Name: AutoZone Inc. (NYSE:AZO) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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AutoZone Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Nov 18, 2023	Aug 26, 2023	May 6, 2023	Feb 11, 2023	Nov 19, 2022	Aug 27, 2022	May 7, 2022	Feb 12, 2022	Nov 20, 2021	Aug 28, 2021	May 8, 2021	Feb 13, 2021	Nov 21, 2020	Aug 29, 2020	May 9, 2020	Feb 15, 2020	Nov 23, 2019	Aug 31, 2019	May 4, 2019	Feb 9, 2019	Nov 17, 2018	Aug 25, 2018	May 5, 2018	Feb 10, 2018	Nov 18, 2017
Net sales	4,190,277)	5,690,619)	4,090,541)	3,690,982)	3,985,067)	5,348,354)	3,865,222)	3,369,750)	3,668,904)	4,913,483)	3,651,023)	2,910,818)	3,154,261)	4,545,967)	2,779,299)	2,513,663)	2,793,038)	3,988,436)	2,783,006)	2,450,568)	2,641,733)	3,558,768)	2,660,152)	2,413,026)	2,589,131)
Cost of sales, including warehouse and delivery expenses	(1,976,261)	(2,690,948)	(1,944,415)	(1,760,979)	(1,990,445)	(2,592,504)	(1,858,808)	(1,584,524)	(1,743,744)	(2,345,644)	(1,736,077)	(1,351,435)	(1,478,644)	(2,132,993)	(1,288,651)	(1,147,600)	(1,291,970)	(1,858,036)	(1,290,986)	(1,125,461)	(1,224,259)	(1,650,890)	(1,237,178)	(1,135,980)	(1,223,283)
Gross profit	2,214,016)	2,999,671)	2,146,126)	1,930,003)	1,994,622)	2,755,850)	2,006,414)	1,785,226)	1,925,160)	2,567,839)	1,914,946)	1,559,383)	1,675,617)	2,412,974)	1,490,648)	1,366,063)	1,501,068)	2,130,400)	1,492,020)	1,325,107)	1,417,474)	1,907,878)	1,422,974)	1,277,046)	1,365,848)
Operating, selling, general and administrative expenses	(1,365,412)	(1,777,176)	(1,287,645)	(1,260,026)	(1,271,589)	(1,652,036)	(1,220,744)	(1,158,466)	(1,170,675)	(1,523,809)	(1,111,441)	(1,077,616)	(1,060,392)	(1,394,929)	(998,975)	(958,125)	(1,001,045)	(1,349,624)	(944,497)	(925,087)	(929,656)	(1,316,639)	(877,209)	(1,071,948)	(897,094)
Operating profit	848,604)	1,222,495)	858,481)	669,977)	723,033)	1,103,814)	785,670)	626,760)	754,485)	1,044,030)	803,505)	481,767)	615,225)	1,018,045)	491,673)	407,938)	500,023)	780,776)	547,523)	400,020)	487,818)	591,239)	545,765)	205,098)	468,754)
Interest expense, net	(91,384)	(108,727)	(74,313)	(65,609)	(57,723)	(63,995)	(41,888)	(42,471)	(43,284)	(58,120)	(45,026)	(46,012)	(46,179)	(65,637)	(47,450)	(44,335)	(43,743)	(61,197)	(43,239)	(41,362)	(39,006)	(54,340)	(41,958)	(39,340)	(38,889)
Income before income taxes	757,220)	1,113,768)	784,168)	604,368)	665,310)	1,039,819)	743,782)	584,289)	711,201)	985,910)	758,479)	435,755)	569,046)	952,408)	444,223)	363,603)	456,280)	719,579)	504,284)	358,658)	448,812)	536,899)	503,807)	165,758)	429,865)
Income tax expense	(163,757)	(248,927)	(136,445)	(127,824)	(125,992)	(229,776)	(151,211)	(112,534)	(155,966)	(200,139)	(162,315)	(89,809)	(126,613)	(211,952)	(101,327)	(64,321)	(105,942)	(154,351)	(98,335)	(64,020)	(97,406)	(136,617)	(137,086)	123,772)	(148,862)
Net income	593,463)	864,841)	647,723)	476,544)	539,318)	810,043)	592,571)	471,755)	555,235)	785,771)	596,164)	345,946)	442,433)	740,456)	342,896)	299,282)	350,338)	565,228)	405,949)	294,638)	351,406)	400,282)	366,721)	289,530)	281,003)

Net sales demonstrate a consistent upward trajectory over the analyzed period, characterized by significant recurring seasonality. Revenue peaks consistently occur in the August quarters, with the highest recorded value reaching approximately 5.69 billion USD in August 2023, compared to 3.56 billion USD in August 2018. This pattern indicates a strong cyclical demand that persists throughout the multi-year period.

Gross Profitability and Margin Stability: Gross profit has scaled in alignment with net sales, maintaining a relatively stable gross margin. The ratio of gross profit to net sales remains consistent, suggesting that the cost of sales, including warehouse and delivery expenses, is managed proportionally to revenue growth. Gross profit increased from 1.37 billion USD in November 2017 to 2.21 billion USD by November 2023.
Operating Efficiency and Expense Management: Operating, selling, general, and administrative expenses have grown in absolute terms but have done so at a slower pace than net sales. This trend indicates positive operating leverage, as the company expanded its scale without a commensurate increase in overhead. Operating profit has reflected this efficiency, growing from 468.8 million USD in November 2017 to 848.6 million USD in November 2023, with peaks reaching 1.22 billion USD in August 2023.
Financial Obligations and Interest Trends: A notable increase in net interest expense is observed, particularly starting in 2022. Interest costs rose from approximately 38.9 million USD in November 2017 to a peak of 108.7 million USD in August 2023. This upward trend in interest obligations suggests an increase in debt levels or a higher cost of borrowing over the latter part of the period.
Net Income Performance: Net income exhibits strong growth and follows the seasonal volatility of the top line. Net income increased from 281 million USD in November 2017 to 593.5 million USD in November 2023. The most significant surge in profitability occurred during the August 2023 quarter, where net income reached 864.8 million USD, highlighting the capacity for high earnings during peak demand periods despite rising interest expenses.

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AutoZone Inc. (NYSE:AZO)

Income StatementQuarterly Data

Income Statement
Quarterly Data