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AutoZone Passes Analysts on Q1 Profits

By  +Follow December 10, 2013 10:27AM
Tickers Mentioned:

AutoZone, Inc. (AZO) , the biggest auto parts retailer in the United States (for now), on Dec. 10 reported a larger-than-expected profit during the first quarter of fiscal 2013 as margins edged ahead and sales picked-up.

For the quarter ended November 23, the Memphis-based company said that revenue rose by 3.6 percent to $2.1 billion from $1.99 billion in last year’s quarter.  Net income for the quarter totaled $218.09 million, or $6.29 per share, versus $203.45 million, or $5.41 per share, in the year prior quarter.  The company has reported 29 straight quarter of double-digit earnings per share growth.

Wall Street was expecting earnings of $6.28 per share on revenue of $2.1 billion.

Gross profit as a percentage of sales was 51.9 percent, compared to 51.8 percent in Q1 fiscal 2012.  At the same time, operating expenses were down by 10 basis points to 33.5 percent of sales, as the company shifted the timing of advertising expenditures.

Sales at stores open more than one year rose by 0.9 percent.  An unseasonably cold October and storms in November help drive sales at places like AutoZone, as do-it-yourselfers cope with wear and tear brought on by bad weather.  The storms that are blasting a wide swath of the eastern half of the U.S. in December could also provide a boon for sales in the current quarter. 

AutoZone opened seven new domestic locations, one in Mexico and one in Brazil, the fourth largest auto market in the world and a country of strategic growth focus for AutoZone.  All accounted for, AutoZone has more than 5,200 locations.  The opening of new stores helped drive inventory higher by 9.1 percent in the quarter.

“Additionally, rolled out an exciting, new version of our electronic parts catalog, and we grew sales across our digital commerce businesses,” said Bill Rhodes, chairman, president and chief executive at AutoZone, in a statement this morning.

AutoZone will be bumped down to the number two position in the list of biggest U.S. auto parts retailers early in 2014 when Advance Auto Parts (AAP) completes its $2-billion acquisition of General Parts International Inc.  That merger will create a retail giant with $9.2 billion in annual sales.

During the quarter, AutoZone repurchased 678,000 common shares for an aggregate amount of $292 million.  The company still has $177 million left in a current buy-back plan.

Shares have cruised ahead by nearly 4 percent in Tuesday morning trading to $474.71.  Shares have grown by about 33 percent so far in 2013 to all-time highs.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for AZO
25 Oct 14 10:23:03
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25 Oct 14 03:30:05
Insiders Selling: $KIM $AVNR $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS $AZO http://t.co/XQITF0lRKD #swingtrading
25 Oct 14 00:23:42
AZO 536.05 Stock Charts $AZO AutoZone Inc. (NYSE) Last Updated: 10/25/2014 02:23:41 AZO Stock Chart - 1 Month http://t.co/apZzLYX73L
24 Oct 14 15:30:07
Insiders Selling: $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS $AZO $POOL $SWKS http://t.co/XQITF0lRKD #trading #dow
24 Oct 14 11:49:37
NEW POST: Don’t Let Them High Pressure You http://t.co/v8us73qD5E $AZO $F $GM $KMX $ORLY
Jeffrey Blake
24 Oct 14 06:32:20
$AZO Argus Downgrades Shares Of AutoZone, Inc. http://t.co/NFEb8YGqsP
Irma Doucet
24 Oct 14 06:32:16
$AZO Pitt Hyde discusses the founding of AutoZone, 35 years later (Video) http://t.co/2bYM21OcXq
US Banking News
24 Oct 14 06:06:51
Analysts Give Average Rating of Hold to AutoZone $AZO http://t.co/LMYkaIzrTO
24 Oct 14 03:30:04
Insiders Selling: $AZO $POOL $SWKS $VZ $VFC $WAL $STJ $EVER $CSL $AHS $STZ $RPM $INSY $FLEX $MNDL http://t.co/Vv2VEn80mr #trader #watchlist
24 Oct 14 03:07:03
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23 Oct 14 13:38:04
http://t.co/bepkW694Ny breaking out of their chartmill channel #stocks $EUO $TFX $AZO
The one mic show
23 Oct 14 12:37:07
An Aging U.S. Vehicle Population And Buybacks Make AutoZone A Solid Investment $AZO $AAP $F $GM http://t.co/0lUOoVyWKZ
Jeffrey Blake
23 Oct 14 12:32:39
$AZO Argus Downgrades Shares Of AutoZone, Inc. http://t.co/lwKag2Wy74
23 Oct 14 09:09:45
$AZO added to short 532.05 #lehmanshort
23 Oct 14 07:26:42
$azo doing what its suppose. 200dma holding strong
23 Oct 14 07:21:03
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23 Oct 14 06:56:45
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Hammer D. Lane
23 Oct 14 06:36:11
@OptionsHawk Still got a little $AZO!
Mitchell Warren
23 Oct 14 05:53:56
An Aging U.S. Vehicle Population And Buybacks Make AutoZone A Solid Investment http://t.co/lvZU3SQ2zp $AZO $AAP
Seeking Alpha
23 Oct 14 05:51:00
An Aging U.S. Vehicle Population And Buybacks Make AutoZone A Solid Investment http://t.co/nKf20Hlp8M $AAP $F $GM $AZO
23 Oct 14 04:01:26
$AZO - Gabelli & Company’s 38th Annual Automotive Aftermarket Symposium http://t.co/RRbTE4KhVN
22 Oct 14 13:43:36
$AZO ALERT: New AutoZone, Inc. SEC Filing From our Stock News Alerts App
22 Oct 14 13:40:08
CHARLES PLEAS III, Sr. VP & Controller of AutoZone, Inc. Co Sells $2,070,683 Worth of $AZO - #Form4 #InsiderTrading - http://t.co/SJZ2zgAZ5n
22 Oct 14 08:54:14
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22 Oct 14 08:09:02
Bought $azo. Holding $crm still. 10% cash
22 Oct 14 08:03:03
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Ben Silverberg
22 Oct 14 04:50:19
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Seeking Alpha
21 Oct 14 18:05:57
The Pep Boys' Ability To Pay A Dividend http://t.co/KGZa5Sru0c $AZO $PBY
Hammer D. Lane
21 Oct 14 17:18:25
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21 Oct 14 17:14:19
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Equity Clock
21 Oct 14 08:06:02
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The Greensheet
20 Oct 14 17:36:26
Pitt Hyde discusses founding of AutoZone, 35 years later (Video) - (from Memphis Business Journal) http://t.co/pQlzKFOOLA $AZO $AutoZone
US Banking News
20 Oct 14 05:49:21
AutoZone Earns “BBB” Credit Rating $AZO http://t.co/h0qTPOwwl8
Ticker Report
20 Oct 14 05:43:42
AutoZone Earns “BBB” Credit Rating $AZO http://t.co/UouXJHRjzv
By  +Follow December 10, 2013 10:27AM



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