AutoZone fourth quarter sales increase

AutoZone, Inc. (NYSE:AZO) reported net sales of $3 billion for its fourth quarter (16 weeks) ended Aug. 30, 2014, an increase of 4.5 percent from the fourth quarter of fiscal 2013 (16 weeks).

On a 16-week basis, net income for the quarter increased 7.4 percent over the same period last year to $373.7 million, while diluted earnings per share increased 15.6 percent to $11.28 per share from $9.76 per share in the year-ago quarter.

For the fiscal year ended Aug. 30, 2014, sales were $9.5 billion, an increase of 5.6 percent from the prior year, on a 52-week basis, while domestic same store sales were up 2.8 percent for the year. Operating profit increased 5.6 percent on an operating margin of 19.3 percent.

For fiscal 2014, net income, excluding the extra week, increased 7.7 percent to $1.1 billion.

Under its share repurchase program, AutoZone repurchased 356 thousand shares of its common stock for $188 million during the fourth quarter, at an average price of $528 per share. The primary difference in repurchases this quarter versus last year is the capacity generated from the extra week of sales last year, said a news release.

"I would like to thank our entire organization for the solid performance delivered this past fiscal year,” said Bill Rhodes, chairman, president and CEO, in prepared comments. “We are pleased to report that the fourth quarter of fiscal 2014, on a 16-week adjusted basis, marked our thirty-second consecutive quarter of double-digit-earnings-pe- share growth.”

During the quarter ended Aug. 30, AutoZone opened 83 new stores in the U.S., 28 new stores in Mexico, and one new store in Brazil. As of August, the company had 4,984 stores in 49 states, the District of Columbia and Puerto Rico in the U.S., 402 stores in Mexico, and five stores in Brazil for a total count of 5,391.

AutoZone is a leading retailer and leading distributor of automotive replacement parts and accessories in the U.S.