

6,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except sales per average square foot)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12 Weeks Ended

 

 

12 Weeks Ended

 

 

Trailing 4 Quarters

 

 

Trailing 4 Quarters

 

Total AutoZone Stores (Domestic, Mexico and Brazil)

 

 

 

May 6, 2023

 

 

May 7, 2022

 

 

May 6, 2023

 

 

May 7, 2022

 

 

Sales per average store

 

 

 

$

571

 

 

 

$

556

 

 

 

$

2,421

 

 

 

$

2,301

 

 

 

Sales per average square foot

 

 

 

$

85

 

 

 

$

83

 

 

 

$

362

 

 

 

$

346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Auto Parts (Domestic, Mexico and Brazil)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total auto parts sales

 

 

 

$

4,016,692

 

 

 

$

3,795,290

 

 

 

$

16,811,885

 

 

 

$

15,537,156

 

 

 

% Increase vs. LY

 

 

 

 

5.8

%

 

 

 

5.7

%

 

 

 

8.2

%

 

 

 

10.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total domestic commercial sales

 

 

 

$

1,110,476

 

 

 

$

1,044,293

 

 

 

$

4,541,729

 

 

 

$

3,970,727

 

 

 

% Increase vs. LY

 

 

 

 

6.3

%

 

 

 

26.0

%

 

 

 

14.4

%

 

 

 

26.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average sales per program per week

 

 

 

$

16.8

 

 

 

$

16.6

 

 

 

$

16.2

 

 

 

$

14.7

 

 

 

% Increase vs. LY

 

 

 

 

1.2

%

 

 

 

23.0

%

 

 

 

10.2

%

 

 

 

22.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Other, including ALLDATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All other sales

 

 

 

$

73,849

 

 

 

$

69,932

 

 

 

$

303,061

 

 

 

$

280,203

 

 

 

% Increase vs. LY

 

 

 

 

5.6

%

 

 

 

15.1

%

 

 

 

8.2

%

 

 

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12 Weeks Ended

 

 

12 Weeks Ended

 

 

36 Weeks Ended

 

 

36 Weeks Ended

 

 

 

 

 

 

May 6, 2023

 

 

May 7, 2022

 

 

May 6, 2023

 

 

May 7, 2022

 

Domestic same store sales

 

 

 

 

1.9

%

 

 

 

2.6

%

 

 

 

4.2

%

 

 

 

9.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory Statistics (Total Stores)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

as of

 

 

as of

 

 

 

 

 

 

 

 

 

 

 

 

May 6, 2023

 

 

May 7, 2022

 

 

 

 

 

 

 

 

Accounts payable/inventory

 

 

 

 

126.5

%

 

 

 

127.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory

 

 

 

$

5,703,688

 

 

 

$

5,313,114

 

 

 

 

 

 

 

 

 

Inventory per store

 

 

 

 

810

 

 

 

 

776

 

 

 

 

 

 

 

 

 

Net inventory (net of payables)

 

 

 

 

(1,511,878

)

 

 

 

(1,480,091

)

 

 

 

 

 

 

 

 

Net inventory/per store

 

 

 

 

(215

)

 

 

 

(216

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 5 Quarters

 

 

 

 

 

 

 

 

 

 

 

 

May 6, 2023

 

 

May 7, 2022

 

 

 

 

 

 

 

 

Inventory turns

 

 

 

 

1.5

 

x

 

 

1.5

 

x