AutoZone Q4 profit tops but sales miss; hits billion dollar mark in yearly income
Memphis, Tenn. — AutoZone on Monday reported better-than-expected fiscal fourth-quarter net income of $373.7 million from $347.8 million a year earlier. The chain also reported a milestone as its net income for the full year rose 7.7% to $1.1 billion.
The auto parts retailer’s revenue in the fourth quarter rose 3.4% to $3.05 billion in the period, up falling short of Street forecasts of $3.06 billion. Same-store sales rose 2.1%.
For the fiscal year ended Aug. 30, 2014, sales were $9.5 billion, an increase of 5.6% over the prior year, on a 52-week basis, while domestic same store sales were up 2.8% for the year.
“For the year, we reached many milestones which included generating over $1 billion in net income (on a 52-week basis), opening 424 net additional commercial programs, and reaching an agreement to acquire Interamerican Motor Corp. (IMC). As we have routinely stated, we will remain committed to our disciplined approach to growing operating earnings and utilizing our capital effectively," said Bill Rhodes, chairman, president and CEO.
Report: Tesco suspends execs who overstated profit
New York — British supermarket retailer Tesco suspended four executives, including its U.K. managing director, after revealing that its half-year profit was overstated by $407 million, the BBC reported. The retailer has launched an investigation headed by Deloitte.
Tesco CEO Dave Lewis, who took over the struggling company in September, said the decision to ask employees to stand aside was not an indication of guilt or that disciplinary action was warranted. He declined to speculate on what the investigation might turn up.
Junction Solutions is Microsoft Dynamics AX Retail Partner of the Year
Denver — Junction Solutions was was recognized as the 2014 U.S. Microsoft Dynamics AX Retail Partner of the Year. The company was honored among the top Microsoft partners for demonstrating sales excellence in innovation and implementation of customer solutions based on Microsoft technology.
“These awards give Microsoft Dynamics the opportunity to recognize its top partners and to acknowledge their extraordinary contributions throughout the past year in serving a strategic and targeted group of customers,” said Jeremy Thies, senior director, U.S. Microsoft Dynamics Industry, Partner & ERP SMB.
Junction Solutions was previously honored in 2010 by Microsoft as U.S. Retail Partner of the Year for Microsoft Dynamics AX and also has been awarded some of Microsoft’s most prominent awards in vertical-specific areas, such as: application development, systems implementation, and customer engagement.
“We are honored to be recognized again by Microsoft for our deep Retail industry expertise, innovation and compelling value we deliver to Microsoft Dynamics AX customers,” said Jeff Grell, CEO, Junction Solutions. “This latest recognition illustrates our strong commitment to delivering innovative solutions and services which help retailers grow and succeed in their market.”