LONDON, UK / ACCESSWIRE / June 22, 2018 /If you want access to our free earnings report on AutoZone, Inc. (NYSE: AZO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AZO. The Company reported its financial results on May 22, 2018, for the third quarter of the fiscal year 2018 (Q3 FY18). The auto parts retailer exceeded analysts' expectations for earnings for Q3 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the third quarter ended May 05, 2018, AutoZone's revenues improved 1.6% to $2.66 billion compared to $2.62 billion in the third quarter of the fiscal year 2018. The Company's revenue numbers lagged analysts' estimates of $2.71 billion. The Company's domestic (US) same-store sales, or sales for stores opened for at least one year, increased 0.6% in the reported quarter.
During Q3 FY18, AutoZone posted a gross profit of $1.42 billion compared to $1.38 billion in Q3 FY17, increasing 3.2% on a y-o-y basis. The Company's gross margin advanced to 53.5% in the reported quarter compared to 52.6% in the prior year's same period. The growth in gross margin was attributable to higher merchandise margins and the favorable comparison from the impact of the previously announced sale of two business units completed during the reported quarter.
For the reported quarter, AutoZone's operating, selling, general, and administrative expenses rose 3.3% to $877.2 million versus $848.8 million in the prior year's comparable quarter, due to occupancy costs and an increased store payroll. The Company posted an operating profit of $545.8 million in Q3 FY18 compared to $529.6 million in Q3 FY17.
AutoZone reported a net income of $366.7 million in the reported quarter compared to $331.7 million in the year-ago corresponding period, increasing 10.6% on a y-o-y basis. The Company's diluted earnings per share (EPS) jumped 17.3% to $13.42 in Q3 FY18 compared to $11.44 in Q3 FY17; surpassing analysts' estimates of $12.99.
Store and Inventor Update
During the third quarter of the fiscal year 2018, AutoZone opened 26 new stores and relocated 2 stores in the US; opened 4 new stores in Mexico; and opened no new stores in Brazil. As of May 05, 2018, the Company had 5,540 stores in 50 states in the US, the District of Columbia, and Puerto Rico; 536 stores in Mexico; and 16 stores in Brazil, for a total store count of 6,092.
AutoZone's inventory grew 3.7% compared to the same period of last year, driven by new stores and increased product placement, partially offset by the impact of the sale of two business units. The Company's inventory per location was $658.0 thousand versus $653.0 thousand in the last year and $671.0 thousand in the last quarter.
As of May 05, 2018, AutoZone's cash and cash equivalents stood at $218.4 million compared to $227.1 million as of May 06, 2017. The Company had a long-term debt balance of $4.95 billion as of May 05, 2018, compared to $5.08 billion as of August 26, 2017. For the reported quarter, the Company generated cash from operating activities of $1.26 billion versus $1.01 billion in the prior year's comparable period.
During the third quarter of the fiscal year 2018, AutoZone repurchased 599,000 shares of its common stock at an average price of $667 per share, for a total cost of $400.0 million. At the end of the third quarter of the fiscal year 2018, the Company had $897.0 million remaining under its current share repurchase authorization.
Stock Performance Snapshot
June 21, 2018 - At Thursday's closing bell, AutoZone's stock slightly fell 0.23%, ending the trading session at $688.50.
Volume traded for the day: 264.23 thousand shares.
Stock performance in the last month – up 14.37%; previous three-month period – up 7.01%; and past twelve-month period – up 19.95%
After yesterday's close, AutoZone's market cap was at $18.83 billion.
Price to Earnings (P/E) ratio was at 15.24.
The stock is part of the Services sector, categorized under the Auto Parts Stores industry.
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