Securities and exchange commission


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Current assets................................................ $ 613,097 $ 447,822

Working capital............................................... 219 30,273

Total assets.................................................. 1,498,397 1,111,778

Current liabilities........................................... 612,878 417,549

Debt.......................................................... 94,400 13,503

Shareholders' equity.......................................... 865,582 684,710
SELECTED OPERATING DATA

Number of stores at beginning of year......................... 1,143 933

New stores.............................................. 280 210

Replacement stores...................................... 31 29

Closed stores........................................... 0 0

Net new stores.......................................... 280 210

Number of stores at end of year............................... 1,423 1,143

Total store square footage (000's)............................ 9,437 7,480

Increase in square footage - percentage....................... 26% 26%

Increase in comparable store net sales - percentage........... 6% 6%

Average net sales per store (000's)........................... $ 1,702 $ 1,742

Average net sales per store square foot....................... $ 258 $ 269

Total employment.............................................. 26,800 20,200

Gross profit - percentage of sales............................ 41.7% 41.5%

Operating profit - percentage of sales........................ 12.0% 12.6%

Net income - percentage of sales.............................. 7.5% 7.7%

Debt-to-capital - percentage.................................. 9.8% 1.9%

Inventory turnover............................................ 2.7x 2.9x

Return on average equity...................................... 22% 23%
* 53 weeks. Comparable store sales, average net sales per store and average net

sales per store square foot for fiscal year 1996 and 1991 have been adjusted

to exclude net sales for the 53rd week.


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13
Fiscal Year Ended August

------------------------------------------------------------------------------------

1994 1993 1992 1991 1990 1989

----------- ----------- ----------- ----------- ----------- -----------
INCOME STATEMENT DATA

Net sales............................... $1,508,029 $1,216,793 $1,002,327 $817,962 $671,725 $535,843

Cost of sales, including warehouse

and delivery expenses............. 886,068 731,971 602,956 491,261 416,846 341,130

Operating, selling, general and

administrative expenses........... 431,219 344,060 295,701 247,355 205,609 169,786

---------- ---------- ---------- -------- -------- --------

Operating profit........................ 190,742 140,762 103,670 79,346 49,270 24,927

Interest income (expense)............... 2,244 2,473 818 (7,295) (10,936) (9,799)

---------- ---------- ---------- -------- -------- --------

Income before income taxes.............. 192,986 143,235 104,488 72,051 38,334 15,128

Income taxes............................ 76,600 56,300 41,200 27,900 14,840 6,200

---------- ---------- ---------- -------- -------- --------

Net income.............................. $ 116,386 $ 86,935 $ 63,288 $ 44,151 $ 23,494 $ 8,928

========== ========== ========== ======== ======== ========

Net income per share.................... $ 0.78 $ 0.59 $ 0.43 $ 0.33 $ 0.19 $ 0.07

========== ========== ========== ======== ======== ========

Average shares outstanding,

including common stock

equivalents....................... 148,726 147,608 145,940 134,656 121,212 119,320
BALANCE SHEET DATA

Current assets.......................... $ 424,402 $ 378,467 $ 279,350 $233,439 $191,736 $177,824

Working capital......................... 85,373 92,331 72,270 55,807 26,803 35,831

Total assets............................ 882,102 696,547 501,048 397,776 327,368 296,546

Current liabilities..................... 339,029 286,136 207,080 177,632 164,933 141,993

Debt.................................... 4,252 4,458 7,057 7,246 74,851 93,293

Shareholders' equity.................... 528,377 396,613 278,120 204,628 80,356 54,592
SELECTED OPERATING DATA

Number of stores at beginning

of year........................... 783 678 598 538 504 440

New stores........................ 151 107 82 60 38 70

Replacement stores................ 20 20 14 4 7 7

Closed stores..................... (1) (2) (2) 0 (4) (6)

Net new stores.................... 150 105 80 60 34 64

Number of stores at end of year......... 933 783 678 598 538 504

Total store square footage (000's)...... 5,949 4,839 4,043 3,458 3,031 2,758

Increase in square footage - percentage. 23% 20% 17% 14% 10% 19%

Increase in comparable store net sales -

percentage........................ 9% 9% 15% 12% 13% 10%

Average net sales per store (000's)..... $ 1,758 $ 1,666 $ 1,570 $ 1,408 $ 1,289 $ 1,135

