On 27 March 2020, AutoZone, Inc. (NYSE: AZO) stock observed trading -33.17% off 52-week high price. On the other end, the stock has been noted 24.34% away from low price over the last 52-weeks. The stock disclosed a move of -17.29% away from 50 day moving average and -23.26% away from 200 day moving average. Moving closer, we can see that shares have been trading -10.28% off 20-day moving average.
AutoZone, Inc. (AZO) recently stated net sales of $2.5B for its second quarter (12 weeks) ended February 15, 2020, a raise of 2.6% from the second quarter of fiscal 2019 (12 weeks). Domestic same store sales, or sales for stores open at least one year, reduced 0.8% for the quarter.
Operating profit increased 2.0% to $407.9M. Net income for the quarter increased 1.6% over the same period last year to $299.3M, while diluted earnings per share increased 7.8% to $12.39 per share from $11.49 per share in the year-before quarter.
For the quarter, gross profit, as a percentage of sales, increased to 54.3% (versus 54.1% the same period last year) primarily driven by supply chain leverage. Operating expenses, as a percentage of sales, were 38.1% (versus 37.7% the same period last year), with deleverage primarily driven by domestic store payroll.
Under its share repurchase program, AutoZone repurchased 267 thousand shares of its ordinary stock for $314.8M during the second quarter, at an average price of $1,180 per share. At the end of the second quarter, the Company had $962M remaining under its current share repurchase authorization.
The Company’s inventory increased 7.0% over the same period last year, driven by new stores and increased product placement. Inventory per store was $713 thousand versus $690 thousand last year and $694 thousand last quarter. Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was a negative $41 thousand versus negative $58 thousand last year and negative $71 thousand last quarter.
“I would like to thank all AutoZoners across the enterprise for their strong focus on delivering an excellent and differentiated consumer experience. Our sales performance in our fiscal second quarter did not meet our plans or expectations. We had particularly challenging sales in specific weather sensitive categories and geographies, indicating to us that the mild winter was a considerable headwind to our and our industry’s sales performance. In light of the challenging sales environment, our team again delivered solid earnings, growing EBIT by 2.0% and EPS by 7.8%. As we enter our seasonally strong second half of the year, we are optimistic about our prospects for the balance of the year. We continue to make good progress on our planned initiatives primarily focused on great service, further penetration of the Commercial market, improved inventory assortments, improved local market expanded parts availability and leveraging technology to improve consumer interactions and make us more efficient. We will continue to manage this business for the long-term and will invest capital using our disciplined approach all focused on delivering great service, terrific opportunities for our AutoZoners and ultimately strong returns for our investors while supporting the communities we serve,” stated Bill Rhodes, Chairman, President and Chief Executive Officer.
The USA based company AutoZone, Inc. moved with change of -3.77% to $851.63 with the total traded volume of 250972 shares in recent session versus to an average volume of 316.45K. AZO’s shares are at -29.66% for the quarter and driving a -15.28% return over the course of the past year and is now at -28.51% since this point in 2018.