Domestic Comps Miss Expectations As Weather Impacts Results...

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Domestic Comps Miss Expectations As Weather Impacts Results...

Broadlines & Hardlines

Auto Parts Retail - Market Weight

AUTOZONE (AZO) May 26, 2026

Domestic Comps Miss Expectations As Weather Impacts Rating:

Results... Peer Perform

Price:

$3,406.50

The Wolfe Byte Price Target:

AZO reported soft F'3Q results, as Domestic SSS fell short of expectations (In-line NA

with our Preview). While SG&A was well managed, we expect the focus will be View AZO Model

View Comp Tableon the top line miss and softening unit trends / exit rate.

Company Information

Overall, we remain cautious on AZO and anticipate mixed trading this am. For F'4Q, 52-Week Range $3,245$4,355-

inflation likely ticks down to +4.0% from +6.0% in F'3Q while SG&A growth is Market Cap. (MM) $56,128

steady sequentially. Enterprise Value (MM) $69,902 Shares Out. (MM) 16.5

(-) AZO F'3Q Missed Low Expectations. AZO's Domestic SSS came in at +4.1% vs Avg. Value Traded (MM) $1,760.19 SI% of Float 2.1%

consensus at +4.8% and investor expectations of +5.0% SSS (data implied a miss

heading into the quarter, and the bogey went from +5.5% to +5.0% in the week before Price Performance

earnings). On a 2-Yr basis, Domestic SSS increased +390bps sequentially to +9.3%. YTD LTM AZO (0)% (7)%

Gross Margins were 52.2% vs consensus at 51.4%, and were impacted by 77bps LIFO S&P 500 8% 27%

drag (vs. 138bps in F'2Q). EBIT Margins were 19.1% vs consensus at 18.3%. EPS was

$38.07,vs consensus at $36.30. 4,6004,400

4,200

(-) Trends Through F'3Q Softened (Despite Easier Laps)... F'4Q Improved Modestly. 4,000

Trends softened through F'3Q, driven in part by weather impacting specific categories 3,8003,600

like Air Conditioning. This was concentrated in the Southeast and South Central 3,400

regions.