Average net sales per store square foot. $ 280 $ 274 $ 267 $ 246 $ 232 $ 211

Total employment........................ 17,400 15,700 13,200 11,700 9,300 7,900

Gross profit - percentage of sales...... 41.2% 39.8% 39.8% 39.9% 37.9% 36.3%

Operating profit - percentage of sales.. 12.6% 11.5% 10.3% 9.7% 7.3% 4.6%

Net income - percentage of sales........ 7.7% 7.1% 6.3% 5.4% 3.5% 1.7%

Debt-to-capital - percentage............ 0.8% 1.1% 2.5% 3.4% 48.2% 63.1%

Inventory turnover...................... 3.0x 3.2x 3.0x 2.6x 2.4x 2.4x

Return on average equity................ 25% 26% 26% 31% 35% 18%


Fiscal Year Ended August

--------------------------

1988 1987

----------- -----------
INCOME STATEMENT DATA

Net sales............................... $437,399 $354,205

Cost of sales, including warehouse

and delivery expenses............. 277,043 224,878

Operating, selling, general and

administrative expenses........... 142,868 113,123

-------- --------

Operating profit........................ 17,488 16,204

Interest income (expense)............... (8,826) (7,107)

-------- --------

Income before income taxes.............. 8,662 9,097

Income taxes............................ 3,770 4,980

-------- --------

Net income.............................. $ 4,892 $ 4,117

======== ========

Net income per share.................... $ 0.04 $ 0.03

======== ========

Average shares outstanding,

including common stock

equivalents....................... 119,936 119,096
BALANCE SHEET DATA

Current assets.......................... $137,098 $124,569

Working capital......................... 35,226 26,760

Total assets............................ 232,977 213,076

Current liabilities..................... 101,872 97,809

Debt.................................... 77,138 65,500

Shareholders' equity.................... 45,608 40,795
SELECTED OPERATING DATA

Number of stores at beginning

of year........................... 396 313

New stores........................ 47 84

Replacement stores................ 1 0

Closed stores..................... (3) (1)

Net new stores.................... 44 83

Number of stores at end of year......... 440 396

Total store square footage (000's)...... 2,318 2,029

Increase in square footage - percentage. 14% 30%

Increase in comparable store net sales -

percentage........................ 6% 10%

Average net sales per store (000's)..... $ 1,046 $ 999

Average net sales per store square foot. $ 201 $ 198

Total employment........................ 7,100 6,300

Gross profit - percentage of sales...... 36.6% 36.5%

Operating profit - percentage of sales.. 4.0% 4.6%

Net income - percentage of sales........ 1.1% 1.2%

Debt-to-capital - percentage............ 62.8% 61.6%

Inventory turnover...................... 2.3x 2.3x

Return on average equity................ 11% 11% .
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Quarterly Summary

(unaudited)


Seventeen

Twelve Weeks Ended Weeks Ended

--------------------------------------------- -----------

(in thousands, except per share data)

November 18, February 10, May 4, August 31,

1995 1996 1996 1996

----------- ----------- ---------- ----------
Net sales..................................... $463,029 $425,838 $524,175 $829,591

Increase in comparable store sales............ 5% 3% 8% 7%

Gross profit.................................. $193,220 $176,033 $215,531 $350,211

Operating profit.............................. 55,397 43,424 60,432 109,681

Income before income taxes.................... 55,397 43,424 59,705 108.439

Net income.................................... 34,797 27,324 37,605 67,439

Net income per share.......................... 0.23 0.18 0.25 0.44

Stock price range:

High..................................... $29.63 $30.13 $37.50 $37.13

Low...................................... $24.75 $24.13 $25.75 $27.00


Sixteen

Weeks Ended

-----------

November 19, February 11, May 6, August 26,

1994 1995 1995 1995

----------- ----------- ---------- ----------
Net sales..................................... $389,763 $364,061 $425,483 $628,824

Increase in comparable store sales............ 8% 7% 5% 5%

Gross profit.................................. $158,818 $149,080 $177,091 $266,109

Operating profit.............................. 45,408 39,201 53,114 89,935

Income before income taxes.................... 45,834 39,398 53,114 89,935

Net income.................................... 27,634 23,836 32,414 54,897

Net income per share.......................... 0.19 0.16 0.22 0.37

Stock price range:

