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Memphis, Tenn. For its fourth quarter that ended Aug. 30, AutoZone reported that same-store sales showed a modest 0.6% increase over the previous year. Net sales for the quarter were $2.2 billion, up 10.4% over fourth quarter 2007.
However, 17 weeks were included in the final quarter of 2008 vs. only 16 weeks the previous year. Excluding sales from the additional week, AutoZone showed a 4.1% net year-to-year increase.
Total sales for the fiscal year were $6.5 billion, up 5.7% from 2007, and same-store sales were up 0.4% overall. Net income increased 7.7% to $642 million in fiscal 2008.
In the company’s prepared statement, AutoZone chairman, president and chief executive Bill Rhodes, noted that this was the company’s eighth consecutive quarter of double-digit earnings per share growth.
Additionally, AutoZone opened 60 new stores in the United States, replaced another six stores in the United States, and opened 18 stores in Mexico. The portfolio at the end of its fiscal year included 4,092 stores in 48 states and 148 stores in Mexico.