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Feb 10, 2024
Autozone Q2 2024 Earnings Report
AutoZone reported solid earnings driven by superior customer service and international growth.
Key Takeaways
AutoZone reported a 4.6% increase in net sales to $3.9 billion for the second quarter ended February 10, 2024. EPS increased 17.2% to $28.89. The company opened 26 net new stores during the quarter.
Net sales increased by 4.6% to $3.9 billion.
Earnings per share increased by 17.2% to $28.89.
Gross profit margin increased by 160 basis points to 53.9%.
The company opened a net of 26 new stores.
Autozone
Autozone
Forward Guidance
AutoZone is encouraged with its sales initiatives and believes it is well positioned for future growth. The company remains committed to prudently investing capital in its business and will be steadfast in its long-term, disciplined approach to increasing operating earnings and cash flows while utilizing its balance sheet effectively.
Positive Outlook
- Well positioned for future growth.
- Committed to prudently investing capital in business.
- Steadfast in long-term, disciplined approach.
- Increasing operating earnings.
- Increasing cash flows.
Challenges Ahead
- Difficult holiday comparison for both Christmas and New Year’s negatively impacted quarterly sales performance.
- Reliance on product demand, which is subject to changes in fuel prices and miles driven.
- Exposure to energy prices and weather conditions.
- Competition in the automotive parts and accessories market.
- Risks associated with international operations and expansion.