PYMNTS-MonitorEdge-May-2024

AutoZone Inventory up as Company Opens New Stores in Q2

AutoZone

In addition to net sales growth of 15.8% to $3.4 billion for the second quarter of fiscal 2022 ending Feb. 12, AutoZone reported an uptick in inventory of 6.2% from the same time a year earlier, thanks to 31 new stores, hubs and megahubs in the U.S., Mexico and Brazil, according to a Tuesday (March 1) press release.

“As we continue to focus on the health and well-being of our customers and AutoZoners, we remain committed to providing the best and safest place to shop for everyone’s automotive needs,” said AutoZone Chairman, President and CEO Bill Rhodes in the release. “During these unique and challenging times, we strive to deliver the best customer service possible. As we continue to prudently invest capital in our business, we remain focused on returns on capital. We are committed to our long-term approach of increasing operating earnings and free cash flows while utilizing our balance sheet effectively.”

In the quarter, AutoZone opened 26 new stores and closed one in the U.S. and opened three stores in Mexico and two stores in Brazil. The company had 6,091 stores in the U.S., 669 in Mexico and 55 in Brazil for a total of 6,815 as of Feb. 12, the release stated.

“Our second quarter’s results are a reflection of our AutoZoners’ continued commitment to delivering exceptional service to our customers during these unique times,” Rhodes said in the release.

AutoZone’s commercial sales grew 32.1% in the quarter and retail sales increased more than 10% from the same time one year ago, according to the release.

“We believe the initiatives we have in place position us well for the remainder of our fiscal year,” Rhodes said in the release.

Meanwhile, Advance Auto Parts relied on digital assets that provide visibility of delivery status, product availability and training for double-digit comparable sales growth in the professional segment in the most recent quarterly earnings update Feb. 15.

Read more: B2B Customers Seek Digital Tools When Buying Auto Parts

PYMNTS-MonitorEdge-May-2024