It remains very difficult for us to predict. This compares to an average of $1,847,000 at Q4 ending last year. We don’t know what lies ahead of us for this new fiscal year, but we feel we are much more prepared today for uncertainty than we were at the start of this pandemic.
We remain committed to our store opening schedules in Mexico for the foreseeable future. So, are those some failures that might have happened this coming winter when it got cold? F

Our long history is, we report earnings so quickly after the end of our quarter, usually three quarters of the year, within two and a half weeks, at the end of the year, because of year-end, we go three and a half weeks. I mean, obviously it was down maybe close to 10% back in July, but if you look at the current fuel sales, it would imply that miles driven is down in the mid to low single digits at this point.

Fortunately, we know of no AutoZoners that were significantly impacted as a result of that hurricane or the one that happened a week and a half ago. We said, how do we stand on the gap for the most important thing we have, which is our AutoZoners. P We were honored to be able to make these investments in our AutoZoners in recognition of what they have done and continue to do for our customers and our organization. Y

Fitch Ratings - New York - 04 Aug 2020: Fitch Ratings has assigned a 'BBB' rating to AutoZone, Inc.'s proposed senior unsecured notes offering of up to $600 million in 10-year unsecured notes. Increasing our debt levels, adding a new 364 day line of credit, and increasing excess cash were purposeful as we wanted to maximize our liquidity position due to the significant uncertainty.

Candidly, we are most proud to highlight that we continue to live up to our stated values when it came to taking care of our AutoZoners. I’ll add my congrats to Bill Giles. Salary by Company: Yeah, great question. F We plan conservatively in order to manage our cost structure appropriately. Certainly, from a competitive point of view, I think that that has a longstanding impact.

And so in these tough economic times, I think the correlation between miles driven breaks. They just have to be in the right place. So I think it would be beneficial on both sides and more beneficial on the DIY side. Thanks, Bill, and good morning, everyone. Thank you for your time and thank you for your interest in our great company.

We opened five new stores in the quarter.

But as I stated before, that isn’t practical for us with all the unknowns. Our sales were much higher than we could have forecast at the beginning of the fiscal year, and they sustained higher levels than we would have predicted on our last call in May. I especially want to call out, and on behalf of every AutoZoner, recognize our store and distribution center AutoZoners. I think that that’s what’s happening with share over time. In addition to impacting sales, the weakness in the foreign currency exchange rate put additional pressure on our results. AutoZone enjoyed its largest quarterly same store sales performance since going public in 1991, 22%.

While geographic differences weren’t a significant story of this quarter, there continued to be interesting trends across our merchandise categories, specifically in the retail business. For 2021, we would expect to get back to our usual cadence of approximately 150 domestic new stores and roughly 50 international stores. Net income attributable to ordinary shareholders fell, Expedia Group (NASDAQ: EXPE) reported third-quarter 2020 financial results after the regular trading hours on Wednesday. As we said on last quarter’s call, we expect that our sales growth will moderate over time, but we continue to believe our products and services will be in high demand during these more difficult economic times.

And if we get CARES 2, do you think we’ll see a bigger impact in DIY or commercial? During the quarter, there were certainly some geographic regions that did better than others, as there always are, but all of our regions performed well.

The volume of business was the outlier this quarter. They’re ready to react quickly to every single change. G They now own the commercial business in their store. We’ll take nothing for granted as we understand our customers have alternatives to shopping with us. Yeah. Yeah. As for the long term, to date, we don’t see anything that substantially changes our bullish view on our industry, but we must continue to monitor consumer shifts in behavior.

Find out how it all began, how you can play a role and where we're headed. I

Net income for the quarter was $740 million, up 41.2% versus last year’s fourth quarter, when excluding the 17th week. While the quarter was challenging, we believe the negative impacts are short term in nature.

So our expectation is that that’s a number that’s going to continue to improve. Hi. So, again, our standpoint is, look, our margin is in a really healthy place right now and we’ve got great opportunities for us to lower cost through lower acquisition opportunities.

