AutoZone Capitalizes on a Do-It-Yourself Boom
Auto parts retailer AutoZone (NYSE: AZO) ended its fiscal 2020 year in a high performance "zone" as its fourth-quarter results, issued Tuesday, attested. AutoZone's net sales increased by 14% year over year to $4.5 billion. However, when accounting for an extra week in the fiscal fourth quarter of 2019, AutoZone's adjusted sales actually rose 21%.
The company's same-store sales soared by nearly 22% over the comparable period, driven by a 24% jump in retail do-it-yourself (DIY) business. According to CEO Bill Rhodes, this was the largest same-store sales leap in the company's history. AutoZone's commercial segment, which supplies parts to body shops, auto mechanics, and other auto-related entities, also generated an appreciable 17% rise in year-over-year sales.
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Source Fool.com