AutoZone results beat expectations

AutoZone Inc. (NYSE: AZO) reported the latest financial results for its first quarter of fiscal 2022 (12 weeks) that ended on November 19, 2022.

The largest US retailer of aftermarket automotive parts reported revenue of $3.985 billion (up by 8.6% year-over-year) vs. $3.865 billion expected.

The company reported EPS of $27.45 per share for the quarter (an increase of 6.9% year-over-year) vs. $25.258 per share expected.

AutoZone opened 35 new stores during the quarter.

”I would again like to thank and congratulate our AutoZoners across the Company for their ongoing commitment to deliver great results and exceptional customer service.  Their efforts allowed us to deliver solid same store sales results on top of last year’s very strong 13.6%. While our Commercial sales growth accelerated 15%, our retail sales also grew impressively from a year ago.  We continue to believe our initiatives to grow our business position us well for the remainder of our fiscal year,” Bill Rhodes, Chairman, President and CEO of AutoZone said in a press release after the announcement of the latest results.

As of November 19, 2022, the company had 6,978 stores within the United States (6,196), Mexico (706) and Brazil (76).

The stock was down by around 5% on Tuesday at $2383.48 a share.

Stock performance

• 1 month: -3.77%
• 3 months: +12.70%
• Year-to-date: +14.56%
• 1 year: +18.68%

AutoZone price targets

• Wells Fargo: $2850
• Truist Securities: $2533
• Raymond James: $2500
• Argus Research: $2330
• Jefferies: $2450
• JP Morgan: $2660
• Wedbush: $2350
• Citigroup: $2520
• UBS: $2260
• Goldman Sachs: $2296

AutoZone is the 358^th largest company in the world with a market cap of $45.54 billion.

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Sources: AutoZone Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap