AutoZone Q4 Earnings Top Estimates

AutoZone Inc AZO reported fourth-quarter FY22 sales growth of 8.9% year-on-year to $5.35 billion, beating the consensus of $5.15 billion.
EPS of $40.51 beat the consensus of $38.38.
Domestic same-store sales increased 6.2% in the quarter.
The gross margin contracted 73 basis points Y/Y to 51.5%. The operating margin was 20.6%, and operating income rose 5.7% Y/Y to $1.1 billion.
AutoZone held $264.4 million in cash and equivalents as of August 27, 2022. Adjusted debt totaled $8.7 billion.
AutoZone opened 53 new stores in the U.S. in the quarter. As of August 27, 2022, AutoZone had 6,168 stores in the U.S., 703 in Mexico, and 72 in Brazil, for a total store count of 6,943.
At the end of FY22, the company had $1.058 billion remaining under its current share repurchase authorization.
The company's inventory increased by 21.5%, driven by its growth initiatives and inflation.
"The investments we have made in both inventory availability and technology are enhancing our competitive positioning," said Chairman and CEO Bill Rhodes.
Additionally, AutoZone revealed Doug Brooks is not standing for re-election to the Board of Directors at the Annual Meeting of Stockholders to be held on December 14, 2022.
Price Action: AZO shares closed higher by 0.97% at $2,165.65 on Friday.
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