AutoZone Reports 3rd Quarter EPS of $.50, Up 28%
20 May 2000
MEMPHIS, Tenn. - AutoZone, Inc., announced on Friday reported diluted
earnings per share of $.50 for its third fiscal quarter ended May 6, 2000, up 28%
from $.39 per share for the prior year quarter ended May 8, 1999. Net income
for the quarter was $67.3 million, an increase of 15% from $58.7 million in
the prior year quarter. As previously reported, sales were $1.06 billion for
the quarter up 9% from sales of $970 million on the prior year quarter.
Same store sales, or sales for domestic auto parts stores open at least one year,
increased 6% for the quarter.
On a year-to-date basis, diluted earnings per share for the 36-week period
increased 22% to $1.18 from $.97. Year-to-date net income increased 11% to
$162.4 million compared to $146.1 million in 1999. Year-to-date sales rose
10% to $2.99 billion from $2.72 billion in the prior year. Year-to-date
comparable store sales increased 6% in fiscal 2000 and 1999.
"We've got great momentum heading into our seasonally strongest quarter,"
said John C. Adams Jr., chairman and chief executive officer. "We're
especially pleased with the results of our acquired stores. For the former
Chief stores, we're looking forward to their first full summer with the
AutoZone name, merchandise and trademark customer service."
During the quarter, AutoZone opened 17 new and replaced 3 auto parts
stores in the U.S. and opened 2 stores in Mexico. Year-to-date, AutoZone has
opened 145 new auto parts stores in the U.S. and 7 in Mexico, replaced
19 stores, and closed 2 former Chief stores. In addition, AutoZone opened
1 new and 1 replacement TruckPro store during the quarter, for year-to-date
totals of 2 new stores and 4 replacements.
At the end of the quarter, aggregate share repurchases under the share
repurchase program totaled $907 million and 34.6 million shares including
$300 million and 11.9 million shares under forward purchase contracts.
Currently the total share repurchase authorization is $1 billion.
AutoZone sells auto and light truck parts, chemicals and accessories
through 2,854 AutoZone stores in 41 states and the District of Columbia in
the U.S. and 13 AutoZone stores in Mexico. AutoZone also sells heavy-duty
truck parts through 48 TruckPro stores in 15 states, and automotive diagnostic
and repair software through ALLDATA and diagnostic and repair information
through alldatadiy.com .
AUTOZONE FISCAL THIRD QUARTER FINANCIAL HIGHLIGHTS
(In Thousands, Except Per-Share Data)
12 Weeks Ended 12 Weeks Ended
May 6, 2000 May 8, 1999
Net sales $1,059,415 $970,236
Gross profit $449,918 $408,933
Operating profit $126,684 $104,312
Income before income taxes $109,265 $93,135
Net income $67,265 $58,735
Net income per share:
Basic $0.50 $0.39
Diluted $0.50 $0.39
Weighted average shares:
Basic 133,322 149,132
Diluted 134,424 150,729
36 Weeks Ended 36 Weeks Ended
May 6, 2000 May 8, 1999
Net Sales $2,990,051 $ 2,723,723
Gross profit $1,259,861 $ 1,138,908
Operating profit $312,445 $261,400
Income before income taxes $263,970 $231,474
Net income $162,370 $146,074
Net income per share:
Basic $1.19 $0.97
Diluted $1.18 $0.97
Weighted average shares:
Basic 136,880 149,941
Diluted 137,855 151,322