The 2004 annual report summarizes AutoZone's financial performance and strategic priorities for the fiscal year 2004. It highlights that AutoZone opened 201 new stores in the US and 14 new stores in Mexico, grew its Commercial business by 11%, and nearly doubled the number of ASE-certified employees. The three strategic priorities are outlined as profitably expanding the US Retail business, developing the US Commercial business, and developing the business in Mexico. For US Retail, AutoZone continues its focus on great customer service and taking market share in the $35 billion DIY automotive aftermarket segment. The Commercial business grew revenues to $750 million and provides significant growth opportunities in the $47 billion DIFM segment. Mexico also saw growth
This annual report summarizes Lowe's performance in 2002. Some key points:
- Sales increased 19.8% to $26.5 billion and comparable store sales increased 5.6%. 123 new stores were opened.
- Gross margin reached a record high of 30.3% due to merchandising and sourcing strategies as well as inventory and process improvements in stores.
- Net earnings increased 43.8% to $1.47 billion.
- The company plans to continue growing by opening more stores, expanding installed sales and special order businesses, and gaining market share in more product categories.
CDON Group AB is the #1 e-commerce group in the Nordics operating 10 brands across 4 segments - Entertainment, Fashion, Sports & Health, and Home & Garden. In the last 12 months, the group generated 4.2 billion SEK in revenues from 225 million visits to its sites and 6.7 million orders shipped to 2.5 million customers. CDON aims to continue its growth through expanding its existing brands internationally, broadening its shopping mall offerings, pursuing acquisitions and startups, and gaining additional market share.
pulte homes 91DC7C77-0015-45F1-A981-8387FF35D0E1_phm_InvestorPresentation200812finance42
The document provides an investor presentation by Pulte Homes covering the current state of the homebuilding industry and Pulte's strategies. It notes that (1) excess inventory and low buyer demand continue to plague the industry, (2) Pulte is focusing on generating cash, reducing inventory and costs, and maintaining financial discipline to weather the downturn, and (3) Pulte's long-term strategic focus on product segmentation, quality, and operational excellence positions it for future growth as the industry recovers and long-term demographic trends remain positive.
This document is AutoZone's 2001 annual report which provides an overview of the company's performance in fiscal year 2001. Some key points:
- AutoZone is the largest retailer of automotive parts and accessories in North America with over 3,000 stores in the US and Mexico.
- In fiscal 2001, the company pursued three strategic priorities: expanding the US retail business, developing the commercial business, and growing in Mexico.
- New marketing initiatives like the "Get in the Zone" campaign helped drive an 8% increase in same-store sales and 27% EPS growth in Q4.
- The commercial business saw an 11% increase in same-store sales for the year as the company focused on
- Cummins has doubled revenue over the past 5 years and achieved the highest 3-year period of net earnings as a percent of sales in over 40 years.
- The company has diversified globally and by end markets to reduce cyclicality, aggressively pursued low cost leadership, and built greater earnings stability.
- Cummins is investing in new engine platforms and technologies to capitalize on growth opportunities from evolving global emission standards.
Fiserv has experienced strong growth over its 20 year history, with revenues increasing at a 24% compounded annual rate and earnings per share growing at 21%. The company focuses on organic revenue growth through expanding existing client relationships and adding new clients by providing integrated solutions and value-added services. Fiserv's transaction processing expertise positions it well to capitalize on emerging trends in financial services and health plan management. The company's integration initiative aims to tightly integrate its technology platforms to better serve clients and drive organic growth.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
This annual report summarizes Lowe's performance in 2002. Some key points:
- Sales increased 19.8% to $26.5 billion and comparable store sales increased 5.6%. 123 new stores were opened.
- Gross margin reached a record high of 30.3% due to merchandising and sourcing strategies as well as inventory and process improvements in stores.
- Net earnings increased 43.8% to $1.47 billion.
- The company plans to continue growing by opening more stores, expanding installed sales and special order businesses, and gaining market share in more product categories.
