November 24, 2022

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AutoZone 4th Quarter Same Store Sales Increase 6.2%; 4th Quarter EPS Increases to $40.51; Annual Sales of $16.3 Billion

AutoZone, Inc.

MEMPHIS, Tenn., Sept. 19, 2022 (GLOBE NEWSWIRE) — AutoZone, Inc. (NYSE: AZO) today reported net sales of $5.3 billion for its fourth quarter (16 weeks) ended August 27, 2022, an increase of 8.9% from the fourth quarter of fiscal 2021 (16 weeks). Domestic same store sales, or sales for stores open at least one year, increased 6.2% for the quarter.

“Our results are a testament to our AutoZoners’ ongoing commitment to delivering exceptional customer service every day.  Our retail business performed well this quarter ending with positive same store sales on top of last year’s strong performance.  And, our commercial business growth continued to be exceptionally strong at 22%. The investments we have made in both inventory availability and technology are enhancing our competitive positioning.  We are optimistic about our growth prospects heading into our new fiscal year,”  said Bill Rhodes, Chairman, President and Chief Executive Officer.

For the quarter, gross profit, as a percentage of sales, was 51.5%, a decrease of 73 basis points versus the prior year. The decrease in gross margin was driven by accelerated growth in our Commercial business and a 28 basis point non-cash LIFO charge driven largely by rising freight costs. Operating expenses, as a percentage of sales, were 30.9% versus 31.0% last year.

Operating profit increased 5.7% to $1.1 billion. Net income for the quarter increased 3.1% over the same period last year to $810.0 million, while diluted earnings per share increased 13.4% to $40.51 from $35.72 in the year-ago quarter.

For the fiscal year ended August 27, 2022, sales were $16.3 billion, an increase of 11.1% from the prior year, while domestic same store sales were up 8.4%. Gross profit, as a percentage of sales, was 52.1% versus 52.8%. The decrease in gross margin was primarily attributable to the initiatives to accelerate growth in our Commercial business. Operating expenses, as a percentage of sales, were 32.0% versus 32.6%. For fiscal 2022, net income increased 11.9% to $2.4 billion and diluted earnings per share increased 23.1% to $117.19 from $95.19. Return on invested capital finished at 52.9%.

Under its share repurchase program, AutoZone repurchased 474 thousand shares of its common stock for $1 billion during the fourth quarter, at an average price of $2,111 per share. For the fiscal year, the Company repurchased 2.2 million shares of its common stock for $4.4 billion, at an average price of $1,964 per share. At year end, the Company had $1.058 billion remaining under its current share repurchase authorization.

The Company’s inventory increased 21.5% over the same period last year, driven by our growth initiatives and inflation. Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was negative $240 thousand versus negative $203 thousand last year and negative $216 thousand last quarter.

“We are committed to being the best place to shop for everyone’s automotive needs while delivering on our ongoing promise to be a great place to work. We believe our initiatives will drive growth in the new fiscal year. As we continue to prudently invest capital in our business, we remain steadfast in our long-term, disciplined approach to increasing operating earnings and cash flows while utilizing our balance sheet effectively,” said Rhodes.

Additionally, AutoZone announced today that Doug Brooks is not standing for re-election to the Company’s Board of Directors at the Annual Meeting of Stockholders to be held December 14, 2022. “AutoZone has truly benefited from Doug’s insightful guidance, tutelage, and service these past nine years. Doug’s efforts have contributed to helping make our Company what it is today. I thank him for his leadership and commitment to our Company, and I wish him well in his future endeavors,” said Rhodes.

During the fiscal year ended August 27, 2022, AutoZone opened 118 new stores and closed one in the U.S., opened 39 stores in Mexico and 20 stores in Brazil. As of August 27, 2022, the Company had 6,168 stores in the U.S., 703 in Mexico and 72 in Brazil for a total store count of 6,943.

AutoZone is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. We also have commercial programs in all stores in Mexico and Brazil. AutoZone also sells the ALLDATA brand automotive diagnostic, repair and shop management software through www.alldata.com. Additionally, we sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation.

