Executive me today for thank are Bill and Investor us Giles, and and morning Tax. Vice Chief Financial and President, third Officer; today you AutoZone’s Vice Good Relations call. Treasurer, XXXX conference for Campbell, President With joining quarter Brian
our had complementing the hope Relations Conference about link, third please the slides Earnings you’ve quarter’s press release our to release, are comments see press www.autozone.com, the on the on available an click along Calls today, them. quarter, Regarding our website, with and results. to read Quarterly I not, If under learn opportunity Investor
has last earnings world release, changed our so Since business. significantly, and our has the
disruption COVID-XX, its we pandemic perspective. March unprecedented lives During more reality. our the were across became a globe thereafter, last chain supply the focused and Quickly on from on on Xrd, the of ramifications a call, but disruption
health, times, will first been be our priority navigated to and continue well-being our remarkable have we has AutoZoners. the of As these and and customers safety
different, light remarkable the update was of be this most detailed This on our have In quarter more I business. a quarter will ever that, experienced.
Our pretty business predictable. is typically
not but many times, a I’ve been that tight As true. very has in currently fluctuate said sales our band,
performance for help or I deeper into you fluctuations potential we want sure sales us Q&A, going aren’t so the quarter, and understanding the know, you what a so level you this QX. move lower share drivers ahead, We drivers. of to to a lies we’re granularity have “model” of our as
our summer. to having we reopen who And begin front Will cases our escalate as help resources government the knows additional us many benefits focus stimulus? difficult an have economy? our very is our Will exceptional what Will forecasting we business? this the is provide making and they a week-to-week customers in the unemployment to our Will enhanced Frankly, survive? all less of the much are quarter. next Will need provide provide AutoZoners customer business commercial time experience. decline short-term. for with the in subside? on with sure of And unknowns. our We too the We they
industry, monitor a bullish long the the recessionary their our we for shifts the date, that enters will current protracted benefit to vehicles as business, on on focus last we economy must recessions. it behavior. deep in to our but continue term, if and maintaining don’t our view consumer we substantially retail will changes As see it customers anything in more environment, has and particular and our believe three And
XXXX, the XXs, As early XXXX, and outside periods. of decades all been last a the three reminder, of have XXXX, coming strongest out over our sales XXXX XXXX, growth recessionary periods
this thank simply store have operate have done excellence. and done for out, crisis for we I have our to team what Well, motoring have to show retailer we serve and done always changes as made people quickly our and large how ways had a What to our thanking begin working, these of and quickly enough throughout our deep customers job the calls recognize many several team, it done who for company. have distribution course center passion public they with been AutoZoners. can't and them especially call applaud with has our remaining to entire phenomenal. essential and in appreciation but time has short I remarkable an tremendous open pivot and AutoZoners. tremendous of our AutoZoners nothing of new want by These our I throughout the
into move for let's the Now performance quarter. our
were sales last year's third same-store X% versus quarter. Our down
net year. our last million. a And Our income $XXX below was share $XX.XX was EPS XX%
had described winter mild disappointing three quarter second quarter. and that we be fiscal in Recall weeks best can time a periods, quarter that very four basically a in the performance, our sales were about sales our shared optimistic each year mild Regarding particular in performance We we not tax on long. as felt many the demand. third at beginning forward was the pent-up and unlike of refunds been there had were categories winters, pulled and time balance the maintenance normal of and other the And we levels.
same The our were sales weeks, four first as with quite strong expected over sales X%. up store
well digits. weeks Commercial changed Commercial Retail then radically, double growth are returning to literally four Both comfortably quite the and with the And for second overnight. performing sales world
to asking suspended program. Do liquidity AutoZoners we to quickly stop expenditures never we we issued covenants. billion our more issues How have weather can and we repurchase necessary reduce questions compensation. this March liquidity before. capital have $X.XX down of need Our low concerns. and storm? We a share with week bonds immediately sales expenses? We than fathomed to materially any we immediately the Well performance comps one dropping We up to declined significantly Then shore debt began XX%. temporarily Well, our XX. acted furlough of to Wednesday, we on ourselves
We preparing an of scenarios line was line This we credit We additional billion additional the thought un-utilized for what $XXX top the credit. could pessimistic line in million and of XXX-day of were $X of place. on already credit be also closed very worst. running on
the Our a performance to to testament very financial short in our order, the chaotic environment team a in did position a company. the position and tremendous job and financial of also strong team enhancing long-term
U.S. protocols across Simultaneously, in store the instituted a we our to hours say AutoZoners swiftly allowed of the stores proud operation after to reduced all allowed that day. I’m acted and field of extremely cleaning This time to our our store in evening our we stressful of off support AutoZoners. enhance very de-compress Immediately base.
