AutoZone, Inc. (AZO) Q2 2023 Earnings Call Transcript

AutoZone, Inc. (NYSE:AZO) Q2 2023 Earnings Conference Call February 28, 2023 10:00 AM ET

Company Participants

Bill Rhodes - Chairman, President and CEO

Jamere Jackson - Executive Vice President and CFO

Brian Campbell - Vice President, Treasurer, Investor Relations and Tax

Conference Call Participants

Bret Jordan - Jefferies

Seth Sigman - Barclays

Zach Fadem - Wells Fargo

Scot Ciccarelli - Truist Securities

Brian Nagel - Oppenheimer

Jackie Sussman - Morgan Stanley

David Bellinger - Roth MKM

Atul Maheswari - UBS

Operator

Greetings. Welcome to AutoZone’s 2023 Q2 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [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 second 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 first quarter, I hope you have 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, we would like to thank and congratulate our AutoZoners across the company for their commitment to delivering exceptional customer service. For the second quarter, our team delivered total sales growth of 9.5% versus 8.6% in the first quarter, in line with our expectations.