CDON Group AB is the #1 e-commerce group in the Nordics operating 10 brands across 4 segments - Entertainment, Fashion, Sports & Health, and Home & Garden. In the last 12 months, the group generated 4.2 billion SEK in revenues from 225 million visits to its sites and 6.7 million orders shipped to 2.5 million customers. CDON aims to continue its growth through expanding its existing brands internationally, broadening its shopping mall offerings, pursuing acquisitions and startups, and gaining additional market share.
pulte homes 91DC7C77-0015-45F1-A981-8387FF35D0E1_phm_InvestorPresentation200812finance42
The document provides an investor presentation by Pulte Homes covering the current state of the homebuilding industry and Pulte's strategies. It notes that (1) excess inventory and low buyer demand continue to plague the industry, (2) Pulte is focusing on generating cash, reducing inventory and costs, and maintaining financial discipline to weather the downturn, and (3) Pulte's long-term strategic focus on product segmentation, quality, and operational excellence positions it for future growth as the industry recovers and long-term demographic trends remain positive.
This document is AutoZone's 2001 annual report which provides an overview of the company's performance in fiscal year 2001. Some key points:
- AutoZone is the largest retailer of automotive parts and accessories in North America with over 3,000 stores in the US and Mexico.
- In fiscal 2001, the company pursued three strategic priorities: expanding the US retail business, developing the commercial business, and growing in Mexico.
- New marketing initiatives like the "Get in the Zone" campaign helped drive an 8% increase in same-store sales and 27% EPS growth in Q4.
- The commercial business saw an 11% increase in same-store sales for the year as the company focused on
- Cummins has doubled revenue over the past 5 years and achieved the highest 3-year period of net earnings as a percent of sales in over 40 years.
- The company has diversified globally and by end markets to reduce cyclicality, aggressively pursued low cost leadership, and built greater earnings stability.
- Cummins is investing in new engine platforms and technologies to capitalize on growth opportunities from evolving global emission standards.
Fiserv has experienced strong growth over its 20 year history, with revenues increasing at a 24% compounded annual rate and earnings per share growing at 21%. The company focuses on organic revenue growth through expanding existing client relationships and adding new clients by providing integrated solutions and value-added services. Fiserv's transaction processing expertise positions it well to capitalize on emerging trends in financial services and health plan management. The company's integration initiative aims to tightly integrate its technology platforms to better serve clients and drive organic growth.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
KF is the union for Sweden's 54 consumer co-operative societies with around 3 million individual members. In 2006, KF reported a healthy profit of SEK 701 million and maintained a strong financial position. KF played an active role in projects to increase coordination and efficiency within the Swedish consumer co-operative movement. These included involvement in logistics, real estate investments, retail modernization, and brand initiatives. Membership increased by around 38,000 in 2006, totaling over 3 million who received SEK 395 million in rewards.
Group 1 Automotive is a leading automotive retailer that owns 96 dealerships across the United States. In 2004, Group 1 achieved record revenues of $5.4 billion, up 20% from the previous year primarily due to acquisitions. However, the company faced challenges from a slowly recovering economy and increased competition that reduced margins. While remaining profitable, Group 1's financial results fell short of expectations. The company took impairment charges totaling $44.7 million related to underperformance at some locations. Group 1 continued growing through acquisitions and investments in existing dealerships to diversify its brand and geographic presence.
The document is Tech Data Corporation's 2002 annual report. It summarizes the company's financial performance for fiscal year 2002, which ended January 31, 2002. Despite an economic recession that negatively impacted the IT industry, Tech Data generated $128.6 million in net income on $17.2 billion in sales, or $2.27 per diluted share, excluding $17.8 million in special charges. The company also reduced its debt by $990 million. Tech Data was ranked highly on various lists recognizing top IT companies. The report discusses the company's operational excellence, partnerships with vendors and customers, and strategy to capitalize on industry trends through specialized business units.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
Kvaerner reported third quarter 2012 results with revenues of NOK 2.43 billion, EBITDA of NOK 109 million, and net profit of NOK 48 million. Key projects completed in the quarter included Sakhalin-1 GBS and Technology Center Mongstad. The order backlog remained solid at NOK 21.8 billion, providing visibility for future earnings. Dividend of NOK 0.53 per share was approved for the quarter.
This document summarizes an interim report from a company for the first three quarters of 2008:
- Profits were at an all-time high with an operating margin of 15.8% and high returns. Revenue also grew 11% with EBIT growth of 25% and ROCE of 50.5%.
