AutoZone reported second quarter net sales of $4.3 billion, an increase of 8.1% year-over-year, beating analyst estimates. Diluted EPS came in at $27.63, a slight decrease from $28.29 in the prior year but just above consensus expectations.
Key Highlights
- Domestic same-store sales growth was a notable 3.4%, exceeding analyst expectations of 2.6% despite winter storm disruptions.
- The domestic commercial business continued its strong performance, with sales increasing 9.8% year-over-year to $1.15 billion.
- Gross profit margin declined by 137 basis points to 52.5%, which the company attributed primarily to a 138 basis point non-cash LIFO charge.
- The company repurchased $310.8 million of its common stock during the quarter and has $1.4 billion remaining under its current authorization.