AutoZone will host a conference call this morning, Monday, September 19, 2022, beginning at 10:00 a.m. (ET) to discuss its fourth quarter results. This call is being web cast and can be accessed, along with supporting slides, at AutoZone’s website at www.autozone.com and clicking on Investor Relations. Investors may also listen to the call by dialing (888) 506-0062, passcode 404601. In addition, a telephone replay will be available by dialing (877) 481-4010, replay passcode 46463 through October 3, 2022.

This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP measures include adjustments to reflect return on invested capital, adjusted debt and adjusted debt to EBITDAR. The Company believes that the presentation of these non-GAAP measures provides information that is useful to investors as it indicates more clearly the Company’s comparative year-to-year operating results, but this information should not be considered a substitute for any measures derived in accordance with GAAP. Management targets the Company’s capital structure in order to maintain its investment grade credit ratings. The Company believes this is important information for the management of its debt levels and share repurchases. We have included a reconciliation of this additional information to the most comparable GAAP measures in the accompanying reconciliation tables.

Certain statements contained in this press release constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically use words such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “seek,” “may,” “could” and similar expressions. These are based on assumptions and assessments made by our management in light of experience and perception of historical trends, current conditions, expected future developments and other factors that we believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation: product demand, due to changes in fuel prices, miles driven or otherwise; energy prices; weather; competition; credit market conditions; cash flows; access to available and feasible financing; future stock repurchases; the impact of recessionary conditions; consumer debt levels; changes in laws or regulations; risks associated with self-insurance; war and the prospect of war, including terrorist activity; the impact of public health issues, such as the ongoing global coronavirus pandemic; inflation; the ability to hire, train and retain qualified employees; construction delays; the compromising of confidentiality, availability or integrity of information, including due to cyber-attacks; historic growth rate sustainability; downgrade of our credit ratings; damage to our reputation; challenges in international markets; failure or interruption of our information technology systems; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; impact of tariffs; anticipated impact of new accounting standards; and business interruptions. Certain of these risks and uncertainties are discussed in more detail in the “Risk Factors” section contained in Item 1A under Part 1 of the Company’s Annual Report on Form 10-K for the year ended August 28, 2021, and these Risk Factors should be read carefully. Forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements, and events described above and in the “Risk Factors” could materially and adversely affect our business. However, it should be understood that it is not possible to identify or predict all such risks and other factors that could affect these forward-looking statements. Forward-looking statements speak only as of the date made. Except as required by applicable law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information:
Financial: Brian Campbell at (901) 495-7005, [email protected]
Media: David McKinney at (901) 495-7951, [email protected]

 

 

AutoZone’s 4th Quarter Highlights – Fiscal 2022

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

4th Quarter, FY2022

 

 

 

(in thousands, except per share data)

 

 

 

 

 

GAAP Results

 

 

 

 

 

16 Weeks Ended

 

16 Weeks Ended

 

 

 

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

 

 

 

Net sales

 

$

5,348,355

 

 

$

4,913,484

 

 

Cost of sales

 

 

2,592,505

 

 

 

2,345,646

 

 

Gross profit

 

 

2,755,850

 

 

 

2,567,838

 

 

Operating, SG&A expenses

 

 

1,652,036

 

 

 

1,523,808

 

 

Operating profit (EBIT)

 

 

1,103,814

 

 

 

1,044,030

 

 

Interest expense, net

 

 

63,995

 

 

 

58,119

 

 

Income before taxes

 

 

1,039,819

 

 

 

985,911

 

 

Income tax expense

 

 

229,777

 

 

 

200,140

 

 

Net income

 

$

810,042

 

 

$

785,771

 

 

Net income per share:

 

 

 

 

 

 

Basic

 

$

41.81

 

 

$

36.72

 

 

 

Diluted

 

$

40.51

 

 

$

35.72

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

Basic

 

 

19,373

 

 

 

21,400

 

 

 

Diluted

 

 

19,996

 

 

 

22,000

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year 2022

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

GAAP Results

 

 

 

 

 

52 Weeks Ended

 

52 Weeks Ended

 

 

 

 

 

August 27, 2022

 

August 28, 2021(1)

 

 

 

 

 

 

 

 

 

Net sales

 

$

16,252,230

 

