On Dec. 7, AutoZone (AZO) reported its first-quarter sales for the period ending on November 20, 2021. The company, headquartered in Memphis, Tennessee, beat market forecasts on both earnings and revenue. Just before market open today, AZO stock gained 3.14% in value.
AutoZone Posts Strong Fiscal First-Quarter Earnings
AutoZone posted strong fiscal first-quarter earnings, bringing in $555.2 million for the quarter (compared to $442.4 million for the same period last year), which added up to $25.69 per share, beating estimates of around $20.83 per share.
Net Sales Increase
The company reported net sales of roughly $3.7 billion for its first quarter, representing a 16.3% increase “from the first quarter of fiscal 2021.” Analysts had anticipated sales in the $3.36 billion range.
CEO Comments Regarding Covid-19
“While the COVID-19 pandemic continues to impact our customers’ and AutoZoners’ lives, our primary focus remains the well-being and safety of our customers and AutoZoners,” CEO Bill Rhodes explained in a press release. “We will continue to invest to make our stores the best and safest place to shop for everyone’s automotive needs…”
Outlook
“Our commercial business growth continues to be exceptionally strong at 29.4% as the investments we are making are positioning us well in the marketplace. We are optimistic about our growth prospects for the balance of the fiscal year,” Rhodes added.
The CEO also said that the company was continuing to “prudently invest capital” in its business, remaining committed to a long-term, disciplined approach of “increasing operating earnings and cash flow” while utilizing the firm's balance sheet effectively.
