AutoZone (AZO) Q3 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings. Welcome to AutoZone's 2023 Q3 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded.

Before we begin, the company would like to read some forward-looking statements.

Brian Campbell

Before we begin, please note that today's call includes forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Please refer to this morning's press release and the company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for a discussion of important risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date made, and the company undertakes no obligations to update such statements. Today's call will also include certain non-GAAP measures. A reconciliation of non-GAAP to GAAP financial measures can be found in our press release.

Operator

I will now turn the conference call over to your host, Bill Rhodes, Chairman, President, and Chief Executive Officer. Sir, you may begin.

Bill Rhodes

Good morning, and thank you for joining us today for AutoZone's 2023 third quarter conference call. With me today are Jamere Jackson, Executive Vice President and Chief Financial Officer; and Brian Campbell, Vice President, Treasurer, Investor Relations and Tax.

Regarding the third quarter, I hope you've had an opportunity to read our press release and learn about the quarter's results. If not, the press release, along with slides complementing our comments today, are available on our website, www.autozone.com, under the Investor Relations link. Please click on Quarterly Earnings Conference Calls to see them.

As we begin, I would like to thank our AutoZoners across the company for their commitment to providing our customers with WOW! Customer Service, which has been the secret to our long-term, consistent success. For the third quarter, our team delivered total sales growth of 5.8%, which included a 1.9% domestic same store sales comp. While our topline results were below our expectations at the start of the quarter, our sales improved later in the quarter as we experienced improved weather. We were pleased to deliver operating profit growth north of 9% and EPS growth of 17.5%. Both our operating profit and EPS growth were the highest growth rates we've had in over a year.