International. Annual sales increased by 11.1% over the previous year, while domestic sales in equal stores increased by 8.4%.
AutoZone has reported net sales of $5300 million for its fourth quarter (16 weeks) ended August 27, 2022, an increase of 8.9% over the fourth quarter of fiscal 2021 (16 weeks). Domestic same-store sales, or sales of stores opened for at least one year, increased 6.2% in the quarter.
"Our results are a testament to our AutoZoners' continued commitment to providing exceptional customer service every day. Our retail business performed well this quarter, ending with positive same-store sales in addition to last year's strong performance," said the company's President and Chief Executive Officer, Bill Rhodes.
The executive added: "The growth of our commercial business continued to be exceptionally strong at 22%. The investments we have made in both inventory availability and technology are improving our competitive positioning. We are optimistic about our growth prospects ahead of our new fiscal year."
For the quarter, gross profit, as a percentage of sales, was 51.5%, a decrease of 73 basis points compared to the previous year.
The decrease in gross margin was driven by accelerated growth in AutoZone's commercial business and a non-cash LIFO charge of 28 basis points driven primarily by increased freight costs.
Operating expenses, as a percentage of sales, were 30.9% versus 31.0% last year.
Operating profit increased 5.7% to $1.1 trillion. Net income for the quarter increased 3.1% from the same period last year to $810 million, while diluted earnings per share increased 13.4% to $40.51 from $35.72 in the quarter of the prior year.
For the fiscal year ended August 27, 2022, sales were $16.3 billion, an increase of 11.1% over the previous year, while domestic sales in equal stores increased 8.4%.