- Vehicle deliveries increased 4% while delivery times shortened. The service business also grew, capitalizing on the substantial vehicle population.
- Strong EBIT growth was driven by higher volumes, prices, and improved product mix. Cash flow increased but tied-up working capital grew due to volume and inventory increases.
- The financial services portfolio grew 8% in local currencies while bad debt provisions increased
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
The document provides an introduction to the ERP structure in SAP. It discusses the key components including the client, company, plant, and storage location. It also outlines some of the main business processes in SAP like sales and distribution, materials management, financial accounting, and production planning. Finally, it shows how the different business processes are integrated together and how information flows between the procurement, production, and sales orders.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
http://www.pwc.fr/ipo-watch-europe-survey-q4-2012.html
La valeur des introductions en bourse en Europe a bondi de plus de 700 % sur un an au quatrième trimestre 2012, atteignant un niveau inégalé depuis le 3ème trimestre 2011, durant lequel avaient été enregistrées 121 introductions pour un montant de 9,3 milliards d’euros. Au 4ème trimestre 2012, 70 introductions en bourse ont permis de lever 7,5 milliards d’euros, contre 78 introductions et 0,9 milliard d’euros un an plus tôt.
This document summarizes a presentation by N. Barry Lyon and Jasmine Cracknell to the Toronto Condo Network on March 2nd, 2012 about the dynamics of the Greater Toronto Area condo apartment market. It includes statistics on the number of high-rise buildings and units completed since 2000, yearly new sales and resales from 2002 to 2012, sales by unit type in 2005 and 2012, and average unit sizes from 2004 to 2012. It also discusses new downtown developments in 905 municipalities, planned new office buildings and parks in downtown Toronto, transit solutions, and the future role of investors in the condo market.
20 years in the life of a small tertiary education system: Attaining and sust...EduSkills OECD
This document discusses New Zealand's experience with attaining and sustaining mass tertiary education over the past 20 years. It describes how:
1) In the 1980s-1990s, New Zealand reformed its tertiary education system to lift participation through policies like a uniform funding system, reduced regulations, and an income-contingent student loan scheme. This led to rapid growth in participation.
2) In the 2000s, after a decade of expansion, New Zealand shifted its focus to ensuring sustainability and quality as costs grew from over-enrollment, growth in lower-level programs, and an aging student population.
3) A new reform agenda emerged to manage costs for students and the government while balancing
This document is Advance Auto Parts' annual report on Form 10-K filed with the SEC for the fiscal year ending December 31, 2005. It provides information on Advance Auto Parts' business, risk factors, legal proceedings, stock performance, financial statements, controls and procedures, directors, executive compensation, ownership, related transactions, and accounting fees. Advance Auto Parts is a large public company trading on the New York Stock Exchange, operating in the automotive aftermarket parts and accessories retail industry.
Stage 3 of 100mph's process - Filling & then Converting the Funnel following Brand Identity development in Stage 2 and the Social Insights developed in Stage 1
Rates of breast cancer are increasing in rural China, projected to reach 100 cases per 100,000 women aged 55-69 by 2021. This is attributed to poor diet, pollution exposure, and tobacco/alcohol use. The document proposes several initiatives to address this through education on prevention, screening and early detection, and patient support. It discusses developing low-cost screening options and an outreach campaign to disperse information in rural areas, noting challenges around health messaging and developing affordable solutions within financial constraints. Key research areas are a lack of healthcare information in rural communities and links between lifestyle, genetics, and breast cancer risk.
The document summarizes some of the key lessons that can be learned from the Mahabharata epic. It discusses how the Pandavas were able to defeat the Kauravas despite being outnumbered, through better preparation, alliances, leadership, teamwork, commitment, management, and empowering women in their decision-making. Some of their strategies included turning weaknesses into strengths, gaining powerful allies, sharing responsibilities through distributed leadership, prioritizing team interests over individual interests, and understanding ground realities.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
KF is the union for Sweden's 54 consumer co-operative societies with around 3 million individual members. In 2006, KF reported a healthy profit of SEK 701 million and maintained a strong financial position. KF played an active role in projects to increase coordination and efficiency within the Swedish consumer co-operative movement. These included involvement in logistics, real estate investments, retail modernization, and brand initiatives. Membership increased by around 38,000 in 2006, totaling over 3 million who received SEK 395 million in rewards.
