Operating Profit Margin
since 2005
Calculation
AutoZone Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating profit1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Aug 26, 2023 | 19.90% | = | 100 | × | 3,473,986) | ÷ | 17,457,209) |
| Aug 27, 2022 | 20.12% | = | 100 | × | 3,270,729) | ÷ | 16,252,230) |
| Aug 28, 2021 | 20.13% | = | 100 | × | 2,944,527) | ÷ | 14,629,585) |
| Aug 29, 2020 | 19.14% | = | 100 | × | 2,417,679) | ÷ | 12,631,967) |
| Aug 31, 2019 | 18.68% | = | 100 | × | 2,216,137) | ÷ | 11,863,743) |
| Aug 25, 2018 | 16.14% | = | 100 | × | 1,810,856) | ÷ | 11,221,077) |
| Aug 26, 2017 | 19.10% | = | 100 | × | 2,080,069) | ÷ | 10,888,676) |
| Aug 27, 2016 | 19.37% | = | 100 | × | 2,060,395) | ÷ | 10,635,676) |
| Aug 29, 2015 | 19.17% | = | 100 | × | 1,953,051) | ÷ | 10,187,340) |
| Aug 30, 2014 | 19.32% | = | 100 | × | 1,830,223) | ÷ | 9,475,313) |
| Aug 31, 2013 | 19.38% | = | 100 | × | 1,773,098) | ÷ | 9,147,530) |
| Aug 25, 2012 | 18.93% | = | 100 | × | 1,628,891) | ÷ | 8,603,863) |
| Aug 27, 2011 | 18.52% | = | 100 | × | 1,494,803) | ÷ | 8,072,973) |
| Aug 28, 2010 | 17.92% | = | 100 | × | 1,319,414) | ÷ | 7,362,618) |
| Aug 29, 2009 | 17.25% | = | 100 | × | 1,176,062) | ÷ | 6,816,824) |
| Aug 30, 2008 | 17.23% | = | 100 | × | 1,124,134) | ÷ | 6,522,705) |
| Aug 25, 2007 | 17.10% | = | 100 | × | 1,055,266) | ÷ | 6,169,804) |
| Aug 26, 2006 | 16.98% | = | 100 | × | 1,009,925) | ÷ | 5,948,355) |
| Aug 27, 2005 | 17.08% | = | 100 | × | 975,664) | ÷ | 5,710,882) |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
1 US$ in thousands
Between 2005 and 2023, a consistent upward trajectory in both absolute operating profit and net sales is observed. Operating profit grew from approximately $975.7 million to $3.47 billion, while net sales increased from $5.71 billion to $17.46 billion over the analyzed period.
- Long-term Margin Evolution
- The operating profit margin demonstrated a gradual expansion over the long term. From 2005 to 2009, the margin remained stable within a narrow band between 16.98% and 17.25%. A period of steady improvement followed between 2010 and 2017, with the margin climbing to a peak of 19.38% in 2013, before maintaining a general level around 19%.
- Analysis of the 2018 Contraction
- A significant deviation occurred in 2018, where the operating profit margin declined sharply to 16.14%. This represents the lowest margin point in the series. During this period, absolute operating profit decreased from $2.08 billion in 2017 to $1.81 billion in 2018, despite the continued growth in net sales, indicating a temporary increase in operating expenses or a compression in gross margins.
- Recent Recovery and Stabilization
- A strong recovery followed the 2018 downturn, with the margin rebounding to 18.68% in 2019. The expansion continued until 2021, when the margin reached a historical high of 20.13%. From 2021 through 2023, the operating profit margin exhibited high stability, fluctuating minimally between 19.90% and 20.13%, suggesting a period of efficient operational scaling.
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Comparison to Competitors
AutoZone Inc., operating profit margin, long-term trends, comparison to competitors
| AutoZone Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Aug 26, 2023 | 19.90% | 6.41% | 15.27% | 10.47% |
| Aug 27, 2022 | 20.12% | 2.38% | 15.24% | 12.56% |
| Aug 28, 2021 | 20.13% | 5.30% | 13.84% | 10.77% |
| Aug 29, 2020 | 19.14% | 5.93% | 14.37% | 8.75% |
| Aug 31, 2019 | 18.68% | 5.18% | 14.35% | 5.63% |
| Aug 25, 2018 | 16.14% | 5.33% | 14.55% | 9.60% |
| Aug 26, 2017 | 19.10% | 2.31% | 14.19% | 8.99% |
| Aug 27, 2016 | 19.37% | 3.08% | 13.30% | 8.41% |
| Aug 29, 2015 | 19.17% | 2.09% | 12.59% | 8.52% |
| Aug 30, 2014 | 19.32% | 0.20% | 11.63% | 0.00% |
| Aug 31, 2013 | 19.38% | 1.00% | 10.39% | 0.00% |
| Aug 25, 2012 | 18.93% | 1.11% | 9.46% | 0.00% |
| Aug 27, 2011 | 18.52% | 1.79% | 8.59% | 0.00% |
| Aug 28, 2010 | 17.92% | 4.11% | 7.26% | 0.00% |
| Aug 29, 2009 | 17.25% | 4.61% | 6.11% | 0.00% |
| Aug 30, 2008 | 17.23% | 4.39% | 9.36% | 0.00% |
| Aug 25, 2007 | 17.10% | 4.42% | 10.65% | 0.00% |
| Aug 26, 2006 | 16.98% | 3.63% | 11.49% | 0.00% |
| Aug 27, 2005 | 17.08% | 5.09% | 10.84% | 0.00% |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).