Q1 2026 Autozone Inc Earnings Call Transcript
Key Points
- AutoZone Inc (AZO) reported an 8.2% increase in total sales for the quarter.
- Domestic commercial sales grew by 14.5%, showing strong momentum in this segment.
- The company opened 53 new stores globally, marking a near-record for first-quarter store openings.
- International same-store sales increased by 3.7% on a constant currency basis, with an unadjusted growth of 11.2%.
- AutoZone Inc (AZO) is investing $1.6 billion in CapEx to drive strategic growth priorities, including new store openings and distribution centers.
- Earnings per share decreased by 4.6% due to a non-cash $98 million LIFO charge.
- Gross margin was down 203 basis points, impacted by the LIFO charge and a shift towards a faster-growing commercial business.
- SG&A expenses increased by 10.4%, leading to a 69 basis points deleverage as a percentage of sales.
- DIY traffic was down 3.4%, with a notable decline in the middle four-week segment due to unfavorable weather comparisons.
- The company anticipates continued LIFO charges, with an expected $60 million impact for each of the next three quarters.
Good day, everyone, and welcome to AutoZone's 2026 Q1 Earnings Release Conference Call. (Operator Instructions) At this time, the company would like to provide its forward-looking statement.
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Before we begin, please note that today's call includes forward-looking statements that are subject to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Please refer to this morning's press release and the company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission for discussion of important risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as the date made, and the company undertakes no obligation to update such statements.
Today's call will also include certain non-GAAP measures. A reconciliation of GAAP to non-GAAP financial
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