Group 1 Automotive is a leading automotive retailer that owns 96 dealerships across the United States. In 2004, Group 1 achieved record revenues of $5.4 billion, up 20% from the previous year primarily due to acquisitions. However, the company faced challenges from a slowly recovering economy and increased competition that reduced margins. While remaining profitable, Group 1's financial results fell short of expectations. The company took impairment charges totaling $44.7 million related to underperformance at some locations. Group 1 continued growing through acquisitions and investments in existing dealerships to diversify its brand and geographic presence.
The document is Tech Data Corporation's 2002 annual report. It summarizes the company's financial performance for fiscal year 2002, which ended January 31, 2002. Despite an economic recession that negatively impacted the IT industry, Tech Data generated $128.6 million in net income on $17.2 billion in sales, or $2.27 per diluted share, excluding $17.8 million in special charges. The company also reduced its debt by $990 million. Tech Data was ranked highly on various lists recognizing top IT companies. The report discusses the company's operational excellence, partnerships with vendors and customers, and strategy to capitalize on industry trends through specialized business units.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
Kvaerner reported third quarter 2012 results with revenues of NOK 2.43 billion, EBITDA of NOK 109 million, and net profit of NOK 48 million. Key projects completed in the quarter included Sakhalin-1 GBS and Technology Center Mongstad. The order backlog remained solid at NOK 21.8 billion, providing visibility for future earnings. Dividend of NOK 0.53 per share was approved for the quarter.
This document summarizes an interim report from a company for the first three quarters of 2008:
- Profits were at an all-time high with an operating margin of 15.8% and high returns. Revenue also grew 11% with EBIT growth of 25% and ROCE of 50.5%.
- Vehicle deliveries increased 4% while delivery times shortened. The service business also grew, capitalizing on the substantial vehicle population.
- Strong EBIT growth was driven by higher volumes, prices, and improved product mix. Cash flow increased but tied-up working capital grew due to volume and inventory increases.
- The financial services portfolio grew 8% in local currencies while bad debt provisions increased
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
The document provides an introduction to the ERP structure in SAP. It discusses the key components including the client, company, plant, and storage location. It also outlines some of the main business processes in SAP like sales and distribution, materials management, financial accounting, and production planning. Finally, it shows how the different business processes are integrated together and how information flows between the procurement, production, and sales orders.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
http://www.pwc.fr/ipo-watch-europe-survey-q4-2012.html
La valeur des introductions en bourse en Europe a bondi de plus de 700 % sur un an au quatrième trimestre 2012, atteignant un niveau inégalé depuis le 3ème trimestre 2011, durant lequel avaient été enregistrées 121 introductions pour un montant de 9,3 milliards d’euros. Au 4ème trimestre 2012, 70 introductions en bourse ont permis de lever 7,5 milliards d’euros, contre 78 introductions et 0,9 milliard d’euros un an plus tôt.
This document summarizes a presentation by N. Barry Lyon and Jasmine Cracknell to the Toronto Condo Network on March 2nd, 2012 about the dynamics of the Greater Toronto Area condo apartment market. It includes statistics on the number of high-rise buildings and units completed since 2000, yearly new sales and resales from 2002 to 2012, sales by unit type in 2005 and 2012, and average unit sizes from 2004 to 2012. It also discusses new downtown developments in 905 municipalities, planned new office buildings and parks in downtown Toronto, transit solutions, and the future role of investors in the condo market.
20 years in the life of a small tertiary education system: Attaining and sust...EduSkills OECD
This document discusses New Zealand's experience with attaining and sustaining mass tertiary education over the past 20 years. It describes how:
1) In the 1980s-1990s, New Zealand reformed its tertiary education system to lift participation through policies like a uniform funding system, reduced regulations, and an income-contingent student loan scheme. This led to rapid growth in participation.
2) In the 2000s, after a decade of expansion, New Zealand shifted its focus to ensuring sustainability and quality as costs grew from over-enrollment, growth in lower-level programs, and an aging student population.