High..................................... $27.00 $26.88 $26.50 $27.50

Low...................................... $21.75 $23.38 $23.00 $22.00


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FINANCIAL REVIEW
RESULTS OF OPERATIONS
The following table sets forth income statement data of AutoZone expressed

as a percentage of net sales for the periods indicated:

FISCAL YEAR ENDED

------------------------------------------

AUGUST 31, AUGUST 26, AUGUST 27,

1996 1995 1994

---------- ---------- ----------
Net sales 100.0% 100.0% 100.0%

Cost of sales, including warehouse

and delivery expenses 58.3 58.5 58.8

----- ----- -----

Gross profit 41.7 41.5 41.2

Operating, selling, general

and administrative expenses 29.7 28.9 28.6

----- ----- -----

Operating profit 12.0 12.6 12.6

Interest income (expense) - net (0.1) 0.1

Income taxes 4.4 4.9 5.0

----- ----- -----

Net income 7.5% 7.7% 7.7%

===== ===== =====
FISCAL 1996 COMPARED TO FISCAL 1995
Net sales for fiscal 1996 increased by $434.5 million or 24.0% over net

sales for fiscal 1995. This increase was due to a comparable store net sales

increase of 6% (which was primarily due to sales growth in the Company's newer

stores and added sales of the Company's commercial program), an increase in net

sales of $275.1 million for stores opened since the beginning of fiscal 1995 and

net sales for the 53rd week of fiscal 1996. At August 31, 1996, the Company had

1,423 stores in operation, a net increase of 280 stores, or approximately 26% in

new store square footage for the year.

Gross profit for fiscal 1996 was $935.0 million, or 41.7% of net sales,

compared with $751.1 million, or 41.5% of net sales, for fiscal 1995. The

increase in gross profit percentage was due primarily to improved leveraging of

warehouse and delivery expenses, favorable results of store and distribution

center inventories and the added sales of higher margin ALLDATA products.

Operating, selling, general and administrative expenses for fiscal 1996

increased by $142.6 million over such expenses for fiscal 1995 and increased as

a percentage of net sales from 28.9% to 29.7%. The increase in the expense ratio

was primarily due to acquisition and operating costs of ALLDATA and to costs of

the Company's commercial program.

Net interest expense for fiscal 1996 was $2.0 million compared with

interest income of $0.6 million for fiscal 1995. The increase in interest

expense was primarily due to higher levels of borrowing. At August 31, 1996, the

Company had short-term borrowings, net of short-term investments, of $94.3

million compared with short-term borrowings, net of short term investments, of

$10.8 million at August 26, 1995.

AutoZone's effective income tax rate was 37.4% of pre-tax income for

fiscal 1996 and 39.2% for fiscal 1995. The decrease in the tax rate was

primarily due to a reduction in state income taxes.
FISCAL 1995 COMPARED TO FISCAL 1994
Net sales for fiscal 1995 increased by $300.1 million or 19.9% over net

sales for fiscal 1994. This increase was due to a comparable store net sales

increase of 6%, which was primarily due to sales growth in the Company's newer

stores, and an increase in net sales of $214.1 million for stores opened since

the beginning of fiscal 1994. At August 26, 1995, the Company had 1,143 stores

in operation, a net increase of 210 stores, or approximately 26% in new store

square footage for the year.

Gross profit for fiscal 1995 was $751.1 million, or 41.5% of net sales,

compared with $622.0 million, or 41.2% of net sales, for fiscal 1994. The

increases in gross profit were due primarily to improved leveraging of warehouse

and delivery expenses.
OPERATING PROFIT (% of sales)

[Bar Graph:

92: 10.3%

93: 11.5%

94: 12.6%

95: 12.6%

96: 12.0%]
NET INCOME (% of sales)

[Bar Graph:

92: 6.3%

93: 7.1%

94: 7.7%

95: 7.7%

96: 7.5%]
TOTAL ASSETS ($ in millions)

[Bar Graph:

92: $501

93: $697

94: $882

95: $1,112

96: $1,498]

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NUMBER OF STORES AT YEAR-END

[Bar Graph:
92:678

93:783

94:933

95:1,143

96:1,423]
NEW STORES

[Bar Graph:

92:80

93:105

94:150

95:210

96:280]
TOTAL STORE SQ. FOOTAGE (% increase)

[Bar Graph:

92:17%

93:20%

94:23%

95:26%

96:26%]
Operating, selling, general and administrative expenses for fiscal 1995

increased by $92.2 million over such expenses for fiscal 1994 and increased as a
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