Here's the good news...
Monday September 29 5:41 PM EDT
Company Press Release
AutoZone's 4th Qtr Net Income Up 21%; EPS Up 20% To 53 Cents Vs. 44 Cents; FY 1997 Net Income Up 17%; EPS Up 15% To $1.28 Vs. $1.11
MEMPHIS, Tenn., Sept. 29 /PRNewswire/ -- Johnston C. Adams Jr., chairman and chief executive officer of AutoZone
Inc. (NYSE:AZO), announced AutoZone's net income for its fiscal fourth quarter ended August 30, 1997, increased 21% to
$81.5 million from $67.4 million in the year-ago quarter. Earnings per share increased 20% to 53 cents from 44 cents a year
earlier.
Fiscal 1997's fourth quarter included 16 weeks, compared to 17 weeks in the fourth quarter of fiscal 1996.
Sales for the 16-week quarter increased 14% to $946.4 million from $829.6 million in the prior year's 17-week quarter.
Comparable store sales, or sales at stores open prior to the start of fiscal 1996, rose 8% on a comparable 16-week basis.
``Posting a 21% earnings gain, despite one less week and 150 net new store openings in the quarter, demonstrates how
strongly we finished the year,'' Mr. Adams said. He attributed the results to strengthening sales in AutoZone's core
do-it-yourself business, improving profitability in its commercial sales program, and continued focus on controlling expenses
and inventories.
AutoZone's commercial sales program, which offers delivery and credit to automotive repair shops, turned profitable in the
third quarter after experiencing start-up losses in the second half of fiscal 1996 and the first half of fiscal 1997.
For fiscal 1997, net income increased 17% to $195.0 million from $167.2 million a year earlier. Earnings per share rose 15%
to $1.28 from $1.11 in the prior year. Fiscal 1997 included 52 weeks, compared to 53 weeks in fiscal 1996.
Sales for the 52-week fiscal year rose 20% to $2.69 billion from $2.24 billion in the prior year's 53-week period.
Comparable store sales rose 8% on a comparable 52-week basis.
AutoZone plans to open 350 new stores in fiscal 1998, Mr. Adams said. As previously reported, AutoZone opened 305 net
new stores during fiscal 1997, including 150 net new stores during the fourth quarter. During the year, AutoZone expanded
into five new states: California, Iowa, Maryland, Nevada and New York.
AutoZone sells auto parts, chemicals and accessories through its chain of 1,728 stores in 32 states.
Certain statements contained in this release which are not historical facts are forward-looking statements that involve risks,
uncertainties, and assumptions including, but not limited to, the activities of our competitors, demand for our products, the
success of our do-it-yourself (DIY) and commercial programs, the market for auto parts, the economy in general and the
weather. In light of these risks, uncertainties and assumptions, there can be no assurance that any forward-looking statement
made herein will in fact be realized.
SOURCE AutoZone Inc. |
