AutoZone, Inc. (NYSE:AZO) shares perked Tuesday on numbers to start the fiscal year.
The Memphis-based company reported net sales of $4.0 billion for its fourth quarter ended August 31, 2019, an increase of 12.1% from the fourth quarter of fiscal 2018.
Excluding sales from the additional week included in this year’s quarter, adjusted sales were up 5.4%. Domestic same store sales, or sales for stores open at least one year, increased 3.0% for the quarter. Same store sales are computed on a 16-week basis.
Net income for the quarter increased $164.9 million, or 41.2% over the same period last year to $565.2 million, while diluted earnings per share increased 50.4% to $22.59 per share from $15.02 per share in the year-ago quarter.
Operating profit increased 32.1% to $780.8 million. Excluding the additional week in the fourth quarter of 2019 and the pension plan termination costs which occurred in the fourth quarter of 2018, adjusted net income for the quarter increased 6.1% over the previous year’s quarter to $524.3 million, while adjusted diluted earnings per share increased 13.0% to $20.95 per share.
Adjusted operating profit increased 0.5% to $725.0 million.
For the quarter, gross profit, as a percentage of sales, was 53.4% (versus 53.6% the same period last year). The decrease in gross margin was attributable to lower merchandise margins driven primarily by a shift in mix.
Shares gained $7.29 in the first hour of Tuesday trade to $1,154.55
