In addition to net sales growth of 15.8% to $3.4 billion for the second quarter of fiscal 2022 ending Feb. 12, AutoZone reported an inventory increase of 6.2% from the same period a year earlier, thanks to 31 new stores, hubs and megahubs. in the United States, Mexico and Brazil, according to a press release on Tuesday, March 1.
“As we continue to focus on the health and well-being of our customers and AutoZoners, we remain committed to providing the best and safest place to shop for everyone’s automotive needs,” said Bill Rhodes, president and CEO of AutoZone, in the press release. “During these unique and challenging times, we are striving to provide the best customer service possible. As we continue to prudently invest capital in our business, we remain focused on return on capital. We are committed to continuing our approach long-term goal of growing operating income and free cash flow while effectively utilizing our balance sheet.”
During the quarter, AutoZone opened 26 new stores and closed one in the United States and opened three stores in Mexico and two stores in Brazil. The company had 6,091 stores in the United States, 669 in Mexico and 55 in Brazil for a total of 6,815 as of Feb. 12, according to the statement.
“Our second quarter results reflect our AutoZoners’ continued commitment to providing exceptional service to our customers during these unique times,” Rhodes said in the release.
AutoZone’s commercial sales increased 32.1% in the quarter and retail sales were up more than 10% from the same period a year ago, according to the release.
“We believe the initiatives we have put in place position us well for the remainder of our fiscal year,” Rhodes said in the statement.
Meanwhile, Advance Auto Parts has relied on digital assets that provide visibility into delivery status, product availability and training for double-digit comparable sales growth in the professional segment in the latest update. February 15 quarterly results update.
Read more: B2B Customers Seek Digital Tools When Purchasing Auto Parts
NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT
On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.