Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended May 4, 2024 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to ________. Commission file number 1-10714 AUTOZONE, INC. (Exact name of registrant as specified in its charter) Nevada 62-1482048 (State or othe ...

MEMPHIS, Tenn., June 05, 2024 (GLOBE NEWSWIRE) -- AutoZone (NYSE:AZO) recognized 17 of its top suppliers at their annual Vendor Summit. The awards honor companies that provided exceptional performance and demonstrated a strong commitment to customer satisfaction during the past year. AutoZone awarded JK Fenner the 2024 Vendor of the Year, the highest vendor honor from the company. JK Fenner is a leader in Mechanical Power Transmission products and was praised for providing outstanding customer service, prio ...

Core Insights - AutoZone recognized 17 top suppliers at their annual Vendor Summit, highlighting exceptional performance and commitment to customer satisfaction [1][2][3] Group 1: Awards and Recognitions - JK Fenner was awarded the 2024 Vendor of the Year for outstanding customer service and commitment to product availability [1] - Seven vendors received the Extra Miler award for exceptional customer satisfaction and overcoming obstacles: Baofeng, Bearing-Tech, Encore, Gold, Highline Warren, True Parts Inc., and Valvoline [2] - Great Neck Saw Manufacturers, Inc. received The Ray of Hope award for community contributions, specifically for donations to the Boys & Girls Club of Greater Memphis [2] - Reach Cooling was honored with the International Vendor of Excellence Award for their international market insights and training programs [2] - Seven vendors received the WITTDTJR® awards for enhancing the customer journey through product innovations and training investments: hitt BRANDS, Motorcar Parts of America, Moveras, Robert Bosch, LLC, Stryten Energy, Technical Chemical Company, and The NOCO Company [3] Group 2: Company Growth and Operations - During the quarter ended May 4, 2024, AutoZone opened 32 new stores in the U.S., 12 in Mexico, and one in Brazil, totaling 45 net new stores [4] - As of May 4, 2024, AutoZone operates 6,364 stores in the U.S., 763 in Mexico, and 109 in Brazil, amounting to a total of 7,236 stores [4] - AutoZone is a leading retailer and distributor of automotive replacement parts and accessories in the Americas, offering a wide range of products for various vehicle types [5]

AutoZone (AZO) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this auto parts retailer have returned -6.2% over the past month versus the Zacks S&P 500 composite's +5.1% change. The Zacks Automotive - Retail and Wholesale - Parts industry, to which AutoZone belongs, has lost 4.4% over this period. Now the key question is: Where could the stock be headed ...

Key PointsAdvance Auto Parts management is focusing on what matters during stagflation: cost savings and free cash flow.Recent first quarter 2024 financials show that initiatives are already making a change in the company's financials, and analysts have taken not.Trading at a significant discount to peers, this stock could see brighter days ahead now that smart money is coming in.5 stocks we like better than CarvanaManagement at Advance Auto Parts Inc. NYSE: AAP is looking to reinvent itself this year, or a ...

Although the economy is in excellent shape and stocks are hitting new highs, it’s important to remember that good times don’t last forever. The business cycle ends and that’s when blue-chip stocks to hold become valuable.Despite the calm market environment, there are many lingering threats that could negatively impact the stock market. Recently, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon has been in the headlines, bringing attention to potential market risks. One major risk is stubborn inflation that causes ...

The transportation sector is vitally important to the economy. With 4.1 million miles of streets and highways, the U.S. has the most extensive road network in the world. Americans continue to love to travel by motor vehicle. In 2023, 75% of the population reported having access to their own car, with an additional 20% of people saying they have access to a company or family car. It wasn’t that long ago that investors were not looking for transportation stocks to buy, but the industry is making a comeback.Th ...

Financial Data and Key Metrics Changes - Total sales increased by 3.5% to $4.2 billion, with operating profit growing by 4.9% and earnings per share (EPS) rising by 7.5% [6][13][18] - Same store sales were up 1.9% overall, with a constant currency increase of 0.9% [6][8] - International same store sales grew by 9.3% on a constant currency basis [8][16] Business Line Data and Key Metrics Changes - Domestic commercial sales increased by 3.3%, while DIY sales saw a decline of 1% [9][10][15] - The commercial business represented 31% of domestic auto part sales, with 92% of stores now having commercial programs [9][13] - Traffic in the DIY segment was down approximately 2%, while average ticket size increased by 1% [11][15] Market Data and Key Metrics Changes - Domestic same store sales were flat, with a negative 0.7% comp in the first four weeks and a positive 0.3% in the last eight weeks of the quarter [8][10] - The Northeast and Midwest markets underperformed compared to other regions, with a disparity of nearly 200 basis points [9][10] Company Strategy and Development Direction - The company is focused on enhancing customer service and expanding its commercial business, which is seen as a significant growth opportunity [12][21] - Two new distribution centers are set to open in Q2 FY25, aimed at improving inventory availability and customer service [12][19] - The strategy includes leveraging technology and expanding mega hubs to improve delivery times and parts availability [14][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from delayed tax refunds and adverse weather impacting sales, but expressed confidence in future sales acceleration [7][8] - The company remains cautious about the outlook for the remainder of the year but is optimistic about long-term growth prospects, particularly in international markets [8][12][21] Other Important Information - Gross margin improved to 53.5%, driven by better core business performance and vendor negotiations [17][18] - Free cash flow for the quarter was $434 million, with plans for significant capital expenditures to support growth initiatives [19][20] Q&A Session Summary Question: Can you discuss the cadence in the commercial business? - Management noted that the commercial business has been choppy, with recent weeks being particularly challenging due to weather conditions [24][25] Question: What are your expectations for inflation in pricing? - Management indicated that inflation is expected to normalize, moving away from the hyperinflation experienced in previous years [26][27] Question: Can you elaborate on vendor rebates and gross margin improvements? - Management confirmed that vendor relationships have improved, allowing for negotiations on deflation as inflationary pressures ease [28][29] Question: How are you addressing the performance of tire centers and other customer segments? - Management acknowledged that tire centers have been under pressure, with a flattening trend in that segment [30][31] Question: What is the outlook for mega hubs and their impact? - Management expressed excitement about the future of mega hubs, with plans to open over 200 at full build-out [33][34] Question: Are there specific initiatives to strengthen the business in the near term? - Management highlighted ongoing efforts to improve parts availability and delivery speeds as key initiatives to drive growth [58][59] Question: Are there signs of pressure on lower-income consumers affecting shopping patterns? - Management noted that while there are pressures on consumers, the company remains focused on its growth initiatives and believes in its market position [60]

Key PointsAutoZone had a solid quarter, but results are mixed relative to consensus, and shares are pulling back.The uptrend is intact and will likely result in a buy-signal soon. Cash flow and massive share buybacks support the uptrend and point to a new all-time high before year-end. 5 stocks we like better than AutoZoneAutoZone NYSE: AZO share prices are declining because the Q3 results weren’t strong enough. The company says the timing of tax payments and cold weather impacted the results, which are one ...

AutoZone Inc. (AZO) reported earnings of $36.69 per share for third-quarter fiscal 2024 (ended May 4, 2024), up 7.5% year over year. Earnings surpassed the Zacks Consensus Estimate of $35.72 per share. Net sales grew 3.5% year over year to $4,235.5 million. The top line marginally missed the Zacks Consensus Estimate of $4,292 million.In the reported quarter, domestic commercial sales totaled $1.14 billion, up from $1.11 billion recorded in the year-ago period. Domestic same-store sales (sales at stores open ...