AutoZone, Inc. (AZO) Q1 2023 Earnings Call Transcript

AutoZone, Inc. (NYSE:AZO) Q1 2023 Results Conference Call December 6, 2022 10:00 AM ET

Company Participants

Brian Campbell - VP, IR and Tax/Treasurer

Bill Rhodes - Chairman, President and CEO

Jamere Jackson - EVP and CFO

Conference Call Participants

Brian Nagel - Oppenheimer

Simeon Gutman - Morgan Stanley

Kate McShane - Goldman Sachs

Chris Horvers - JP Morgan

Michael Lasser - UBS

Daniel Imbro - Stephens

David Bellinger - MKM Partners

Mike Baker - D.A. Davidson

Operator

Good morning, ladies and gentlemen, and welcome to AutoZone’s 2023 First Quarter Earnings Release Conference Call. At this time, all participants have been placed on a listen-only mode and the floor will be opened for questions and comments after the presentation. Before we begin, the Company would like to read 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 obligation 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

It is now my pleasure to turn the floor over to Mr. Bill Rhodes, Chairman, President and CEO of AutoZone. Bill, the floor is yours.

Bill Rhodes

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

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 is 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’d like to thank and congratulate our AutoZoners across the enterprise for their commitment to taking care of our customers, which led to the strong results they continue to deliver. It has been a busy first quarter of our new fiscal year, as every day we strive to get back to normal and exit ‘‘pandemic mode’’. This quarter, we opened our new direct import distribution center on the West Coast, continued to improve our in-stock position, and we had our first full national sales meeting since the pandemic began.