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EXHIBIT 99.1 AutoZone 3rd Quarter Same Store Sales Increase 28.9 % ; EPS Increases to $ 26.48 MEMPHIS , Tenn . , May 25 , 2021 ( GLOBE NEWSWIRE ) -- AutoZone , Inc. ( NYSE : AZO ) today reported net sales of $ 3.7 billion for its third quarter ( 12 weeks ) ended May 8 , 2021 , an increase of 31.4 % from the third quarter of fiscal 2020 ( 12 weeks ) . Domestic same store sales , or sales for stores open at least one year , increased 28.9 % for the quarter . For the quarter , gross profit , as a percentage of sales , was 52.4 % , a decrease of 118 basis points versus the prior year . The decrease in gross margin was primarily driven by the accelerated growth in our Commercial business and our investment in pricing initiatives . Operating expenses , as a percentage of sales , was 30.4 % versus 35.9 % for last year's quarter . The decrease in operating expenses , as a percentage of sales , was driven by strong sales growth and approximately $ 75 million in prior year pandemic related expenses , including Emergency Time - Off ( “ ETO " ) for our AutoZoners . Operating profit increased 63.4 % to $ 803.5 million . Net income for the quarter increased 73.9 % over the same period last year to $ 596.2 million , while diluted earnings per share increased 84.0 % to $ 26.48 per share from $ 14.39 per share in the year - ago quarter . The increase in net income was driven by strong topline growth and operating expense leverage . AutoZone repurchased 663,328 shares of its common stock for $ 900.0 million during the third quarter , at an average price of $ 1,357 per share . At the end of the third quarter , the Company had $ 1.3 billion remaining under its current share repurchase authorization . The Company's inventory increased 5.1 % over the same period last year , driven by new stores and improved product assortment . Net inventory , defined as merchandise inventories less accounts payable , on a per store basis , was negative $ 167 thousand versus negative $ 56 thousand last year and negative $ 93 thousand last quarter . " We are very proud to report another quarter of exceptionally strong same store sales and earnings growth . The AutoZone team has done a wonderful job of managing , and leading , throughout this pandemic . While our DIY business was again very strong this quarter , our Commercial business ' 44 % sales growth stood out as exceptional . The investments we are making in Commercial pricing , service and assortment are strengthening our competitive position in this large , fragmented market . We intend to accelerate our Company's historical Commercial growth rate as we increase our penetration in this market . While we understand sales trends will slow , we must work diligently during this fourth quarter to maintain the share gains we have achieved . As always , we cannot take anything for granted , but we remain excited about the ongoing sales opportunities in front of us . Additionally , we remain committed to investing appropriately in a safe and productive environment for our customers and AutoZoners . As we opportunistically invest capital in our business , we remain committed to our disciplined approach of increasing operating earnings and cash flow , and of utilizing our balance sheet and capital effectively , " said Bill Rhodes , Chairman , President and Chief Executive Officer . During the quarter ended May 8 , 2021 , AutoZone opened 25 new stores and closed one store in the U.S. and opened seven stores in Mexico and one store in Brazil . As of May 8 , 2021 , the Company had 5,975 stores in the U.S. , 635 in Mexico and 47 in Brazil for a total store count of 6,657 . AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the Americas . Each AutoZone store carries an extensive product line for cars , sport utility vehicles , vans and light trucks , including new and remanufactured automotive hard parts , maintenance items , accessories , and non - automotive products . Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local , regional and national repair garages , dealers , service stations and public sector accounts . We also have commercial programs in all stores in Mexico and Brazil . AutoZone also sells the ALLDATA brand diagnostic and repair software through www.alldata.com and www.alldatadiy.com . Additionally , we sell automotive hard parts , maintenance items , accessories and non - automotive products through www.autozone.com and our commercial customers can make purchases through www.autozonepro.com . We also provide product information on our Duralast branded products through www.duralastparts.com . AutoZone does not derive revenue from automotive repair or installation .