Positions of AutoZone Positivo Q1 2018 Results

VOL. 132 | DO NOT. 241 | Wednesday, December 6, 2017

By Andy Meek

Updated at 2:36 PM

A few weeks before its annual meeting scheduled for December 20, auto parts retailer based in Memphis Learn more about AutoZone Inc

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has started its 2018 fiscal year with better-than-expected earnings for the first three months of the year.

AutoZone withstood a tough first fiscal quarter, which included several natural disasters, to report solid figures on Tuesday, December 5. That included net sales increased 4.9 percent over the prior-year period. (Daily News File / Lance Murphey )


AutoZone resisted a tough fiscal first quarter, which included several natural disasters, to report a strong numbers on Tuesday, December 5, which included net sales increased 4.9 percent compared to the previous year by iod. (Daily News File / Lance Murphey)

The company reported net sales of $ 2.6 billion for the 12-week period ending on 18 November, up to 4.9 percent from the previous year's period. AutoZone posted net profits for the quarter of $ 281 million, up 1 percent from the same period of the previous year, and the company increased its earnings per share by 6.8 percent to $ 10 per share.

That went up from $ 9.36 per share in the previous quarter.

In another positive development, AutoZone same-store domestic sales rose 2.3 percent during the quarter. This indicator counts sales in stores open for at least one year, which leaves out the impact of closing and opening stores.

The improvements were enough for AutoZone shares to rise 6 percent in pre-market operations on Tuesday, December 5. The news was a departure from the recent past for AutoZone, whose mid-morning shares were still down 8 percent in 2017 to date.

AutoZone's results for the quarter came during an extraordinary period that began with Hurricane Harvey and ended with five natural disasters in North America, from hurricanes to wildfires in the western United States. UU

And AutoZone, according to the president, president and CEO Find out more about Bill Rhodes

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incurred losses and property damage in each.

In addition, the company has 43 stores In Puerto Rico, with several still can not be opened due to damage f rom Hurricane Maria.

Despite these obstacles, Rhodes told analysts "our business was strengthened during the first quarter of our new year.

"As we continue to invest capital in our business, we remain committed to our disciplined approach of increasing operating profits and utilizing our capital effectively."

Among the investment areas that continue to produce results, Rhodes He said that the company's "buy online, pick up at the store" initiative is growing rapidly. During the quarter, AutoZone also opened 16 new stores, relocated a store, closed a store in the US. UU And opened five new stores in Mexico.

As of November 18, the company had a total count of 6,049 stores. [19659014] AutoZone also repurchased 597,000 shares of its common stock for $ 353 million during the quarter. At the end of the first quarter, the company had $ 471 million remaining under its current share repurchase authorization.

The owner of Barron who followed the AutoZone earnings statement described the company as "Back in the Fast Lane." A recent Find out more about Raymond James

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analyst report also noted that 2018 may bring an improvement over AutoZone's less than stellar performance in 2017, explaining that the Industry earnings do not tend to remain weak for two years in a row.

That's because replacement of auto parts is often something that can only be temporarily postponed, and Rhodes himself even reiterated that during the company's presentation to analysts the Tuesday, telling them: "We operate in an industry driven by inelastic demand."

Just as the need for consumers to put gas in their cars does not fluctuate just because o To change the price on the pump, Rhodes said the reality for AutoZone customers, if one part breaks, "our customers must fix it to get to work and move on with their lives."

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