T Jamere, who joined us just last week, will be observing only today, but we are so glad to have him here and part of our great team. And when miles driven dipped during that period of time, the correlation between miles driven and our sales performance was — and the industry sales performance was broken.

As sales pick up, we would expect the spend rate to increase. It's FREE. It has rebounded back to being more normal with the rest of the markets. We provided them with that emergency time off benefit. Can I jump in on that as well?

E
How we do it?

But to dimensionalize it, it was probably a single digit basis point impact. As our staffing levels have increased, so will our labor cost. And if the economy enters a deep and protracted recessionary environment, we continue to believe our customers will focus more on maintaining their current vehicles and it will benefit our business, Retail in particular, as it has in the last three recessions. Good morning and thank you for joining us today for AutoZone’s 2020 fourth quarter conference call. The Northeast, did that — as miles driven hasn’t gotten less worse there, has that — has that part of the country seen a more marked improvement? Great question, Seth. Okay.

I don’t know. Net fixed assets were up 2.5% versus last year. Before I pass the discussion over to Bill Giles to talk about our financial results, I’d like to again thank our AutoZoners for their extraordinary efforts during these unprecedented times. During our third quarter, we announced that all eligible hourly full and part-time AutoZoners across the US would receive emergency time off benefits, and it would be available immediately. Bill? Our supply chain, specifically our distribution centers, our vendor partners and their operations were and continued to be under immense pressure to keep up with the surge in demand we experienced over the last five months. With over 80,000 SKUs or more available same day and even multiple times per day from these MegaHub markets, we are able to say, yes, materially more than when compared to carrying 40,000 to 50,000 SKUs from a Hub. Good morning, guys. We welcome Jamere and Seong, and we look forward to celebrating the enormous contributions of Bill and Bill. Bill, I think something you guys have talked about in the last 12 months has been a focus on direct sourcing and kind of growing that initiative. We think on a longer-term basis, we could almost double that number.

And so we continue to find opportunities in a lot of different categories for us to be able to find areas where we can reduce our acquisition cost.

They haven’t worked at home a day. SG&A for the quarter was 30.7% of sales, leveraging 338 basis points to last year’s fourth quarter on a 16 week basis. Congrats on the quarter. Our commitment to growing our Brazilian business has not wavered. For the quarter, our gross margin was down 33 basis points. Understood. My first question on sales, Bill Rhodes, you mentioned the 16.5% through August a couple of times, and I think towards the end of your prepared remarks, you said sales will ultimately revert back. So, we’re excited about it. L And then just one more from us. And typically in recessionary environments, we perform well, but nothing, nothing about this global pandemic is typical. Okay. Is that fair? G The increase in gross — the decrease in gross margin was attributable to lower merchandise margins driven primarily by a shift in mix. And then just a follow-up on commercial. The commercial business lagged it, but it continued to build very methodically over the course of the quarter. Similar to the US, Brazil faced immense challenges with COVID-19 and stay at home mandates. R Yeah, we think that there is continued opportunity. As we mentioned before, we’re going to continue to expand our MegaHubs. Our focus is again on driving gross profit dollars. What our team continues to do has really been exceptional. Forward-looking statements typically use words such as believe, anticipate, should, intend, plan, will, expect, estimate, project, position, strategy, seek, may, could, and similar expressions. J I would start by first saying, most of the gross margin impact was product mix shift. And you are right that there are more and more boxes that are available in the marketplace.

I’m sure many of you would like to know how we’re thinking about sales for both the first quarter and fiscal ’21. This additional time off can be used as the AutoZoner desires. As Bill mentioned earlier, we had suspended our share repurchase program as we continued to evaluate cash flow generation and the economy as a whole. We don’t need the wholesalers’ inventory.

You should have seen the lines of cars. While our domestic retail business was a tremendous surprise for us this past quarter, we understand trends will ultimately slow. H As a result, we finished this year with 113 new US stores versus 154 last year.


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