AutoZone Stock up as Firm Opens New Shops

Along with internet gross sales development of 15.8% to $3.4 billion for the second quarter of fiscal 2022 ending Feb. 12, AutoZone reported an uptick in stock of 6.2% from the identical time a 12 months earlier, due to 31 new shops, hubs and megahubs within the U.S., Mexico and Brazil, in response to a Tuesday (March 1) press launch.

“As we proceed to give attention to the well being and well-being of our prospects and AutoZoners, we stay dedicated to offering the very best and most secure place to buy everybody’s automotive wants,” stated AutoZone Chairman, President and CEO Invoice Rhodes within the launch. “Throughout these distinctive and difficult occasions, we attempt to ship the very best customer support attainable. As we proceed to prudently make investments capital in our enterprise, we stay targeted on returns on capital. We’re dedicated to our long-term method of accelerating working earnings and free money flows whereas using our steadiness sheet successfully.”

Within the quarter, AutoZone opened 26 new shops and closed one within the U.S. and opened three shops in Mexico and two shops in Brazil. The corporate had 6,091 shops within the U.S., 669 in Mexico and 55 in Brazil for a complete of 6,815 as of Feb. 12, the discharge said.

“Our second quarter’s outcomes are a mirrored image of our AutoZoners’ continued dedication to delivering distinctive service to our prospects throughout these distinctive occasions,” Rhodes stated within the launch.

AutoZone’s business gross sales grew 32.1% within the quarter and retail gross sales elevated greater than 10% from the identical time one 12 months in the past, in response to the discharge.

“We imagine the initiatives we now have in place place us properly for the rest of our fiscal 12 months,” Rhodes stated within the launch.

In the meantime, Advance Auto Components relied on digital belongings that present visibility of supply standing, product availability and coaching for double-digit comparable gross sales development within the skilled phase in the latest quarterly earnings replace Feb. 15.

Learn extra: B2B Clients Search Digital Instruments When Shopping for Auto Components

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