AutoZone Authorizes Additional Stock Repurchase

Rhea-AI Summary

AutoZone has authorized an additional $1.5 billion for its ongoing share repurchase program, increasing total authorizations since 1998 to $29.2 billion. The CFO highlights strong financial performance enabling cash returns to shareholders and maintaining credit ratings. The company's store count stands at 6,785 across the Americas, underscoring its market leadership in automotive replacement parts.

Positive

• Authorization of additional $1.5 billion in share repurchases enhances shareholder value.
• Total share repurchase authorization reaches $29.2 billion since 1998.
• Strong financial performance allows for continued cash returns to shareholders.

Negative

• None.

MEMPHIS, Tenn., Dec. 15, 2021 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), today announced its Board of Directors authorized the repurchase of an additional $1.5 billion of the Company’s common stock in connection with its ongoing share repurchase program. Since the inception of the repurchase program in 1998, and including the above amount, AutoZone’s Board of Directors has authorized $29.2 billion in share repurchases.

“AutoZone’s continued strong financial performance allows us to grow our business, return meaningful amounts of cash to our shareholders and maintain our investment grade credit ratings,” said Jamere Jackson, Chief Financial Officer and Executive Vice President – Finance, and Store Development. “We remain committed to our disciplined capital allocation policy to drive growth and enhance shareholder returns while maintaining adequate liquidity.”

About AutoZone:

As of November 20, 2021, the Company had 6,066, stores in the U.S., 666 stores in Mexico, and 53 stores in Brazil for a total store count of 6,785.

AutoZone is the leading retailer, and a leading distributor, of automotive replacement parts and accessories in the Americas. Each AutoZone store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. We also have commercial programs in all stores in Mexico and Brazil. AutoZone also sells the ALLDATA brand diagnostic, repair and shop management software through www.alldata.com. Additionally, we sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com and our commercial customers can make purchases through www.autozonepro.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation.

Contact Information:

Media: David McKinney, 901-495-7951, david.mckinney@autozone.com

Financial: Brian Campbell, 901-495-7005, brian.campbell@autozone.com

FAQ

What is the new share repurchase amount authorized by AutoZone?

AutoZone has authorized an additional $1.5 billion for its share repurchase program.

How much total has AutoZone authorized for share repurchases since 1998?

Since 1998, AutoZone has authorized a total of $29.2 billion for share repurchases.

What is the current store count for AutoZone?

As of November 20, 2021, AutoZone has a total of 6,785 stores in the Americas.

What is the purpose of AutoZone's share repurchase program?

The share repurchase program aims to return cash to shareholders and maintain investment grade credit ratings.