 

$

14,629,585

 

 

Cost of sales

 

 

7,779,580

 

 

 

6,911,800

 

 

Gross profit

 

 

8,472,650

 

 

 

7,717,785

 

 

Operating, SG&A expenses

 

 

5,201,921

 

 

 

4,773,258

 

 

Operating profit (EBIT)

 

 

3,270,729

 

 

 

2,944,527

 

 

Interest expense, net

 

 

191,638

 

 

 

195,337

 

 

Income before taxes

 

 

3,079,091

 

 

 

2,749,190

 

 

Income taxes

 

 

649,487

 

 

 

578,876

 

 

Net income

 

$

2,429,604

 

 

$

2,170,314

 

 

Net income per share:

 

 

 

 

 

 

Basic

 

$

120.83

 

 

$

97.60

 

 

 

Diluted

 

$

117.19

 

 

$

95.19

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

Basic

 

 

20,107

 

 

 

22,237

 

 

 

Diluted

 

 

20,733

 

 

 

22,799

 

 

 

 

 

 

 

 

 

 

(1)The 52 weeks ended August 28, 2021 was negatively impacted by pandemic related expenses, including Emergency Time-Off of approximately $43.0M (pre-tax)

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Information

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

264,380

 

 

$

1,171,335

 

 

Merchandise inventories

 

 

5,638,004

 

 

 

4,639,813

 

 

Current assets

 

 

6,627,984

 

 

 

6,415,303

 

 

Property and equipment, net

 

 

5,170,419

 

 

 

4,856,891

 

 

Operating lease right-of-use assets

 

 

2,918,817

 

 

 

2,718,712

 

 

Total assets

 

 

15,275,043

 

 

 

14,516,199

 

 

Accounts payable

 

 

7,301,347

 

 

 

6,013,924

 

 

Current liabilities

 

 

8,588,393

 

 

 

7,369,754

 

 

Operating lease liabilities, less current portion

 

 

2,837,973

 

 

 

2,632,842

 

 

Total debt

 

 

6,122,092

 

 

 

5,269,820

 

 

Stockholders’ deficit

 

 

(3,538,913

)

 

 

(1,797,536

)

 

Working capital

 

 

(1,960,409

)

 

 

(954,451

)

 

 

 

 

 

 

 

 

 

AutoZone’s 4th Quarter Highlights – Fiscal 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Debt / EBITDAR

 

 

 

 

 

 

 

 

 

 

(in thousands, except adjusted debt to EBITDAR ratio)

 

Trailing 4 Quarters

 

 

 

 

 

 

 

 

 

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

Net income

 

 

$

2,429,604

 

 

$

2,170,314

 

 

 

 

 

 

 

Add: Interest expense

 

 

191,638

 

 

 

195,337

 

 

 

 

 

 

 

Income tax expense

 

 

649,487

 

 

 

578,876

 

 

 

 

 

 

 

EBIT

 

 

 

 

3,270,729

 

 

 

2,944,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Depreciation and amortization

 

 

442,223

 

 

 

407,683

 

 

 

 

 

 

 

Rent expense(1)

 

 

373,278

 

 

 

345,380

 

 

 

 

 

 

 

Share-based expense

 

 

70,612

 

 

 

56,112

 

 

 

 

 

 

 

EBITDAR

 

 

$

4,156,842

 

 

$

3,753,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

 

 

 

$

6,122,092

 

 

$

5,269,820

 

 

 

 

 

 

 

Financing lease liabilities

 

 

310,305

 

 

 

276,054

 

 

 

 

 

 

 

Add: Rent x 6(1)

 

 

2,239,668

 

 

 

2,072,280

 

 

 

 

 

 

 

Adjusted debt

 

$

8,672,065

 

 

$

7,618,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted debt to EBITDAR

 

 

2.1

 

 

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Invested Capital (ROIC)

 

 

 

 

 

 

 

 

 

 

(in thousands, except ROIC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 4 Quarters

 

 

 

 

 

 

 

 

 

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

Net income

 

 

$

2,429,604

 

 

$

2,170,314

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

191,638

 

 

 

195,337

 

 

 

 

 

 

 

