AutoZone : Fourth Quarter Fiscal 2023 Conference Call Presentation

4th Quarter Earnings Release, FY2023

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Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically use words such as "believe," "anticipate," "should," "intend," "plan," "will," "expect," "estimate," "project," "positioned,"

"strategy," "seek," "may," "could" and similar expressions. These are based on assumptions and assessments

made by our management in light of experience and perception of historical trends, current conditions, expected future developments and other factors that we believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation: product demand, due to changes in fuel prices, miles driven or otherwise; energy prices; weather, including extreme temperatures, natural disasters and general weather conditions; competition; credit market conditions; cash flows; access to available and feasible financing on favorable terms; future stock repurchases; the impact of recessionary conditions; consumer debt levels; changes in laws or regulations; risks associated with self-insurance; war and the prospect of war, including terrorist activity; the impact of public health issues; inflation, including wage inflation; the ability to hire, train and retain qualified employees; construction delays; failure or interruption of our information technology systems; issues relating to the confidentiality, integrity or availability of information, including due to cyber-attacks; historic growth rate sustainability; downgrade of our credit ratings; damage to our reputation; challenges associated with doing business in and expanding into international markets; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; impact of tariffs; impact of new accounting standards; our ability to execute our growth initiatives; and other business interruptions. Certain of these risks and uncertainties are discussed in more detail in the "Risk Factors" section contained in Item 1A under Part 1 of our Annual Report on Form 10-K for the year ended August 27, 2022, and Part II, Item 1A, of our Quarterly Report on Form 10-Q for the quarterly period ended November 19, 2022. These Risk Factors should be read carefully. Forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. Events described above and in the "Risk Factors" could materially and adversely affect our business. However, it should be understood that it is not possible to identify or predict all such risks and other factors that could affect these forward-looking statements. Forward-looking statements speak only as of the date made. Except as required by applicable law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

AUTOZONE, INC., © 2022 ALL RIGHTS RESERVED.	2

Fourth Quarter Fiscal 2023 Conference Call

September 19, 2023

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Fourth Quarter FY 2023

Financial Highlights

• Net Sales +6.4%
• Total Company SSS +2.8%; Domestic SSS +1.7%; International SSS +14.9%; (Constant Currency(1))
• Diluted weighted shares outstanding decreased 6.9% vs Q4 FY22
• During Q4 FY23, we repurchased $1.0 billion in AutoZone stock

	16 Weeks Ended	16 Weeks Ended
in millions (excluding EPS and percentages)		August 26, 2023		August 27, 2022	Better/(Worse)
Net Sales	$	5,691	$	5,348	6.4%
Gross Margin		52.7%		51.5%	118 bps (2)
Operating Expense Ratio		31.2%		30.9%	(34 bps)
Operating Profit (EBIT)	$	1,222	$	1,104	10.8%	(2)
Operating (EBIT) Margin		21.5%		20.6%	84 bps (2)
Interest	$	109	$	64	(69.9%)
Tax Rate		22.4%		22.1%	(25 bps)
Net Income	$	865	$	810	6.8%	(2)
Diluted Shares		18.6		20.0	6.9%
Diluted EPS	$	46.46	$	40.51	14.7%	(2)

1. Same Store Sales are based on sales open at least one year. Constant Currency same store sales exclude the impact of flucuations of foreign currency exchange rates by converting both the current year and prior year international results at the prior year foreign currency exchange rate.
2. Includes $45MM net non-cash LIFO benefit, pre-tax

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