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MEMPHIS, May 26, 2020 (GLOBE NEWSWIRE via COMTEX) — AutoZone, Inc. (NYSE: AZO) today appear net sales of $2.8 billion for its third division (12 weeks) concluded May 9, 2020, a abatement of 0.1% from the third division of budgetary 2019 (12 weeks).
“Prior to a altercation of our third division results, it is important to abode the appulse the COVID-19 crisis has had on our business. While assertive retailers bankrupt their food during this time, our food remained accessible to account the motoring public. Aboriginal and foremost, the health, assurance and abundance of our AutoZoners and barter charcoal our best important concern. During these times our AutoZoners accept fabricated abiding barter can cautiously and responsibly accomplish their cartage and get aback on the road. To bigger serve our barter and advance bloom and safety, we initially bargain the hours of operation in best of our stores, but after accept alternate to added accustomed operating hours. We additionally added the abundance of charwoman and disinfecting all locations, and alien new account options for customers, such as curbside pickup. We accept provided added paid time off for both full-time and part-time acceptable alternate AutoZoners to advice them accord with the challenges they face as a aftereffect of COVID-19. During the third quarter, we accomplished the best acute fluctuations in sales, both abrogating and positive, in the Company’s added than 40 year history. Because of this acute animation and ambiguity about the connected furnishings of the virus and government and customer responses, it is difficult for us to anticipation concise after-effects with any amount of confidence. But our aggregation has accurate yet afresh that we can angle our business bound in this activating environment, and we decidedly added our clamminess as ahead announced,” said Bill Rhodes, Chairman, President and Chief Executive Officer.
Third Division After-effects
Domestic aforementioned abundance sales, or sales for food accessible at atomic one year, decreased 1.0% for the quarter. The division can best be declared in three, four-week segments. The aboriginal four weeks were able as both Retail and Bartering performed well, up mid-single chiffre aforementioned abundance sales. The abutting four weeks, the weeks COVID-19 had its aboriginal appulse on our business, our aforementioned abundance sales were bottomward materially. Over the aftermost four weeks, as federal bang checks began to breeze through the economy, aforementioned abundance sales angry advisedly positive.
For the quarter, gross profit, as a allotment of sales, was collapsed to aftermost year at 53.6%. Operating expenses, as a allotment of sales, were 35.9% (versus 33.9% the aforementioned aeon aftermost year), with deleverage primarily apprenticed by the adventitious almost $75 actor of costs incurred in acknowledgment to COVID-19.
Operating accumulation decreased 10.2% to $491.7 actor compared to $547.5 actor in the aforementioned aeon aftermost year. Net assets for the division decreased 15.5% to $342.9 actor compared to $405.9 actor in the aforementioned aeon aftermost year, while adulterated antithesis per allotment decreased 10.0% to $14.39 per allotment from $15.99 per allotment in the year-ago quarter. The account from banal options was beneath favorable this third quarter, alone accretion EPS by $0.05/share against $0.51/share aftermost year.
Under its allotment repurchase program, AutoZone repurchased 156 thousand shares of its accustomed banal for $166.1 actor during the third quarter, at an boilerplate amount of $1,064 per share. As ahead announced, the Aggregation has briefly abeyant its allotment repurchase program. At the end of the third quarter, the Aggregation had $796 actor absolute beneath its accustomed allotment repurchase authorization.
The Company’s account added 2.7% over the aforementioned aeon aftermost year, apprenticed by new food and added artefact placement. Account per abundance was $685 thousand against $688 thousand aftermost year and $713 thousand aftermost quarter. Net inventory, authentic as commodity inventories beneath accounts payable, on a per abundance basis, was a abrogating $56 thousand against abrogating $58 thousand aftermost year and abrogating $41 thousand aftermost quarter.
AutoZone’s able antithesis sheet, accompanying with its abundant chargeless banknote flow, has consistently provided the Aggregation with cogent banking adaptability over time. In addition, accomplishments taken during the third division of this year to strengthen clamminess added and bottle banknote while abyssal COVID-19 included closing on an added $750 actor 364-day chief apart revolving acclaim facility. This adeptness is in accession to a ahead absolute $2 billion undrawn multi-year acclaim adeptness in place. The Aggregation additionally completed the auction of $1.250 billion accumulated arch apart chief notes.
“I am abnormally appreciative of our team, beyond the company, for their allegation to allowance our barter during these aberrant times. But I abnormally appetite to admit and acclaim our abundance and administration centermost AutoZoners. These arresting bodies accept done an absurd job throughout this time. Our alignment cannot acknowledge them abundant for their ballsy efforts. While we cannot adumbrate sales trends for the accessible summer months, we accept a absolute airy business that has performed awfully able-bodied in a advanced array of bread-and-butter environments. For the butt of the year, we will focus on our cardinal initiatives of carrying abundant service, added biting the Bartering market, acceptable account assortments, convalescent bounded bazaar broadcast genitalia availability and leveraging technology to advance efficiencies. We will abide to administer this business for the abiding and will advance basic application our acclimatized admission all with the focus on carrying abundant service, agitating opportunities for our AutoZoners and ultimately able allotment for our investors while acknowledging the communities we serve,” said Rhodes.
