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May 04, 2024
Autozone Q3 2024 Earnings Report
AutoZone's third quarter results for fiscal year 2024 showed increased net sales and earnings per share.
Key Takeaways
AutoZone reported a 3.5% increase in net sales, reaching $4.2 billion. EPS increased by 7.5% to $36.69. The company opened 45 net new stores during the quarter.
Net sales increased by 3.5% to $4.2 billion.
Earnings per share increased by 7.5% to $36.69.
Gross profit margin increased by 102 basis points to 53.5%.
45 net new stores were opened, including 32 in the U.S., 12 in Mexico, and 1 in Brazil.
Autozone
Autozone
Forward Guidance
AutoZone is focused on enhancing inventory availability, accelerating the domestic commercial business, and providing great customer service during the summer selling season. They remain committed to increasing operating earnings and cash flow, and delivering strong shareholder value.
Positive Outlook
- Enhancing inventory availability
- Accelerating domestic Commercial business
- Providing great customer service
- Increasing operating earnings
- Increasing cash flow
Challenges Ahead
- Sales performance was negatively impacted by the timing of tax refunds.
- Cooler than usual weather across several areas of the country negatively impacted results.
- Risks associated with product demand due to changes in fuel prices, miles driven or otherwise.
- Potential impacts from inflation, including wage inflation.
- Possible disruptions in the supply chain.