So, we’re excited about it. That makes sense.

The Rating Outlook is Stable. They will be sorely missed. I mean, obviously it was down maybe close to 10% back in July, but if you look at the current fuel sales, it would imply that miles driven is down in the mid to low single digits at this point. C

Now we’d like to open up the call for questions. Once they restarted it, the battery had been discharged some.

Included in our cost of goods this quarter was a shift of mix and 9 basis points of headwind due to civil unrest expenses. At that time, we didn’t wait to see what others were doing or wait on any mandates by government. On the wholesale side, it’s not as easy. Can you just discuss the DIY and commercial trends that you saw as you moved through the quarter? Can I jump in on that as well? It was up — we think about 6% per foot when you adjust for the extra week.

N O Our customer — our core customer, their habits haven’t changed. At quarter-end, we had $796 million remaining under our share buyback authorization, and our leverage metric was 1.9 times. And then your recent hire of Seong Ohm. During the quarter, there were certainly some geographic regions that did better than others, as there always are, but all of our regions performed well. Proceeds from the new issue will be used for general corporate purposes, including the refinancing of AutoZone's $500 million 4.000% senior notes due November 2020. Not only was $12,250 a week a record for us, but we were able to average $60 million in total weekly commercial sales, an amazing accomplishment. Other people were saying, how do I cut my cost like crazy. Davidson. We expect to gradually restart our buyback program during the first quarter. This transcript is produced by AlphaStreet, Inc. N If you do require a new one, we'll help you find the right battery for your vehicle and driving habits. We continued to see some surprisingly strong categories that I will call project categories. Now I’ll turn it over to Bill Giles. Next question is from Daniel Imbro with Stephens, Inc. Based on our performance post enhanced unemployment, we feel our sales will remain elevated for some time. And fourth, we continue to rollout initiatives that make us much easier to do business with. As our staffing levels have increased, so will our labor cost. So we think it was the right decision and long-term, it will help drive sales and ultimately help drive gross profit. And if we get CARES 2, do you think we’ll see a bigger impact in DIY or commercial? Total DIFM sales increased on a 16-week basis 16.8% to $976 million, an amazing number as this quarter reached several records for us. As far as the last question of, did we pull projects forward, I think the project work is kind of — I call it the never doing now category. And we attribute that to the fact that there are a lot of people — our trends were more aligned with what was going on with employment.

Second, we are improving our service. I And that hopefully will be an opportunity for us as we move forward. It is impossible to state the tremendous impact each of them have had on our business, our culture and our teams. We recently began rolling out new technology that will significantly improve our delivery times and the accuracy of the commitments that we make to our customers.

The company announced it would host four drive-thru interview events. For the quarter, our tax rate was 22.3% versus 21.5% in last year’s fourth quarter. But then again, that SG&A growth maybe was understated because you didn’t have the labor you needed earlier in the quarter.

SG&A for the quarter was 30.7% of sales, leveraging 338 basis points to last year’s fourth quarter on a 16 week basis.

Next question is from Michael Baker with D.A. That said, our sales in both Retail and Commercial were high but very consistent from the beginning of our quarter and early May through July. Our core customers, they haven’t worked at home just like our store AutoZoners and DC AutoZoners.


So our expectation is that we’ll continue to get better and that it is probably already a little bit better for our customer.

We don’t need the wholesalers’ inventory. Frankly, our focus isn’t on what happens this new quarter. As far as the CARES Act, if there was a CARES, I think it’s now 4, and we’ve provided additional enhanced unemployment benefits. At the time, as there was too much uncertainty in the business and in the world, our share repurchase program has been a very important part of our capital allocation strategy, and it will continue to be so. As we got into August, both businesses took a little bit of a stepdown when that enhanced unemployment benefit went away. They’re working for their salaries. I wish we could provide you with more clarity on our expectations on business trends for our upcoming first quarter and the new fiscal year. Or how do you think that longer-term? H Total 140 Autozone Salaries. In fact, many of our stores in Brazil were focused — or forced to be closed for weeks like our stores in Puerto Rico. Some were in the more vulnerable populations and weren’t comfortable coming to work, others had childcare issues, others were simply anxious, while the vast majority were comfortable continuing to come to work and providing great service to our customers in their time of need. Our share growth in retail over the last four months on the detailed information we have available for our broadest set of competitors shows that we have been gaining much, much more share than at any time before in both units and dollars. As we discussed in our press release this morning, we incurred a net $10.7 million in charges related to offering emergency time off and additional direct COVID expenses. Okay. Please click on Quarterly Earnings Conference Calls to see them.

Whether or not we can grow Commercial 10% into the foreseeable future, that’s anybody’s guess. Excluding the extra week in last year’s fourth quarter, our EPS was up an amazing 47.6%. One, we invested in our AutoZoners. For the quarter, our gross margin was down 33 basis points.

Your line is now open.

So, on an overall basis, I would expect us to continue to invest in labor as our sales continue to be strong, and we’re going to find other opportunities for us to be able to make investments when our business is really strong because, again, it’s all about the future and it’s all about our long-term growth and ensuring that we’re creating a great service environment for our customers both on the retail side and the commercial side. V Third Quarter Fiscal 2020 Conference Call Presentation 463.4 KB. Your line is now open.

What happens with miles driven will be an element of it, but a lot of the miles that are being driven, they’re not all the same.

So if sales are — continue to be strong, we’re going to continue to invest back into that. Q3 2020 AutoZone, Inc. Earnings Conference Call. Regarding Brazil, we finished with 43 stores. And if the economy enters a deep and protracted recessionary environment, we continue to believe our customers will focus more on maintaining their current vehicles and it will benefit our business, Retail in particular, as it has in the last three recessions. I’ll spend a moment on our integrated retail efforts. We did not repurchase any AutoZone stock in the quarter versus $692 million last year. Okay. AutoZone is your source for auto parts, accessories and advice. Seong will come to us with a significant amount of experience in this area, and we’re excited about her joining the organization and helping the great team that we’ve already built overseas, buying product every day, but Seong will be able to add a lot of value in that area as well. A lot of the reasons we believe it’s been strong is because a lot of people park their vehicle for some extended period of time. Obviously, it’s very strong trend. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. We’re well on our way to accomplishing that over the next couple of years. Starting off with gross margins.

P So I think it will take time, but I do think that there is a lot of pressure on independent operators in this Commercial side of the business today, and that’s not going to let up. Y Gross margin for the quarter was 53.1% of sales, down 31 basis points versus last year’s fourth quarter on a 16 week basis. Is there anything more you can talk about on September?


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