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Nov 18, 2023
Autozone Q1 2024 Earnings Report
AutoZone's first quarter performance in 2024 showed positive growth, marked by increased net sales and earnings per share.
Key Takeaways
AutoZone reported a 5.1% increase in net sales, reaching $4.2 billion. The company's EPS increased by 18.6% to $32.55, driven by a 10.0% rise in net income to $593.5 million. Gross profit margin improved to 52.8%, and operating profit increased by 17.4% to $848.6 million.
Net sales increased by 5.1% to $4.2 billion compared to the same quarter last year.
Earnings per share rose by 18.6% to $32.55.
Gross profit margin improved by 279 basis points to 52.8%.
The company opened 25 net new stores during the quarter.
Revenue by Geographic Location
Forward Guidance
AutoZone is committed to driving sales and earnings growth throughout fiscal 2024, while returning cash to its shareholders.
Positive Outlook
- Commitment to superior service.
- Strong financial results
- Solid domestic sales results.
- Exceptionally strong international sales growth.
- Driving sales and earnings growth throughout fiscal 2024.
Challenges Ahead
- Tough comparisons from a year ago.
- Deleverage was primarily driven by domestic store payroll.
- Investment in technology related initiatives.
- Risks associated with self-insurance.
- Impact of public health issues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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