AutoZone, Inc. (AZO) reported that its first quarter net income increased to $593.5 million from $539.3 million, last year. Earnings per share was $32.55 compared to $27.45. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $31.57, for the quarter. Analysts' estimates typically exclude special items.
First quarter net sales were $4.2 billion, an increase of 5.1% from a year ago. Analysts on average had estimated $4.2 billion in revenue. Total company same store sales were up 3.4%, while Domestic same store sales were up 1.2%. On a Constant Currency basis, same store sales were up 2.1%.
During the quarter, AutoZone opened 17 new stores and closed one in the U.S., five new stores in Mexico and four in Brazil for a total of 25 net new stores.
As of November 18, 2023, the company had 6,316 stores in the U.S., 745 in Mexico and 104 in Brazil for a total store count of 7,165.
"We remain committed to driving sales and earnings growth throughout fiscal 2024,while returning cash to our shareholders," said Bill Rhodes, CEO.
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