AutoZone (AZO) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - AutoZone reported revenue of $4.24 billion for the quarter ended May 2024, reflecting a year-over-year increase of 3.5% [1] - The earnings per share (EPS) for the quarter was$ 36.69, up from $34.12 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of$ 4.29 billion, resulting in a surprise of -1.16%, while the EPS exceeded the consensus estimate of $35.67 by 2.86% [1] Financial Performance Metrics - Same store sales in the domestic market showed no change year-over-year, compared to an average estimate of 2.4% growth [2] - Total square footage was reported at 48,567 Ksq ft, slightly below the estimated 48,658.56 Ksq ft [2] - Square footage per store was 6,712 thousand, compared to the average estimate of 6,726.23 thousand [2] - The total number of AutoZone stores reached 7,236, in line with the average estimate of 7,235 [2] - Domestic store count remained at 6,364, matching the average estimate [2] - Sales per average square foot were$ 86 thousand, below the average estimate of $91.84 thousand [2] - Sales per average store were$ 576 thousand, compared to the average estimate of $587.29 thousand [2] - In Mexico, 12 new stores were opened, exceeding the average estimate of 9 [2] - In the domestic market, 32 new stores were opened, slightly below the average estimate of 35 [2] - Net sales for auto parts were$ 4.16 billion, compared to the average estimate of $4.21 billion, marking a 3.5% year-over-year increase [2] - Net sales from all other categories were$ 79.07 million, slightly above the estimated $78.39 million, representing a 7.1% year-over-year increase [2] - Domestic commercial sales reached$ 1.15 billion, below the average estimate of $1.18 billion, with a year-over-year increase of 3.3% [2] Stock Performance - Over the past month, AutoZone shares have returned -1.3%, contrasting with the Zacks S&P 500 composite's increase of 7.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]