3) A new reform agenda emerged to manage costs for students and the government while balancing
This document is Advance Auto Parts' annual report on Form 10-K filed with the SEC for the fiscal year ending December 31, 2005. It provides information on Advance Auto Parts' business, risk factors, legal proceedings, stock performance, financial statements, controls and procedures, directors, executive compensation, ownership, related transactions, and accounting fees. Advance Auto Parts is a large public company trading on the New York Stock Exchange, operating in the automotive aftermarket parts and accessories retail industry.
Stage 3 of 100mph's process - Filling & then Converting the Funnel following Brand Identity development in Stage 2 and the Social Insights developed in Stage 1
Rates of breast cancer are increasing in rural China, projected to reach 100 cases per 100,000 women aged 55-69 by 2021. This is attributed to poor diet, pollution exposure, and tobacco/alcohol use. The document proposes several initiatives to address this through education on prevention, screening and early detection, and patient support. It discusses developing low-cost screening options and an outreach campaign to disperse information in rural areas, noting challenges around health messaging and developing affordable solutions within financial constraints. Key research areas are a lack of healthcare information in rural communities and links between lifestyle, genetics, and breast cancer risk.
The document summarizes some of the key lessons that can be learned from the Mahabharata epic. It discusses how the Pandavas were able to defeat the Kauravas despite being outnumbered, through better preparation, alliances, leadership, teamwork, commitment, management, and empowering women in their decision-making. Some of their strategies included turning weaknesses into strengths, gaining powerful allies, sharing responsibilities through distributed leadership, prioritizing team interests over individual interests, and understanding ground realities.
NCR's 2004 annual report summarizes the company's performance and strategic initiatives. Key points include:
- Revenue grew 7% to $6 billion in 2004, with 4 percentage points from currency effects.
- Cost reductions of over $100 million improved operating income despite higher pension/severance costs.
- Cash from operations was $436 million after $254 million in capital expenditures.
- Data warehousing and financial self-service saw revenue growth, while retail automation improved profits.
- Customer services transformation and additional cost reductions remain important ongoing initiatives.
This document provides an introduction to programming in Go. It discusses the origins and intentions of the Go language, where it is commonly used today, and what Go is and isn't. Go was created to be a systems programming language with better productivity than C++. It has seen widespread adoption beyond its original use cases. While Go isn't a functional or object-oriented language, it is compiled, statically typed, memory managed, concurrent, and ideal for building cloud infrastructure. The document also covers Go syntax including variables, types, loops, conditionals, functions, and more.
CESP-ID is a flexible authentication solution that provides secure authentication
of users and enables Single Sign On between applications and organizations.
It is based on the Security Assertion Markup Language (SAML) 2.0,
which is an XML-based standard for exchanging authentication data between
security domains. CESP-ID supports several different authentication mechanisms
and is integrated with Trusted Security Server for providing verification
of electronic ID (EID). CESP-ID is compliant with the Swedish healthcare
standard “Bastjänster för Informationsförsörjning“, BIF and also conforms to
SAML V2.0 IdP LITE profile.
Omnicom's 2002 annual report summarizes the company's financial and operating highlights for the year. Some key points include:
- Revenue increased 9% to $7.5 billion, with domestic revenue up 15% and international revenue up 3%.
- Net income increased 10% to $643 million. Earnings per share were $3.44, up from $3.13 the prior year.
- Omnicom continued its strategy of targeted acquisitions, adding around $360 million in revenue.
- The company's businesses won $4.2 billion in new business billings, outpacing competitors despite a lackluster global economy.
- Creative agencies within Omnicom
The document discusses India's significant contributions to various fields throughout history as noted by several prominent figures. It provides examples of how India invented concepts like the number system, place value, quadratic equations, and more. India is also credited as the birthplace of many languages, philosophies, and as being a cradle of human civilization according to the quotes. The document aims to showcase India's profound impact and influence on other parts of the world.
We're ready to serve customers with quality auto parts, friendly service, and clean conveniently located stores. Advance Auto Parts has over 2,400 stores in 37 states, offering over 120,000 brand name and private label parts and accessories. While a large company, Advance prioritizes small town values like community involvement and customer care over corporate interests.
