AutoZone Expands Retail Presence As Net Sales Climb

AutoZone, Inc., an automotive parts and accessories retailer, reported that net sales jumped 15.8 percent in the second quarter of fiscal 2021 as it expanded its store count, according to a Tuesday (March 2) announcement.

AutoZone reported that domestic same-store sales soared by 15.2 percent for the quarter. The company opened 27 net stores in the U.S., one store in Brazil and seven stores in Mexico in the quarter concluding Feb. 13, 2021. It had 5,951 stores in the U.S., 46 stores in Brazil and 628 stores in Mexico as of Feb. 13, 2021 for an overall store count of 6,625.

Every AutoZone store has a wide product collection for cars, vans, sport utility vehicles and light trucks with the inclusion of “new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products,” according to the announcement.

AutoZone’s inventory climbed 2.8 percent over the same timeframe last year, fueled by new retail locations and an enhanced merchandise collection.

The company repurchased 752,004 shares of its common equity for $900 million in the second quarter at an average per share price of $1,197.

In terms of the pandemic, Chairman, President and Chief Executive Officer Bill Rhodes said, “we recently announced a financial incentive for our employees to receive the COVID-19 vaccine, and we will continue to invest appropriately in a safe and productive work environment for our people.”

As for its overall results, AutoZone reported $14.93 in diluted earnings per share on $2.9 billion in reported net sales. The results exceeded analyst estimates of $12.84 in earnings per share on $2.76 billion in revenues.

In separate automotive retail news, Torrance, California-based CarParts.com, Inc. recently launched a centralized shopping hub for the electric vehicle (EV), plug-in hybrid and hybrid market.

“Our dedicated shopping hub will help demystify the world of EV and hybrid auto parts, making it simple for customers to find the parts and information they need to get the job done,” CarParts.com Chief Merchandising Officer David Morris said in a previous release.

CarParts.com’s product assortment for hybrids and EVs has grown in recent months to encompass over 700,000 applications to upgrade, maintain and repair EVs, plug-in hybrids and hybrids.