EmailAutozone (AZO $328.30 -3.65) reported fourth quarter earnings of $7.18
per share, $0.22 better than the Capital IQ Consensus Estimate of $6.96.
Revenues rose 8.1% year/year to $2.64 billion versus the $2.61 billion
consensus.
Domestic same store sales, or sales for stores open at least one year, increased
4.5% for the quarter. For the quarter, gross profit, as a percentage of sales,
was 51.2% (versus 50.5% for last year's quarter). The improvement in gross
margin was attributable to lower shrink expense (47 bps) and higher merchandise
margins.
Retail price increases on commodity based products drove the higher merchandise
margins, which were partially offset by increased penetration of Commercial
sales. Operating expenses, as a percentage of sales, were 31.4% (versus 31.2%
last year).
The Company's inventory increased 7.0% over the same period last year, driven
primarily by new store openings. Under its share repurchase program, AutoZone
repurchased 1.5 million shares of its common stock for $433 million during the
fourth quarter, at an average price of $289 per share.
than one year.
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