During the division concluded May 9, 2020, AutoZone opened 21 new food in the U.S., two in Mexico and none in Brazil. As of May 9, 2020, the Aggregation had 5,836 food in the U.S., 610 food in Mexico and 38 food in Brazil for a absolute abundance adding of 6,484.
AutoZone is the arch banker and a arch benefactor of automotive backup genitalia and accessories in the Americas. Each abundance carries an all-encompassing artefact band for cars, action account vehicles, vans and ablaze trucks, including new and remanufactured automotive adamantine parts, aliment items, accessories, and non-automotive products. Many food additionally accept a bartering sales affairs that provides bartering acclaim and alert commitment of genitalia and added articles to local, bounded and civic adjustment garages, dealers, account stations, and accessible breadth accounts. We additionally accept bartering programs in food in Mexico and Brazil. AutoZone additionally sells the ALLDATA cast automotive analytic and adjustment software through www.alldata.com and www.alldatadiy.com. Additionally, we advertise automotive adamantine parts, aliment items, accessories, and non-automotive articles through www.autozone.com and our bartering barter can accomplish purchases through www.autozonepro.com. We additionally accommodate artefact advice on our Duralast branded articles through www.duralastparts.com. AutoZone does not acquire acquirement from automotive adjustment or accession services.
AutoZone will host a appointment alarm this morning, Tuesday, May 26, 2020, alpha at 10:00 a.m. (EDT) to altercate its third division results. Investors may accept to the appointment alarm alive and analysis acknowledging slides on the AutoZone accumulated website, www.autozone.com by beat “Investor Relations,” amid at the basal of the page. The alarm will additionally be accessible by dialing (210) 839-8923 and entering actor passcode 9697984. A epitomize of the alarm and slides will be accessible on AutoZone’s website. In addition, a epitomize of the alarm will be accessible by dialing (203) 369-1211 through June 25, 2020, 11:59 p.m. (EDT).
This absolution includes assertive banking advice not acquired in accordance with about accustomed accounting attempt (“GAAP”). These non-GAAP banking measures accommodate adjustments to reflect acknowledgment on invested capital, adapted debt and adapted debt to EBITDAR. These calculations accommodate adjustments for alimony abortion accuse and deferred tax liabilities. The Aggregation believes that the presentation of these non-GAAP measures provides advice that is advantageous to investors as it indicates added acutely the Company’s allusive year-to-year operating results, but this advice should not be advised a acting for any measures acquired in accordance with GAAP. Administration targets the Company’s basic anatomy in adjustment to advance its advance brand acclaim ratings and manages banknote flows accessible for allotment repurchase by ecology banknote flows afore allotment repurchases, as apparent on the absorbed tables. The Aggregation believes this is important advice for the administration of its debt levels and allotment repurchases. We accept included a adaptation of this added advice to the best commensurable GAAP measures in the accompanying adaptation tables.
Certain statements independent in this columnist absolution aggregate advanced statements that are accountable to the safe anchorage accoutrement of the Private Securities Litigation Reform Act of 1995. Advanced statements about use words such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “seek,” “may,” “could,” and agnate expressions. These are based on assumptions and assessments fabricated by the Company’s administration in ablaze of acquaintance and acumen of absolute trends, accustomed conditions, accepted approaching developments and added factors that the Aggregation believes to be appropriate. These advanced statements are accountable to a cardinal of risks and uncertainties, including after limitation: artefact demand; activity prices; weather; competition; acclaim bazaar conditions; banknote flows; admission to accessible and achievable financing; approaching banal repurchases; the appulse of recessionary conditions; customer debt levels; changes in laws or regulations; war and the anticipation of war, including agitator activity; the appulse of accessible bloom issues, such as the COVID-19 pandemic; inflation; the adeptness to hire, alternation and absorb able employees; architecture delays; the compromising of confidentiality, availability or candor of information, including cyber-attacks; celebrated advance amount sustainability; decline of the Company’s acclaim ratings; accident to the Company’s reputation; challenges in all-embracing markets; abortion or abeyance of the Company’s advice technology systems; agent and raw absolute costs of suppliers; disruption in the Company’s accumulation chain; appulse of tariffs; advancing appulse of new accounting standards; and business interruptions. Assertive of these risks and uncertainties are declared in added detail in the “Risk Factors” breadth independent in Item 1A beneath Part 1 of the Company’s Annual Report on Form 10-K for the budgetary year concluded August 31, 2019 and in our added SEC filings. These Risk Factors should be apprehend carefully. However, it should be accepted that it is not accessible to analyze or adumbrate all such risks and added factors that could affect these advanced statements. Advanced statements are not guarantees of approaching performance, and absolute results, developments and business decisions may alter from those advised by such advanced statements, and contest including, but not bound to, those declared aloft could materially and abnormally affect the Company’s business. Advanced statements allege alone as of the date made. Except as appropriate by applicative law, we undertake no obligation to amend about any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise. Absolute after-effects may materially alter from advancing results.
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