Q2 2025 - AutoZone
Accelerated market share gains at the expense of Advance Auto
Following the earnings release of O’Reilly early February, AutoZone was next in line. At the time of writing, AutoZone stock is up 2.3%, hitting a new all-time high.
Last week, Advance Auto came out with dismal earnings (yet again). We’ve talked about the too ambitious guidance already in August 2024, and how its negative comps were an open goal for O’Reilly and AutoZone to take share.
Sequential Improvement in Same-Store Sales - Finally
Overall, AutoZone’s underlying performance came in as expected, which was welcomed after a few quarters of sluggish comparable sales growth that prompted downward revisions. While FX trends remain unfavorable, their impact is expected to abate over the course of this fiscal year. Let’s take a closer look.