AutoZone : Q3 2022 AutoZone, Inc. Earnings Conference Call

Third Quarter Earnings Release, FY2022

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Forward-Looking Statements

Certain statements contained in this presentation 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; competition; credit market conditions; cash flows; access to available and feasible financing; 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, such as the ongoing global coronavirus pandemic; inflation; the ability to hire, train and retain qualified employees; construction delays; the compromising of confidentiality, availability or integrity of information, including due to cyber-attacks; historic growth rate sustainability; downgrade of our credit ratings; damage to our reputation; challenges in international markets; failure or interruption of our information technology systems; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; impact of tariffs; anticipated impact of new accounting standards; and 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 28, 2021, and these Risk Factors should be read carefully. Forward-looking statements are not guarantees of future performance, actual results, developments and business decisions may differ from those contemplated by such forward-looking statements, and 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

Third Quarter Fiscal 2022 Conference Call

May 24, 2022

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Third Quarter FY 2022 P&L

	12 Weeks Ended	12 Weeks Ended
in millions (excluding EPS and percentages)		May 7, 2022		May 8, 2021	B/(W)
Net Sales	$	3,865	$	3,651	5.9%
Gross Margin		51.9%		52.5%	(54 bps)
Operating Expense Ratio		31.6%		30.4%	(114 bps)
Operating Profit (EBIT)	$	786	$	804	(2.2%)
Operating (EBIT) Margin		20.3%		22.0%	(168 bps)
Interest	$	41.9	$	45.0	7.0%
Tax Rate		20.3%		21.4%	107 bps
Net Income	$	593	$	596	(0.6%)
Diluted Shares		20.4		22.5	9.3%
Diluted EPS	$	29.03	$	26.48	9.6%

AUTOZONE, INC., © 2022 ALL RIGHTS RESERVED.	5