safely our day. were customers, This of the As ready be well. taking our to an AutoZoners essential meant motoring each service to business, as care we determined public
wait if our and off, time can part-timers used hours. time providing We off of be we including it early for eligible the swiftly those to for that history, time they them what it receive AutoZoners paid the time the front will with time Very between provided available our didn’t by weeks in would choices. We felt was up additional would We AutoZoner and mandates U.S. hours don’t This the on XX in desires. [indiscernible] use and And support We wait benefits additional now as be the to crisis, to this emergency lines. pay with in we off on end, across off governments. part-time to see the all did year AutoZoners announced or immediately. January. doing two with calendar our first were provide them AutoZoners of imperative any act in others hourly
of Board alone majority Directors vast of in days, child the This providing $XX often was with COVID-XX to with in to of had comfortable are and was expense crisis. negatively were leaders to was others quarter powerful our million. culture the real work the our This honored were was to just vulnerable and coming in customers. others in made while Some great values weren’t decision, anxious, couple the our I a coming more that care issues, which team comfortable service our aligned $XX during expenses, combined million know you impacted other directly incremental lived And by is a crisis up and populations And related espouse our we this quarter. the was lead. and when SG&A an about third work,
other certain investments that in benefits we AutoZoners, not the AutoZoners the quarter’s emergency quarter. fourth eligible past this to during first were benefit addition time to provide our for plan with similar off In
say we helping including expect expenses know additional to recognition. honored customers approximately lines $XX are in related our to million incur on COVID-XX for and the today, you We quarter, Based on recognize fourth in efforts. those day their every we what this the to AutoZoners, front thank
began than was of particular Wednesday, days. through reacted and period, second commercial economy. a been Throughout in significant sales five from negative has increased we weeks. business of crisis, trend, from federal the third stronger in Our And U.S. two XX% our beginning the continue this Then, moving in We through retail substantially and almost the the immediately. our days the experienced a of put money rebound in the rebounding arrive quarter. four perspective, stimulus at when roughly – extremely change significantly to positive sales stronger percent to beginning performance To stimulus to arrived. comps comps began business, DIFM. two to end robust checks the zero to a at this DIY Monday four flow double-digit Retail in than end a retail sooner week experience by the
had At like the again, crisis. before yet but to not the our quarter, the returned positive commercial business end turned double-digit of growth
quarter, more than down teens weeks four up each ending sales the overall the quarter for for over periods then XX%, our of X%, low up the down Specifically then same-store the were X%. in
quarter the in manage I job just what outlined literally the opening, it forced volatility as be. from week and to our an organization will extreme the and impossible as to done know trends managing business our is Given week in Unfortunately, extremes. outstanding to said I sales or these future the measuring field has we’re
its single the They simply aren’t are sure. that quickly We change. as moderate our nation the sales been same stimulus What incredibly our the have about the reopened. will do money to but What team expect our we nimble. has time, that sure will at is, growth works every through We to economy, reacted is way business?
and team significant system no very customers our have and our to some we are We difficult with they pledge are ourselves been the Instead, AutoZoners continue of longer shocks put and there live questions. first. on assuming other focused to definitely asking our resources the our need providing to up are to support those no
like forced areas, and down the extreme to while New operate was our would affected restrictions. Regarding as Northwest specifically our in than of of Rico some as Mid-Atlantic York, recover. stores quickly also markets performance worse you Brazil were close much Puerto Certain were rebounded expect, to Northeast, has the others and/or like we geographies, Pacific and some pretty slower considerably under been the most
generally in been middle country. of the areas Our best have the performing
categories in categories lighting specifically as retail have stayed have the wipers have some and been as after home parked periods interesting strong, our people at active have Other been in trends particularly weather. inclement extended After stimulus. or quite for very as especially not like or There sales cars of periods mild batteries fail winter, are the battery strong, post been a business. of categories, have been more challenged and night our discharged. very people Certain which been have their during merchandise
so have categories. something. they’re some been working their that People call that off people also We’ve seen more constantly for strong to upgrade before. surprisingly hobbyists project categories putting categories who I’ll car want These on project job. on time hands, doing or are They’ve enhancement their
before been significant miles impact dialogue beyond driven our some Now short-term our sales regarding trends, there’s business. of moving on
miles touted industry’s performance that our as a have factor We impacts key decades. macro driven for
have the sales, Great our car important factors been industry shorter unemployment the driven like during do like during important. are have time, not miles believe new is less generally sales correlation driven there However, more periods that the of with performance like select correlation, and when a Recession. and times in miles other strong We
Now let’s the turn the focus our of balance to P&L.
