AutoZone Boosts Buyback Program

AutoZone Inc AZO Board of Directors authorized the repurchase of an additional $2.5 billion in shares in connection with its ongoing share repurchase program.
At the fiscal year ending August, the company had $1.058 billion remaining under its share repurchase authorization.
Since the inception of the repurchase program in 1998, the company's total authorization amounts to $33.7 billion.
The company held $264.4 million in cash and equivalents as of August 27, 2022.
"Our 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 CFO Jamere Jackson.
AutoZone had 6,168 stores in the U.S., 703 in Mexico, and 72 in Brazil, for a total store count of 6,943 as of August 27, 2022.
Price Action: AZO shares are trading lower by 0.23% at $2,200 in premarket on the last check Wednesday.