Rent expense(1)

 

 

373,278

 

 

 

345,380

 

 

 

 

 

 

 

Tax effect(2)

 

 

(119,197

)

 

 

(114,091

)

 

 

 

 

 

 

Adjusted after-tax return

 

$

2,875,323

 

 

$

2,596,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average debt(3)

 

$

5,712,301

 

 

$

5,416,471

 

 

 

 

 

 

 

Average stockholders’ deficit(3)

 

 

(2,797,181

)

 

 

(1,397,892

)

 

 

 

 

 

 

Add: Rent x 6(1)

 

 

2,239,668

 

 

 

2,072,280

 

 

 

 

 

 

 

Average financing lease liabilities(3)

 

 

284,453

 

 

 

237,267

 

 

 

 

 

 

 

Invested capital

 

$

5,439,241

 

 

$

6,328,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted After-Tax ROIC

 

 

52.9%

 

 

 

41.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the trailing four quarters ended August 27, 2022 and August 28, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 4 Quarters

 

 

 

 

 

 

(in thousands)

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

Total lease cost, per ASC 842, for the trailing four quarters

 

$

470,563

 

 

$

427,443

 

 

 

 

 

 

 

Less: Financing lease interest and amortization

 

 

(69,564

)

 

 

(56,334

)

 

 

 

 

 

 

Less: Variable operating lease components, related to insurance and common area maintenance

 

 

(27,721

)

 

 

(25,729

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent expense for the trailing four quarters

 

$

373,278

 

 

$

345,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Effective tax rate over trailing four quarters ended August 27, 2022 and August 28, 2021 was 21.1%

 

(3)All averages are computed based on trailing five quarter balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Selected Financial Information

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

Cumulative share repurchases ($ since fiscal 1998)

 

$

30,092,422

 

 

$

25,732,431

 

 

 

 

 

 

 

Remaining share repurchase authorization ($)

 

 

1,057,578

 

 

 

417,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative share repurchases (shares since fiscal 1998)

 

 

152,508

 

 

 

150,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of quarter

 

 

19,126

 

 

 

21,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Weeks Ended

 

16 Weeks Ended

 

 

52 Weeks Ended

 

52 Weeks Ended

 

 

 

 

 

 

August 27, 2022

 

August 28, 2021

 

 

August 27, 2022

 

August 28, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

140,858

 

 

$

129,639

 

 

 

$

442,223

 

$

407,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations

 

 

1,228,021

 

 

 

1,288,196

 

 

 

 

3,211,135

 

 

3,518,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital spending

 

 

303,041

 

 

 

246,114

 

 

 

 

672,391

 

 

621,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoZone’s 4th Quarter Highlights – Fiscal 2022

 

Condensed Consolidated Statements of Operations

 

Selected Operating Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store Count & Square Footage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Weeks Ended

 

 

16 Weeks Ended

 

 

52 Weeks Ended

 

 

52 Weeks Ended

 

 

 

 

 

 

August 27, 2022

 

 

August 28, 2021

 

 

August 27, 2022

 

 

August 28, 2021

 

Domestic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning stores

 

 

6,115

 

 

 

 

5,975

 

 

 

 

6,051

 

 

 

 

5,885

 

 

 

Stores opened

 

 

53

 

 

 

 

76

 

 

 

 

118

 

 

 

 

167

 

 

 

Stores closed

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

(1

)

 

 

Ending domestic stores

 

 

6,168

 

 

 

 

6,051

 

 

 

 

6,168

 

 

 

 

6,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Relocated stores

 

 

5

 

 

 

 

1

 

 

 

 

13

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stores with commercial programs

 

 

5,342

 

 

 

 

5,179

 

 

 

 

5,342

 

 

 

 

5,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square footage (in thousands)

 

 

40,653

 

 

 

 

39,727

 

 

 

 

40,653

 

 

 

 

39,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning stores

 

 

673

 

 

 

 

635

 

 

 

 

664

 

 

 

 

621

 

 

 

Stores opened

 

 

30

 

 

 

 

29

 

 

 

 

39

 

 

 

 

43

 

 

 

Ending Mexico stores

 

 

703

 

