AutoZone Inc. (NYSE: AZO) reported its financial results for the quarter ended May 9, 2020, on Tuesday before the market opens. The results exceeded analysts’ expectations.
AutoZone posted a 16% drop in earnings for the third quarter of 2020 due to the impact of the COVID-19 pandemic crisis. While certain retailers closed their stores during this time, the company’s stores remained open to service the motoring public.
Domestic same-store sales, or sales for stores open at least one year, decreased 1.0% for the quarter. The first four weeks were strong as both Retail and Commercial performed well, up mid-single-digit same-store sales. The next four weeks, the weeks COVID-19 had its first impact on its business, its same-store sales were down materially. Over the last four weeks, as federal stimulus checks began to flow through the economy, same-store sales turned meaningfully positive.
During the quarter ended May 9, 2020, AutoZone opened 21 new stores in the U.S., two in Mexico, and none in Brazil. As of May 9, 2020, the company had 5,836 stores in the U.S., 610 stores in Mexico, and 38 stores in Brazil for a total store count of 6,484.
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