Whirlpool Corporation reported lower first quarter earnings compared to the previous year due to challenging economic conditions in the US market. While sales increased 5% to $4.6 billion, net earnings decreased 24% to $94 million due to a 9% decline in US appliance industry demand. Operating profit also declined due to higher material and oil costs and lower US volume. Whirlpool revised its full-year US industry demand forecast downward to a 5-6% decline. International operations showed improved results and offset some of the losses in North America.
The document discusses building applications in the cloud and the benefits this provides including global availability, elasticity, ability to handle increased traffic, and easier updates. It also notes some challenges like components potentially failing and costs that may be higher or lower than expected. The document advocates building independently scalable services that can heal themselves and have deployments integrated into the application.
The document discusses the Money Merge Account system created by United First Financial that helps homeowners pay off their mortgages much faster through strategic use of their finances. It highlights endorsements from industry professionals who have seen the program help clients reduce debt and build wealth. The document also provides strategies for mortgage professionals to integrate the Money Merge Account into their business to increase loan volume, profitability, and referrals.
- The annual report summarizes AutoZone's fiscal year 2002 performance, which saw record sales of $5.3 billion, earnings per share of $4.00, and a 52% return for shareholders.
- The three divisions - U.S. Retail, AZ Commercial, and Mexico - all contributed to growth. U.S. Retail had same-store sales growth of 8% and now operates 3,068 stores across 44 states.
- AZ Commercial grew 20% to $532 million in sales by expanding commercial product offerings and dedicated sales force for commercial customers.
- AutoZone aims to continue delivering strong profitable growth and pursuing opportunities in the large market for automotive maintenance and repairs.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
This document is Lowe's annual report for 2001. It discusses how Lowe's had a successful fiscal year, opening 115 new stores and achieving 17.7% sales growth and 26.3% earnings growth. Lowe's balanced performance was driven by increases in both customer traffic and average ticket size, along with improved product selection, customer service and store organization. The report highlights Lowe's continued focus on expanding into major metropolitan markets, with plans to open 123 new stores in 2002, 65% of which will be in metropolitan areas.
Transcom is a leading global BPO provider with over 20,000 employees serving clients from 75 sites across 29 countries. It provides a range of customer interaction solutions including customer care, sales, support, credit management, and additional business services. Since being founded in 1995, Transcom has experienced strong growth through expanding its global footprint and making acquisitions, with its network now spanning Europe, North and South America, and Asia. It aims to continue growing strategically through further geographic and service line expansion.
PAYU provides an affordable pay-as-you-go computing platform for accessing the internet and digital services in East Africa. It utilizes a novel combination of wireless and cloud technologies through local servers and thin client computers. Users can access a variety of shared applications and content by purchasing vouchers to refill their account, allowing connectivity wherever a wireless signal is available. The system is aimed at increasing digital access and usage in Sub-Saharan Africa through a low-cost and customizable shared infrastructure model.
Maple Leaf Solutions is a startup company located in Vancouver, Canada that sells and provides support for the SAP Business One software. It aims to serve small to medium sized manufacturing and supply companies in the Vancouver area. The company was founded by 7 individuals who each contributed $30,000 in startup capital. Maple Leaf Solutions plans to market primarily to local businesses, partner with related organizations, and expand its staff over 5 years to achieve its goals of growing its customer base, increasing profits annually, and providing quality service and training.
Ingram Micro is the largest global wholesale provider of technology products and services, operating in 36 countries with $30.7 billion in annual sales. In 2000, Ingram Micro focused on improving gross margins and reducing costs, leading to a 77% increase in operating profits despite challenges in sales growth. The company aims to continue enhancing its global distribution network and customer services to maintain its leadership position in the technology supply chain industry.
marriott international 2000 Annual Reportfinance20
Marriott International is a leading global hospitality company with over 2,200 operating units across 60 countries. With 21 distinct brands, Marriott offers the broadest portfolio of hotel brands in the world. Each brand is a leader in its category with high customer preference and growth potential. Collectively, the unique strengths of these brands form a powerful network that allows Marriott to leverage economies of scale and capitalize on profitable opportunities, strengthening the entire company. Marriott's wide distribution ensures a strong presence in markets where customers want them, and their brands are becoming more recognizable and preferred globally.
