http://www.morningstar.com/earnings/26268678-autozone-inc-azo-q3-2011.aspx

AutoZone Inc AZO
Q3 2011 Earnings Call Transcript

Transcript Call Date 05/24/2011

Operator: Welcome to the AutoZone Conference Call. Your lines have been placed on listen-only until the question-and-answer session of the conference. Please be advised, today's call is being recorded. If you have any objections please disconnect at this time.

In this conference call we'll discuss AutoZone's Third Quarter Financial Results. Bill Rhodes, the Company's Chairman, President and CEO will be making a short presentation on the highlights of the quarter. The conference call will end promptly at 10.00 am Central Time, 11.00 am Eastern Time.

Before Mr. Rhodes begins, the Company has requested that you listen to the following statements regarding forward-looking statements.

Certain statements contained in this press release are forward-looking statements. Forward-looking statements typically use words such as believe, anticipate, should, intend, plan, will, expect, estimate, project, positioned, strategy, and similar expressions. These are based on assumptions and assessments made by our management in light of experience and perception of historical trends, current conditions, expected future developments and other factors that we believe to be appropriate.

These forward-looking statements are subject to a number of risks and uncertainties, including without limitation, credit market conditions, the impact of recessionary conditions, competition, product demand; the ability to hire and retain qualified employees; consumer debt levels; inflation; weather; raw material costs of our suppliers; energy prices; war and the prospect of war, including terrorist activity; availability of consumer transportation; construction delays; access to available and feasible financing; and changes in laws or regulations.

Certain of these risks are discussed in more detail in the Risk Factors section contained in Item 1A under Part 1 of our Annual Report on Form 10-K for the year ended August 28, 2010, and these risk factors should be read carefully.

Operator: Mr. Rhodes, you may now begin.

William C. Rhodes, III - Chairman, President and CEO: Good morning and thank you for joining us today for AutoZone's fiscal 2011 third quarter conference call. With me today are Bill Giles, the Executive Vice President and Chief Financial Officer, Store Development and IT, 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 is available on our website, www.autozoneinc.com. Please click on Quarterly Earnings Conference Call to see them.

We are very pleased to announce another very strong quarter of performance financially and operationally.

Our EPS for the third quarter increased by 28.5%, another exceptionally strong quarter for us as our domestic same-store sales increased 5.3%. This marks the 10th consecutive quarter of EPS growth in excess of 20% and the 19th consecutive quarter of double-digit EPS growth. I'd like to start our call this morning by thanking all our AutoZoners across North America for their continued efforts on our 1TEAM Going the Extra Mile 2011 operating theme.

Read our Earnings Call Transcript disclaimer.
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