AutoZone, Inc. today reported sales of $US1.225 billion for its third fiscal quarter (12 weeks) ended May 4, 2002, an increase of 11% from fiscal 2001, excluding the sales of the TruckPro subsidiary which was sold in December.
Same store sales, or sales for domestic auto parts stores open at least one year, increased 9.5% during the quarter, including 9% for retail sales and 18% for commercial sales. AutoZone stores in Mexico continue to report high same store sales increases.
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Net income for the quarter increased 61% to $102 million, while diluted earnings per share increased 71% to $0.96 from $0.56 reported in the year-ago quarter.
For the third quarter, cash flow before share repurchases was $244 million, up 33% from the prior year.
For the fiscal year-to-date period (36 weeks), sales were $3.48 billion, an increase of 10% from the prior year, with a same store sales increase of 10%, including a 9% increase for retail sales and 17% for commercial sales.
Year-to-date net income increased 68% to $250 million, while diluted earnings per share for the period increased 76% to $2.29 from $1.30. Return on invested capital for the trailing 12 months increased to 17.2%.
During the quarter, AutoZone opened 19 new, replaced 2 and closed 4 stores in the U.S. and opened 4 new stores in Mexico. Year-to-date, AutoZone has opened 72 new, replaced 12 and closed 39 auto parts stores in the U.S., while opening 6 new stores in Mexico.
During the quarter, AutoZone’s Board of Directors authorised an increase in the share repurchase programme of $300 million to an aggregate authorisation of $2.0 billion.
