Autozone - AZO STOCK NEWS

AutoZone (NYSE: AZO) has authorized an additional $2.5 billion share repurchase, increasing total repurchases to $33.7 billion since 1998. This decision reflects the company's strong financial performance, enabling it to return significant cash to shareholders while maintaining investment-grade credit ratings. CFO Jamere Jackson emphasized the company's commitment to disciplined capital allocation to enhance shareholder returns. As of August 27, 2022, AutoZone operates 6,943 stores across the U.S., Mexico, and Brazil, offering extensive automotive products.

AutoZone reported net sales of $5.3 billion for Q4 2022, an 8.9% increase from Q4 2021. Domestic same-store sales rose by 6.2%, with commercial sales growing by 22%. However, gross profit margin decreased to 51.5%, driven by commercial growth and rising freight costs. For the fiscal year, sales reached $16.3 billion, an 11.1% increase. Net income improved by 11.9% to $2.4 billion, with diluted EPS rising 23.1% to $117.19. AutoZone repurchased 2.2 million shares for $4.4 billion.

AutoZone, Inc. (NYSE: AZO) plans to release its fourth-quarter results for the period ending August 27, 2022, on September 19, 2022, before market open. A conference call will follow at 10:00 a.m. EDT, accessible via webcast on AutoZone's website. The company operates 6,846 stores across the Americas, including 6,115 in the U.S., 673 in Mexico, and 58 in Brazil, offering a wide range of automotive parts and accessories. AutoZone is the top retailer in this sector, providing both retail and commercial services.

AutoZone recognized top vendors at its 2022 Vendor Partner Summit, awarding six companies with the WITTDTJR® awards for exceptional customer service and performance. The Extra Miler awards honored eight vendors who exceeded expectations. Clarios was named the 2022 Vendor Partner of the Year for its remarkable support during challenging times. The summit celebrated collaborations that contribute to AutoZone's growth and increased market share, emphasizing the importance of vendor partnerships in meeting customer needs.

AutoZone reported a net sales increase to $3.9 billion for the third quarter ending May 7, 2022, reflecting a 5.9% growth from the prior year. Domestic same-store sales rose 2.6%, while commercial sales surged 26.0%. Despite these gains, gross profit margin fell to 51.91%, down 54 basis points, impacted by lower-margin commercial sales. Operating expenses increased to 31.58% of sales, leading to a 2.2% decline in operating profit to $785.7 million. Net income slightly decreased by 0.6% to $592.6 million, although diluted EPS rose by 9.6% to $29.03.

WEX (NYSE: WEX) has announced a new partnership with AutoZone (NYSE: AZO) that enables eligible WEX customers to buy automotive parts for Class 1–5 vehicles at national account pricing through the WEX EDGE savings network. This collaboration aims to reduce costs for businesses reliant on vehicle operation. The WEX EDGE platform already offers savings on fuel, tires, and hotel accommodations, and this addition aims to provide further discounts on auto parts purchases.

AutoZone (NYSE: AZO) will announce its third-quarter financial results on May 24, 2022, prior to market opening. The conference call for discussing these results is scheduled for the same day at 10:00 a.m. (EST). Currently, AutoZone operates 6,815 stores across the Americas, providing a wide range of automotive parts and accessories. Investors can access the webcast and supporting slides through the company's website.

AutoZone, Inc. (NYSE: AZO) announced on March 22, 2022, a $2.0 billion addition to its ongoing share repurchase program, bringing total authorizations since 1998 to $31.2 billion. The CFO highlighted strong financial performance, emphasizing a commitment to returning cash to shareholders while maintaining investment-grade credit ratings. As of February 12, 2022, AutoZone operates 6,815 stores globally, underscoring its leading position in the automotive replacement parts market.