Q4 2024 Autozone Inc Earnings Call Transcript
Key Points
- AutoZone Inc (AZO) reported a total sales growth of 5.9% for the fiscal year, with earnings per share (EPS) increasing by 13%.
- The company saw a 9% increase in total sales and an 11% increase in EPS for the fourth quarter.
- International same-store sales were up 9.9%, indicating strong performance outside the U.S.
- AutoZone Inc (AZO) opened 49 new stores internationally, bringing the total to 921 international stores.
- The company plans to accelerate international store openings, targeting around 200 new stores per year by 2028.
- Domestic DIY comp sales were down about 1% for the fourth quarter, driven by a decline in discretionary merchandise categories.
- The company faced a nearly 500 basis points currency headwind, impacting reported sales, operating profit, and EPS.
- DIY transactions count was down 2%, indicating a decrease in customer traffic.
- Inflation impact on DIY comp was low, with average ticket and SKU inflation up only 1% for the quarter.
- The commercial business saw flat pricing and average ticket growth due to cooled inflation for goods in the industry.
Before we begin, please note that today's call includes forward-looking statements that are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Please refer to this morning's press release and the company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission for a discussion of important risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date made, and the company undertakes no obligation to update such statements.
Today's call will also include certain non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in our press release.
Good day, everyone, and welcome to AutoZone's 2024 fourth quarter earnings release conference call. (Operator Instructions)
It is now my pleasure to
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