AutoZone : Second Quarter Fiscal 2023 Conference Call Presentation

2nd Quarter Earnings Release, FY2023

AUTOZONE, INC., © 2022 ALL RIGHTS RESERVED.	1

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 ("COVID-19") pandemic; 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 in international markets; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; impact of tariffs; 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 the Company's Annual Report on Form 10-K for the year ended August 27, 2022, and 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

Second Quarter Fiscal 2023 Conference Call

February 28, 2023

AUTOZONE, INC., © 2022 ALL RIGHTS RESERVED.	3

AUTOZONE, INC., © 2022 ALL RIGHTS RESERVED.	4

QTD Second Quarter FY 2023

		Financial Highlights
 Net Sales	+9.5%
 Domestic SSS	+5.3%
	Diluted weighted shares outstanding decreased 8.6% vs Q2 FY22
	During Q2 FY23, we repurchased $906MM in AutoZone stock

	12 Weeks Ended		12 Weeks Ended
in millions (excluding EPS and percentages)	February 11, 2023		February 12, 2022		B/(W)
Net Sales	$	3,691		$	3,370		9.5%
Gross Margin		52.3%			53.0%		(69 bps) *
Operating Expense Ratio		34.1%			34.4%		24 bps
Operating Profit (EBIT)	$	670	$	627	6.9%
Operating (EBIT) Margin		18.2%			18.6%		(45 bps) *
Interest	$	66	$	42	(54.5%)
Tax Rate		21.2%			19.3%		(189 bps)
Net Income	$	477	$	472	1.0%	*
Diluted Shares		19.3			21.2	8.6%
Diluted EPS	$	24.64	$	22.30	10.5%	*

*Includes $10MM non-cash LIFO charge, pre-tax

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