Legal issues and framework of a PPP Public Private Partnerships program. Competion, financial equilibrium, risk sharing, fiscal issues, and project development are relevant issues. The presentation closes with the main legal challenges to be faced when developing a new PPP program.
AKT Construction: New day new strategy June 2, 2011 FMI presentationpeggykitzmiller
The AKT Construction Team provides comprehensive financial services to contractors, developers, and architectural and engineering firms. They serve nearly 200 clients in the construction industry, ranging from small proprietorships to large multi-state contractors. AKT offers services to accommodate every stage of a construction business, including financial reporting, management consulting, tax preparation, and strategic planning. Their team has extensive experience in the construction industry and remains committed to ongoing education in areas relevant to their clients.
This document is AutoZone's 2001 annual report which provides an overview of the company's performance in fiscal year 2001. Some key points:
- AutoZone is the largest retailer of automotive parts and accessories in North America with over 3,000 stores in the US and Mexico.
- In fiscal 2001, the company pursued three strategic priorities: expanding the US retail business, developing the commercial business, and growing in Mexico.
- New marketing initiatives like the "Get in the Zone" campaign helped drive an 8% increase in same-store sales in the fourth quarter.
- The commercial business saw 11% same-store sales growth and now generates over $400 million in revenue.
- Auto
This document is Mohawk Industries' 2001 Annual Report. The summary provides:
1) Mohawk achieved record financial results in 2001 despite economic challenges, with net earnings of $188.6 million and diluted EPS of $3.55, up 15% from 2000.
2) Mohawk continued improving operations through cost reductions, debt paydown, inventory management and cash flow increases.
3) Mohawk completed a merger with Dal-Tile to become a leader in both soft and hard flooring, with the goal of expanding product categories and driving shareholder value.
This document is Mohawk Industries' 2001 Annual Report. The summary provides:
1) Mohawk achieved record financial results in 2001 despite economic challenges, with net earnings of $188.6 million and diluted EPS of $3.55, up 15% from 2000.
2) Mohawk continued improving operations through cost reductions, debt paydown, inventory management and cash flow increases.
3) Mohawk completed an acquisition of Dal-Tile to become a leader in both soft and hard flooring, with the goal of expanding product categories and market position.
Nowadays, a Quality testing team is facing challenges to sustain its core activities and the same level of quality while new features, new platforms, more complex use cases are to covered.The Glassfish Quality Community is an initiative which intends to build a testing community around the Glassfish project and attempts to address the above challenges.
This session will present in details what the Glassfish Quality community is all about and what directions have been taken to meet its objectives
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
The document discusses LR Health & Beauty Systems, a direct sales company operating in 31 countries. It outlines LR's 25-year history of continuous growth and market leadership. LR values passion, trust, and responsibility. The company rewards dedicated partner efforts in a fair and transparent way. The document encourages the reader to take advantage of the opportunities that LR can offer to make their dreams come true.
Todacell is a mobile advertising network that aims to improve campaign conversion for advertisers and raise ad revenue for publishers. It does this by understanding publisher inventory, users, and interests in order to better match relevant ads. Since launching in 2009, Todacell has grown to 300M ads per month and plans to expand globally through strategic partnerships with agencies and publishers. The experienced management team is led by the founder and has raised $2M to date to support growth.
Renault launched a mobile advertising campaign from December 7-31, 2012 to introduce its new Clio model. The campaign allowed users to customize and view the car's features through interactive buttons. It received over 2.3 million impressions across news, sports, TV and magazine apps and websites. The campaign was successful in driving clicks, interactions and impressions, with the highest performance in news and sports channels.
This document outlines AutoZone's Code of Ethical Conduct for Financial Executives. It establishes principles that financial executives are expected to adhere to and advocate for, including acting with honesty and integrity, providing full and accurate information to stakeholders, and complying with all applicable laws and regulations. It details responsibilities of financial executives and procedures for reporting violations of the code or unethical behavior.
