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AutoZone Inc. (AZO+0.02%) has submitted its 10-Q filing for the quarterly period ended November 23, 2024.
Net sales for the twelve weeks ended November 23, 2024, increased by 2.1% to $4.3 billion compared to the same period in the previous year. This increase was primarily driven by a 1.8% rise in total company same store sales on a constant currency basis and net sales from new stores.
The company's gross profit for the period was $2.3 billion, with a gross margin of 53.0%, up from 52.8% in the prior year period. This increase was attributed to higher merchandise margins.
Operating, selling, general and administrative expenses were $1.4 billion, representing 33.3% of sales, up from 32.6% in the previous year. Net interest expense increased to $107.6 million from $91.4 million.
Net income for the quarter was $564.9 million, a decrease of 4.8% from the previous year, with diluted earnings per share decreasing slightly to $32.52.
AutoZone reported cash flows from operating activities of $811.8 million for the quarter. Capital expenditures were $247.0 million, primarily for new stores and expansion projects.
The company repurchased 160,081 shares of its common stock at an average price of $3,155.99 per share during the quarter, with $1.7 billion remaining under the Board's authorization for share repurchases.
AutoZone's adjusted after-tax return on invested capital was 47.7% for the trailing four quarters, down from 55.0% in the prior year. The adjusted debt to EBITDAR ratio remained at 2.5:1.
The company maintained compliance with all covenants under its borrowing arrangements and reported $304.0 million in cash and cash equivalents and $2.2 billion in undrawn capacity on its revolving credit agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AutoZone Inc. quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.