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AutoZone Passes Analysts on Q1 Profits

By  +Follow December 10, 2013 10:27AM
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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.

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Results for AZO
The Legacy News
28 May 15 06:27:38
AutoZone PT Raised to $690.00 at JPMorgan Chase & Co. $AZO http://t.co/e8dEtxRG4E
Dakota Financial
28 May 15 06:24:18
AutoZone Rating Reiterated by Citigroup Inc. $AZO http://t.co/jIyo1ISZX3
Stocks Creamun
28 May 15 06:15:34
AutoZone Inc. Common Stock $AZO 680.73 N/A% 4:00pm https://t.co/Pa7hloe5u9
Stocks Creamun
28 May 15 06:15:08
AutoZone Inc. Common Stock $AZO 680.73 % 4:00pm https://t.co/Pa7hlovGSJ
Douglas Busch
28 May 15 06:09:46
ChartSmarter Thur Game Plan: http://t.co/vzQQIaYdqN "retail woes continue" $KORS $BIG $MOV $FOSL $SHAK $SIG $UA $AZO http://t.co/lOpvxJFJGU
Víctor
28 May 15 05:49:27
RT @SeekingAlpha: AutoZone: Do You Prefer Repurchases Or Dividends? http://t.co/2n2tMz96zn $AZO
Income Investing SA
28 May 15 05:40:58
AutoZone: Do You Prefer Repurchases Or Dividends? http://t.co/UUyXFjXe6E $AZO
Seeking Alpha
28 May 15 05:40:58
AutoZone: Do You Prefer Repurchases Or Dividends? http://t.co/2n2tMz96zn $AZO
Sleek Money
28 May 15 04:40:44
AutoZone Stock Rating Reaffirmed by Sterne Agee CRT $AZO http://t.co/ZqNEsQfbN2
US Banking News
27 May 15 22:13:16
AutoZone Given “Neutral” Rating at Sterne Agee CRT $AZO http://t.co/2xrykFgYvd
WKRB News
27 May 15 22:03:21
AutoZone Given “Neutral” Rating at Sterne Agee CRT $AZO http://t.co/Fuk6jqI51Y
ProTradersNews
27 May 15 22:03:01
$AZO: AutoZone Earns Neutral Rating from Sterne Agee CRT (AZO): http://t.co/yAMBvcB0oU
BreakingStocksNews
27 May 15 22:01:03
$AZO: AutoZone Given “Neutral” Rating at Sterne Agee CRT (AZO): http://t.co/Jrd635rPA9
Analyst Ratings
27 May 15 22:00:46
AutoZone's neutral rating reiterated at Sterne Agee CRT. http://t.co/k0ng1qrYN0 $AZO #AZO
FirstToMarkets
27 May 15 22:00:11
AutoZone Inc Reiterated Rating by Sterne Agee (Ranked 45th) to Neutral $AZO #AZO http://t.co/7QozrkV1lY Agee
Ticker Report
27 May 15 21:59:26
AutoZone Earns Neutral Rating from Sterne Agee CRT $AZO http://t.co/L9Juf7rTtr
US Consumer News
27 May 15 21:50:20
AutoZone's neutral rating reiterated at Sterne Agee CRT. http://t.co/hOv6o44iS1 $AZO #AZO
ProVesting
27 May 15 19:13:01
$AZO $CHTR: Stock Analysts' Ratings Reiterations for May, 27th (AZO, CHS, CHTR ...: http://t.co/s9KJBkezB8
Ticker Report
27 May 15 19:04:59
Stock Analysts’ Ratings Reiterations for May, 27th $AZO, CHS, CHTR, DNN, EMC, FQVLF, GGC, OGZPY, TCK, TWC http://t.co/f4OhUEid2c
US Banking News
27 May 15 19:03:31
Stock Analysts’ Ratings Reiterations for May, 27th $AZO, CHS, CHTR, DNN, EMC, FQVLF, GGC, OGZPY, TCK, TWC http://t.co/CPQRtumjjq
TalkMarkets
27 May 15 18:39:03
Morning Call For May 27, 2015 $TIF $KORS $BWS $EBAY $TMUS $RAI $AZO $MPC $PSX $ULTA $COH $VIPS $GM $URI $YELP $REXX http://t.co/Vu1F1IUrSc
WallStreetConsensus
27 May 15 16:43:57
Downgrades 5/27: $CHKP, $AZO, $RYAAY, $GEF, $YHOO, $KORS http://t.co/zdlZyiUm5J
Analyst Actions
27 May 15 16:26:02
$AZO: Analyst action by JP Morgan on AutoZone: http://t.co/ruWnpquRWK http://t.co/dYWDgTAKuy
US Banking News
27 May 15 16:25:26
AutoZone Earns Buy Rating from Citigroup Inc. $AZO http://t.co/lq9rHjylEr
WKRB News
27 May 15 16:14:15
AutoZone Receives Buy Rating from Citigroup Inc. $AZO http://t.co/Q78137WHUW
