AutoZone (AZO) Q3 2025 Earnings Call May 27, 2025 10:00 AM ET Company Participants Brian Campbell - Vice President of Tax, Treasury & Investor RelationsPhilip Daniele - CEO, President & DirectorJamere Jackson - Chief Financial Officer of Customer SatisfactionBret Jordan - Managing DirectorSteven Zaccone - Director, Equity Research, Hardlines Retail Conference Call Participants Christopher Horvers - Senior AnalystLauren Ng - AnalystMichael Lasser - Equity Research Analyst - Hardlines, Broadlines & Food Retai ...

财务数据和关键指标变化 - 第三季度总销售额45亿美元，增长5.4% [28] - 总EBIT下降3.8%，EPS下降3.6% [29] - 毛利率为52.7%，较去年下降77个基点 [37] - 运营费用较去年增长8.9%，SG&A占销售额的百分比下降108个基点 [41] - 利息费用为1.11亿美元，较去年增长6.6% [43] - 本季度税率为19.4%，高于去年同期的18.1% [44] - 净利润为6.08亿美元，较去年下降6.6% [44] - 稀释后股份数量为1720万股，较去年第三季度减少3.1% [45] - 第三季度自由现金流为4.23亿美元，去年同期为4.34亿美元 [45] - 杠杆比率为2.5倍EBITDAR，每家门店库存较去年第三季度增长6.7%，总库存增长10.8% [46] - 本季度回购2.5亿美元AutoZone股票，季度末回购授权剩余11亿美元 [48] 各条业务线数据和关键指标变化 国内零售业务 - DIY同店销售增长3%，客流量增长1.4%，客单价增长1.5% [11][34] - 不同地区DIY业务表现有差异，东北部和铁锈地带市场表现优于其他地区 [17] 国内商业业务 - 销售额增长10.7%，达到13亿美元，占国内汽车零部件销售额的32%和公司总销售额的28% [11][18][31] - 每个项目的平均周销售额为1.77万美元，较去年增长8% [31] - 商业项目覆盖国内92%的门店，本季度新增49个净新项目，总数达到6011个 [31] - 商业业务在不同时间段和地区的增长速度有差异，东北部和铁锈地带市场增长较慢 [18][20] - 商业业务同比通胀基本持平，平均客单价增长约1%，交易量增长近9.8% [21] 国际业务 - 以恒定货币计算，同店销售额增长8.1%，未调整情况下下降9.2% [10][11][36] - 本季度在墨西哥和巴西新开30家门店，目前国际门店总数为979家 [23] 各个市场数据和关键指标变化 - 美国市场DIY业务受宏观环境和关税不确定性影响，客户消费谨慎，但维护和故障类业务表现稳定，客流量有所改善 [15][16] - 国际市场受外汇汇率影响，墨西哥汇率较美元贬值近20%，对销售额、EBIT和EPS造成负面影响 [29] 公司战略和发展方向和行业竞争 - 公司致力于通过投资提升客流量和销售额，重点关注客户服务、产品组合和供应链，预计今年资本支出约13亿美元 [25] - 加速门店增长，特别是枢纽和大型枢纽门店，提高库存可用性和配送速度 [22][26] - 加大技术投资，提升客户服务和员工执行能力 [26] - 国际业务是公司未来销售和运营利润增长的重要贡献者，计划加速国际门店开设 [24][36] - 行业需求有望持续增长，公司通过多种策略应对关税影响，维持利润率 [40][41] 管理层对经营环境和未来前景的评论 - 公司对第三季度销售结果和发展势头感到鼓舞，第四季度DIY和商业业务趋势有望保持稳定 [10][23] - 尽管面临外汇汇率、关税等挑战，但公司有信心通过各项举措实现增长，为股东创造价值 [49] - 行业需求持续增长，公司战略有效，团队优秀，对未来增长前景乐观 [49] 其他重要信息 - 本季度财报电话会议包含前瞻性声明，受1995年《私人证券诉讼改革法案》安全港条款约束 [2] - 财报中包含非GAAP财务指标，GAAP与非GAAP财务指标的调整可在新闻稿中找到 [3] 总结问答环节所有的提问和回答 问题1: 关税相关问题，包括主要进口国家、直接进口与第三方采购比例，以及关税对通胀预期的影响 - 主要进口国家包括中国、远东其他国家、东欧和墨西哥，近年来从中国的进口比例显著下降 [59] - 公司通过供应商谈判、多元化采购来源、定价行动等策略应对关税成本，预计这些措施将抵消第四季度关税成本，对毛利率无重大影响 [40][61] - 若关税成本最终实现，平均客单价增长可能接近3%，这是基于技术提升和零部件质量的长期平均增长 [62] 问题2: 毛利率和SG&A费用的持续性，以及季度销售节奏 - 第四季度毛利率预计略有下降，DC ramp up和收缩压力将缓解，商品利润率应能抵消商业组合压力 [68] - SG&A费用增长是为了支持业务增长，公司将继续有纪律地投资，随着业务增长，费用管理将与营收增长保持一致 [69][70] - 商业业务在各四周时间段内增长较为稳定，DIY业务更关注市场份额的恢复 [71][72] 问题3: 国内同店销售增长的驱动因素，以及商业业务未来的关注重点 - 增长主要来自公司自身举措，包括改善执行、开设枢纽和大型枢纽门店、优化产品组合等，市场份额增长是主要驱动力 [75][76] - 未来将继续改善本地门店产品组合，部署枢纽和大型枢纽门店，优化配送时间和速度，提升客户体验 [78][79] 问题4: 投资周期对盈利能力的影响，以及何时能恢复两位数EPS增长 - 目前处于投资阶段，多项举措仍处于早期阶段，预计最终将推动业务更快增长，提高市场份额 [84][86] - 公司有信心管理好费用，随着业务增长，盈利能力将逐步提升 [84][88] 问题5: 第三季度销售增长的原因，以及是否将销售增长投入其他领域 - 部分举措已实施一段时间，目前开始显现效果，同时行业背景也有所改善 [95][97] - 公司有意将部分销售增长投入到增长机会中，特别是SG&A方面，以获取长期增长，但仍会管理好P&L以实现盈利增长 [98][99] 问题6: 枢纽和大型枢纽门店的同店销售贡献，以及商业业务新客户对业绩的影响 - 未量化枢纽和大型枢纽门店与卫星门店的同店销售差异，但这些门店表现强劲 [104] - 商业业务在各细分市场的销售增长主要得益于公司举措，新客户对商品利润率无重大影响 [104][105] 问题7: 新配送中心的销售提升和竞争反应，以及库存投资计划 - 新配送中心刚开业，有一些启动成本，随着门店调整到合适的配送中心，供应链成本将降低 [108][109] - 公司将继续投资优化产品组合，特别是在商业业务和国际市场 [111][112] 问题8: 大型枢纽门店的典型爬坡期、服务卫星门店数量，以及Q4同SKU通胀和LIFO影响 - 卫星门店通常在五年左右达到成熟，大型枢纽门店爬坡更快，能吸引客流量并提升整个市场表现 [115] - 不考虑关税，同SKU通胀预计与当前水平相近；若关税导致通胀显著上升，第四季度可能产生LIFO费用 [117][118] 问题9: 第四季度展望，包括商业业务增长和商品利润率改善机会 - 第四季度营收有望保持第三季度的增长势头，公司将继续有纪律地投资 [123] - 毛利率预计略有下降，但压力将小于第三季度 [124] - 商业业务有很大增长空间，通过优化产品组合、服务和配送速度，有望长期增加市场份额 [125] - 从长期来看，公司认为在DIY和商业业务方面都有机会提高利润率 [126] 问题10: 竞争对手关闭门店对市场份额的影响，以及毛利率中收缩问题的解决 - 公司市场份额增长主要来自自身举措，竞争对手关闭门店有一定帮助，但不是主要因素 [131] - 收缩问题主要由于业务增长和新配送中心启动，预计第四季度压力将缓解 [134][135] 问题11: 消费者在可自由支配商品上的消费行为，以及国际业务EBIT受外汇影响的分配 - 可自由支配业务一直面临压力，目前规模相对稳定，占DIY业务总量的16%，预计在消费者资金充裕前不会有明显改善 [139][140] - 外汇影响体现在营收和毛利率上，对SG&A有一定正向作用，但总体对EBIT为负面影响 [141]

