There are only a few places where investors seem to be driving defensively despite impressive growth. Auto-parts retail is one of them.
In the quarter ended Aug. 29, AutoZone pulled in 14% more revenue than in the like period a year earlier, speeding past analyst estimates of 4.8% growth. Net income jumped 31%—more by far than the 6% uptick analysts expected. Despite being a relative and absolute winner during the pandemic, its shares have trailed the S&P 500 by 8.5 percentage points over the past year.
While AutoZone’s momentum is likely to moderate in the coming months, investors are too cautious. AutoZone is likely to continue benefiting from a higher reliance on do-it-yourself customers compared with professionals. Not only have drivers been taking up more at-home repair and maintenance projects, but the DIY business also tends to lean on lower-income customers less able to work remotely, Chief Executive Bill Rhodes said on Tuesday’s earnings call.
Gross margins were slightly lower in the latest quarter, but that was largely because of a shift in product mix. Batteries, a lower-margin category, sold particularly well last quarter while higher-margin products such as brakes and lighting underperformed, partially because of a decline in miles driven and a mild winter.
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