AutoZone, Inc.

Q4 headline results & profitability drivers - Total sales: +5.6% YoY to $6.6B; EPS: +15.1% YoY. - Same-store sales (constant currency): Total +1.5%, Domestic +1.6%, International +1.3%. - Key P&L items (no-cash/one-offs): a $15M non-cash LIFO charge (vs $80M in prior-year Q4) and $96M tariff refund benefit (+$4.43 EPS); LIFO/tariff items also materially affected year-over-year comparisons.

Domestic performance was mixed; DIY underperformed but timing improved - DIY (domestic): -0.6% same-store for Q4; domestic DIY ticket ~+5% (inflation-driven) offset by traffic declines. - Cadence: sales bottomed in June then improved into late quarter (exit momentum looked better). - Commercial (domestic): +8.6% same-store, with hot-weather category rebound late in the quarter; commercial ticket ~+5%. - Underlying challenge: consumer deferrals/trade-down among more price-sensitive DIY customers; softer DIY transactions expected to recover over time, not immediately.

International modest comps but improving trajectory; FX helped - International same-store: +1.3% constant currency; unadjusted +10.7% due to FX tailwind (exchange-rate impact >900 bps). - Mexico softness, then uptick: sales slowed earlier from macro weakness, but the last four weeks improved, supporting a better Q1 outlook. - Outlook: management expects low double-digit growth on a constant-currency basis in Q1 FY2027, with re-acceleration as economies improve.