For the quarter ended May 2025, AutoZone (AZO) reported revenue of $4.46 billion, up 5.4% over the same period last year. EPS came in at $35.36, compared to $36.69 in the year-ago quarter.The reported revenue represents a surprise of +1.40% over the Zacks Consensus Estimate of $4.4 billion. With the consensus EPS estimate being $36.78, the EPS surprise was -3.86%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectatio ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about AutoZone (AZO) .AutoZone currently has an average brokerage recom ...

MEMPHIS, Tenn., May 27, 2025 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.5 billion for its third quarter (12 weeks) ended May 10, 2025, an increase of 5.4% from the third quarter of fiscal 2024 (12 weeks). Same store sales, or sales for our domestic and international stores open at least one year, are as follows: Constant Currency Constant Currency 12 Weeks 12 Weeks* 36 Weeks 36 Weeks* Domestic5.0<td style="max-width:1%; width:1%; min-width:1%;;padding ...

AutoZone, Inc. (AZO) is slated to release third-quarter fiscal 2025 results on May 27, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share (EPS) and revenues is pegged at $36.78 and $4.4 billion, respectively.For the fiscal third quarter, the consensus estimate for AutoZone’s earnings has moved down 10 cents in the past 30 days. Its bottom-line estimates imply 0.25% growth from the year-ago reported numbers. The Zacks Consensus Estimate for AZO's quarterly re ...

On May 19, JPMorgan Chase had an investor-day presentation and billionaire CEO Jamie Dimon had a lot to say about the economy, global trade, and investing. And much of it sounded negative.During the presentation, Dimon brought up the subject of U.S. stagflation -- the dreaded combination of ongoing inflation and economic recession at the same time. Policymakers generally try to keep inflation low and economic growth high. When they intervene, it usually sacrifices one to benefit the other. But when both inf ...

BofA Securities analyst Robert F. Ohmes upgraded AutoZone, Inc. AZO from Neutral to Buy, raising the price forecast from $3900 to $4800.The analyst writes that the upgrade stems from growing confidence in AutoZone’s ability to perform well during economic downturns, continued market share gains across both DIY and professional customer segments, and the “potential inflation benefit” from price increases.Ohmes also cited improving dynamics in the used versus new car market, ongoing momentum in the Pro busine ...

The latest trading session saw AutoZone (AZO) ending at $3,880.15, denoting no adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.39% for the day. Meanwhile, the Dow experienced a drop of 0.27%, and the technology-dominated Nasdaq saw a decrease of 0.38%.Prior to today's trading, shares of the auto parts retailer had gained 8.71% over the past month. This has lagged the Retail-Wholesale sector's gain of 12.4% and the S&P 500's gain of 13.07% in that time.The u ...

On CNBC's “Mad Money Lightning Round,” Jim Cramer said no to O’Reilly Automotive, Inc. ORLY. “You want to buy the one that's not going to stock split, which is AutoZone AZO,” he added.Adding support to his view, O’Reilly Automotive posted first-quarter earnings of $9.35 per share on April 23, missing market estimates of $9.94 per share. The company's quarterly sales came in at $4.14 billion versus expectations of $4.17 billion.AutoZone has outperformed the market over the past 15 years by 10.81% on an annua ...