 

 

 

664

 

 

 

 

703

 

 

 

 

664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning stores

 

 

58

 

 

 

 

47

 

 

 

 

52

 

 

 

 

43

 

 

 

Stores opened

 

 

14

 

 

 

 

5

 

 

 

 

20

 

 

 

 

9

 

 

 

Ending Brazil stores

 

 

72

 

 

 

 

52

 

 

 

 

72

 

 

 

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

6,943

 

 

 

 

6,767

 

 

 

 

6,943

 

 

 

 

6,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Square footage (in thousands)

 

 

46,435

 

 

 

 

45,057

 

 

 

 

46,435

 

 

 

 

45,057

 

 

 

Square footage per store

 

 

6,688

 

 

 

 

6,658

 

 

 

 

6,688

 

 

 

 

6,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Statistics

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except sales per average square foot)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Weeks Ended

 

 

16 Weeks Ended

 

 

Trailing 4 Quarters

 

 

Trailing 4 Quarters

 

Total AutoZone Stores (Domestic, Mexico and Brazil)

August 27, 2022

 

 

August 28, 2021

 

 

August 27, 2022

 

 

August 28, 2021

 

 

Sales per average store

 

$

762

 

 

 

$

720

 

 

 

$

2,329

 

 

 

$

2,160

 

 

 

Sales per average square foot

 

$

114

 

 

 

$

108

 

 

 

$

349

 

 

 

$

325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Auto Parts (Domestic, Mexico and Brazil)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total auto parts sales

 

$

5,256,176

 

 

 

$

4,830,136

 

 

 

$

15,963,196

 

 

 

$

14,381,712

 

 

 

% Increase vs. LY

 

 

8.8%

 

 

 

 

8.0%

 

 

 

 

11.0%

 

 

 

 

15.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

Total domestic commercial sales

 

$

1,442,313

 

 

 

$

1,182,626

 

 

 

$

4,230,414

 

 

 

$

3,345,450

 

 

 

% Increase vs. LY

 

 

22.0%

 

 

 

 

21.2%

 

 

 

 

26.5%

 

 

 

 

22.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average sales per program per week

 

$

17.0

 

 

 

$

14.4

 

 

 

$

15.5

 

 

 

$

12.6

 

 

 

% Increase vs. LY

 

 

18.1%

 

 

 

 

18.0%

 

 

 

 

23.0%

 

 

 

 

18.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Other, including ALLDATA

 

 

 

 

 

 

 

 

 

 

 

 

 

All other sales

 

$

92,179

 

 

 

$

83,348

 

 

 

$

289,034

 

 

 

$

247,873

 

 

 

% Increase vs. LY

 

 

10.6%

 

 

 

 

14.4%

 

 

 

 

16.6%

 

 

 

 

9.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Weeks Ended

 

 

16 Weeks Ended

 

 

52 Weeks Ended

 

 

52 Weeks Ended

 

 

 

 

 

 

August 27, 2022

 

 

August 28, 2021

 

 

August 27, 2022

 

 

August 28, 2021

 

Domestic same store sales

 

 

6.2%

 

 

 

 

4.3%

 

 

 

 

8.4%

 

 

 

 

13.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory Statistics (Total Stores)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

as of

 

 

as of

 

 

 

 

 

 

 

 

 

 

 

 

August 27, 2022

 

 

August 28, 2021

 

 

 

 

 

 

 

 

Accounts payable/inventory

 

 

129.5%

 

 

 

 

129.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory

 

 

$

5,638,004

 

 

 

$

4,639,813

 

 

 

 

 

 

 

 

 

Inventory per store

 

 

812

 

 

 

 

686

 

 

 

 

 

 

 

 

 

Net inventory (net of payables)

 

 

(1,663,343

)

 

 

 

(1,374,111

)

 

 

 

 

 

 

 

 

Net inventory / per store

 

 

(240

)

 

 

 

(203

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing 5 Quarters

 

 

 

 

 

 

 

 

 

 

 

 

August 27, 2022

 

 

August 28, 2021

 

 

 

 

 

 

 

 

Inventory turns

 

 

1.5

x

 

 

 

1.5

x