storylines our margin the we’ve mix around performer basis steady For points, past been between to quarter tariffs, a margin. X and very gross and DIY supply DIFM in gross up chain along was with sales, regard
of our noted XX% days, payroll but Imagine expenses managing in approximately sales deleverage team, expenses, $XX our two had to our line we material form in majority operating of commercial in sales costing remarkable the manage to provide when massive the time-off, particularly you our of volatility I store have with on the did in quarter. decision associated million emergency for teams, change and job trying was a the during earlier. in surface our with operations On yes, hourly the enhanced AutoZoners us deleverage, benefits that a
While decision. visited unique this our decision to this believe I’ve benefits lasting the showed and very there stores walks walk. talked long significant decision, organization from this I and team, strengthened as already and be and our culture will powerful that a expensive
expenses million. $XX COVID of other approximately we Additionally, directly related had
unique these overall prior operating our expenses below were year’s the charges, Excluding quarter.
came was up, we down as our bit balance debt were both mindful of sheet, our a our conservations. Regarding and cash purposeful were cash
future well, our X.X% inventory We store many also season feel QX strong heading liquidity handle can have of growth year. summer last our per declined and our felt managed unknowns. into the as we inventory we We versus
right As there our we buyback at and much decision previously, time the I in paused the mentioned the world. temporarily program. the as It too business stock uncertainty in was certainly was
repurchase of part Our be. a will allocation to our share continue very important program capital has and it been strategy
free trajectory, as in We gain haven’t leverage investments But restarted visibility yet. share our after to reduce our cash intend continue business to our counts. better we to we repurchases flow business to robust
Our COVID-XX and significant while current discussed report. quarter’s goods we from to good conference discussed to shape excluding the to at similar the above. past, operate thinking from particular. the extraordinary reasonably unique we last we have is impacts continue credit disruptions chain China received expenses no metrics Today, On to in supply call, in we are and
contingency created China, did not to ultimately category for we we While them. implement have each merchandise plans sourced from
to the some will a the be today crisis, known also diversity. disrupted That consider away over of of differently forward. We our centric said are others this There the the portion and will Unfortunately, more that emerge plans that us time. story made going shifted disruptions. as have to from and COVID story as pandemic need U.S. a supply tariffs certain country chain supplier of become result diversity about think well of while
activities we on did month as For paused development the this United Mexico a where for we get better instance, our try States, was about We store and headed. to Brazil. understanding this a in
We’ve subsequently in work municipalities so. allow development us to that restarted the do
new we meet our for year. result, will the a As store opening not goals
back as dates arbitrary get opening environment, not as to orderly But quickly in are possible. this to We pushing in important. and an are fashion new terribly stores goals
to than globally XXX fiscal this look open So for us stores year. less
when, and curbside an effects of omni-channel We spend shop. by on enhance and strategy up we efforts where grew, meeting wanted they ramped customers’ out in customers get customers to on as option to our time. to our how shopping initiated a pickup I’ll experience period the a moment ability COVID-XX amazingly shop quick short
shopping of remind we at below grew In our rate that a AutoZone small omni-channel channels saw for the Buy want percentage options. the double particular, strong do of delivery substantially I Store, ship-to-home. Online very DIY represents over Store very Additionally, rapidly growth X%. growth Pick-Up still online In ship-to-home and business, offering our in listeners Pick-Up to our Online Buy next-day In
nor over Before I’d that exceptional. management results, the and enough can confident are I’m these I AutoZoners, the I I team, are of you rest of the AutoZoners and talk Bill for speak on you say during to our our again cannot unprecedented behalf essential times. about thank can pass thank Giles discussion to to shareholders their extraordinary financial and like truly too you our you thank efforts
Now over Bill the call Giles. I’ll turn to