StockNewsWires
27 May 15 16:03:03
$AZO: AutoZone Receives Buy Rating from Citigroup Inc. (AZO): http://t.co/2VEv9INsxY
US Consumer News
27 May 15 16:01:03
AutoZone's buy rating reiterated at Citigroup Inc.. $755.00 PT. http://t.co/QDiWSt9xod $AZO #AZO
FirstToMarkets
27 May 15 16:00:09
AutoZone Inc Reiterated Rating by Citigroup (Ranked 29th) to Buy with 755 PT $AZO #AZO http://t.co/drjmDkDGbo
Sleek Money
27 May 15 15:59:35
AutoZone Rating Reiterated by Citigroup Inc. $AZO http://t.co/oKlWjvOamg
Analyst Ratings
27 May 15 15:56:15
AutoZone's buy rating reiterated at Citigroup Inc.. $755.00 PT. http://t.co/wxphyH5Msp $AZO #AZO
Ticker Report
27 May 15 15:55:42
AutoZone Rating Reiterated by Citigroup Inc. $AZO http://t.co/7bVXpeHgsw
BreakingStocksNews
27 May 15 15:55:02
$AZO: AutoZone Rating Reiterated by Citigroup Inc. (AZO): http://t.co/6g55HQnbpn
US Banking News
27 May 15 15:53:18
Deutsche Bank Increases AutoZone Price Target to $650.00 $AZO http://t.co/Rw6XvvRZau
dailystockplays.com
27 May 15 14:51:47
MACD Bearish http://t.co/WLIXVYLm4I $AZO $DIA $AMGN $MON $ECL $HUB/B $IYK $IWD $AGU $UPS $LFUS $CME $GPC $KWR $KOF $UDOW $GGG $DDM
SwingTradeBot
27 May 15 14:31:08
Scan results - Fell Below 50 DMA today: $WDAY $CHKP $SERV $OPHT $VAL $PLAY $TEG $AZO $ERJ $GME ... http://t.co/OEdHJiPsJO
Dakota Financial
27 May 15 14:24:17
AutoZone Given New $690.00 Price Target at JPMorgan Chase & Co. $AZO http://t.co/TncoPvXy3L
US Banking News
27 May 15 14:18:37
AutoZone PT Raised to $690.00 at JPMorgan Chase & Co. $AZO http://t.co/U4aAY5hUIy
FirstToMarkets
27 May 15 14:15:10
AutoZone Inc Boost Price Target by JP Morgan (Ranked 46th) to Neutral with 690 PT $AZO #AZO http://t.co/34uPKDJIYo Morgan
StockNewsWires
27 May 15 14:13:04
$AZO: AutoZone Given New $690.00 Price Target at JPMorgan Chase ...: http://t.co/7I2MQwyz1u
Ticker Report
27 May 15 14:12:20
AutoZone Given New $690.00 Price Target at JPMorgan Chase & Co. $AZO http://t.co/06qmsfR6IG
Analyst Ratings
27 May 15 14:01:50
AutoZone's PT raised by JPMorgan Chase & Co. to $690.00. neutral rating. http://t.co/FNaVTCvUIT $AZO #AZO
US Consumer News
27 May 15 14:01:45
AutoZone's PT raised by JPMorgan Chase & Co. to $690.00. neutral rating. http://t.co/2hBv55rOGk $AZO #AZO
Alexandria
27 May 15 13:00:02
Top sentiment for SP1500 stocks at +market close: $AZO,$MANT,$BWS,$IBM,$CLF (2015/05/27) #sentiment #stock #alexandria
TalkMarkets Recap
27 May 15 12:39:03
Morning Call For May 27, 2015 $TIF $KORS $BWS $EBAY $TMUS $RAI $AZO $MPC $PSX $ULTA $COH $VIPS $GM $URI $YELP $REXX http://t.co/DiTLW2kOw3
Analyst Actions
27 May 15 12:18:02
$AZO: Analyst action by Deutsche Bank on AutoZone: http://t.co/CA5xccWgeQ http://t.co/9bkT08cejr
ProVesting
27 May 15 11:30:08
$AZO: AutoZone Price Target Increased to $650.00 by Analysts at ...: http://t.co/nmh1d7UgrQ
The Legacy News
27 May 15 10:42:37
AutoZone Price Target Raised to $650.00 at Deutsche Bank $AZO http://t.co/BBE4oAOcmR
ProVesting
27 May 15 10:34:02
$AZO: AutoZone Price Target Raised to $650.00 at Deutsche Bank (AZO): http://t.co/UMQO2ZIWsz
Briefing.com
27 May 15 10:33:04
See the latest #Equity #ratings changes direct from #brokerage firms http://t.co/OCPRWKgfok $TWC $AZO $AOL $RAD $GEF $WHZ $PEG $UTHR $ACM
Ticker Report
27 May 15 10:27:10
AutoZone Price Target Raised to $650.00 at Deutsche Bank $AZO http://t.co/2bdLfRjDai
				
				
By  +Follow December 10, 2013 10:27AM
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