AutoZone Inc (NYSE: AZO) reported Q1 FY24 sales growth of 5.1% Y/Y to $4.19 billion, marginally missing the analyst consensus of $4.198 billion.
Domestic same-store sales increased 1.2% in the quarter, while International rose 25.1%. Total company same-store sales grew 3.4%.
Gross margin expanded 279 basis points Y/Y to 52.8%. Operating profit rose 17.4% Y/Y to $848.6 million in the quarter.
Gross profit growth was led by 208 basis points ($83 million net) non-cash LIFO favorability, with the remaining leverage primarily from favorable supply chain costs and increased merchandise ...