J.P. Morgan Comments On Impressive Quarter For AutoZone

According to J.P. Morgan, AutoZone AZO delivered a solid quarter with comps up 5.3% and solid margin expansion. J.P. Morgan said that this compares to recent same-store sales results from competitors AAP at 1.3% and ORLY at 5.7% and suggests AZO is gaining share as growth in the aftermarket moderates. “Admittedly, sales variability is the highest it has been in recent memory as consumers are faced with up prices at the pump and bad weather against near ideal weather conditions from a year ago. In spite of this, AZO demonstrated a 200 bp acceleration in the two-year average comp, with DIY estimated to account for the majority of the improvement.” AutoZone closed yesterday at $293.30.