AutoZone beats by $0.63, misses on revs
- Reports Q4 (Aug) earnings of $18.54 per share, excluding non-recurring items, $0.63 better than the S&P Capital IQ Consensus of $17.91; revenues rose 1.3% year/year to $3.56 bln vs the $3.6 bln S&P Capital IQ Consensus.
- Domestic same store sales, or sales for stores open at least one year, increased 2.2% for the quarter.
- For the quarter, gross profit, as a percentage of sales, was 53.6% (versus 52.8% the same period last year). The increase in gross margin was attributable to the impact of the sale of two business units completed during the year (+72 bps) and higher merchandise margins, partially offset by higher supply chain costs. Operating expenses, as a percentage of sales, were 37.0% (versus 32.6% the same period last year). The increase was primarily due to the charges related to the termination of the pension plans of $130.3 million (-366 bps) and domestic store payroll.
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