This document outlines AutoZone's Code of Ethical Conduct for Financial Executives. It establishes principles that financial executives are expected to adhere to and advocate for, including acting with honesty and integrity, providing full and accurate information to stakeholders, and complying with all applicable laws and regulations. The code defines financial executives and lists responsibilities such as avoiding conflicts of interest, maintaining confidentiality, and reporting any violations or issues regarding financial disclosures, controls, or legal compliance.
This document outlines the restated articles of incorporation for AutoZone, Inc. It details the company name, authorized shares including 200 million shares of common stock and 1 million shares of preferred stock. It establishes that the board of directors will set the stock consideration and that stock will not be assessable. The board can also set rights and designations of preferred stock series. It limits director personal liability and allows the board to adopt, amend or repeal bylaws.
This document outlines the restated articles of incorporation for AutoZone, Inc. It establishes the company name as AutoZone, Inc. and authorizes 201 million total shares made up of 200 million common shares and 1 million preferred shares. It also limits the personal liability of directors and officers, establishes that shareholders have no preemptive or cumulative voting rights, and allows the board of directors to determine the number of directors and adopt/amend company by-laws.
This document outlines the by-laws of Autozone, Inc. regarding meetings of stockholders. It specifies that the annual meeting will be held each year to elect directors and conduct business, and stockholders must give advance notice to the Secretary of any additional business to be addressed. It also describes how special meetings may be called, the information that must be provided to stockholders prior to meetings, and requirements for stockholder lists and quorums. Stockholders may only take actions at annual or special meetings and not by written consent without a meeting.
AutoZone has strong corporate governance practices according to Institutional Shareholder Services. Its board is comprised of the CEO, founder and seven independent directors who are elected annually. All board committees consist solely of independent directors. The audit committee, comprised of designated financial experts, meets quarterly with external and internal auditors without management present. All AutoZone officers and functional controllers must certify financial reports in writing and are subject to trading restrictions and general counsel approval for option exercises.
This document outlines the by-laws of Autozone, Inc. It discusses procedures for stockholder meetings, including annual meetings, notices of meetings, quorums, voting procedures. It also discusses the board of directors, including the number of directors, nominations, vacancies, meetings, and actions that can be taken without meetings. The by-laws provide the framework for how business is conducted and decisions are made within the corporation.
AutoZone has strong corporate governance practices according to Institutional Shareholder Services. Its board is comprised of the CEO, founder and seven independent directors who are elected annually. All board committees consist solely of independent directors. The audit committee, comprised of designated financial experts, meets quarterly with external and internal auditors without management present. All AutoZone officers and functional controllers must certify financial reports in writing and are subject to trading restrictions and general counsel approval for option exercises.
Este documento presenta el Código de Conducta de AutoZone para el año fiscal 2008. Explica los valores fundamentales de la compañía como poner a los clientes primero, preocuparse por las personas y esforzarse por un desempeño excepcional. También cubre temas como igualdad de oportunidades, acoso, conflictos de interés, confidencialidad y cumplimiento de leyes y regulaciones. El código establece las expectativas de comportamiento ético para todos los empleados de AutoZone.
Este documento presenta el Código de Conducta de AutoZone para el año fiscal 2008. Contiene secciones sobre los valores de AutoZone, las expectativas de conducta para los empleados, políticas sobre igualdad de oportunidades, acoso, conflictos de interés, uso de bienes de la compañía y reporte de comportamientos no éticos. El código busca establecer los más altos estándares éticos y legales para todos los empleados de AutoZone.
This document provides AutoZone's Code of Conduct for fiscal year 2008. It outlines AutoZone's values and expectations for ethical behavior from all employees.
The Code of Conduct covers topics such as equal employment opportunity, harassment, conflicts of interest, treatment of confidential information, fair dealing, and compliance with laws. Employees are expected to perform their jobs ethically and treat all people with dignity and respect. The Code also provides guidance on issues like accepting gifts, outside employment, and relationships within the workplace.
Employees who have questions about the Code of Conduct or face ethical issues are instructed to consult their supervisor. Adherence to the Code and AutoZone's policies is required to ensure responsible and lawful behavior from all.
This document is AutoZone's Code of Conduct for fiscal year 2008. It outlines AutoZone's values and ethical standards that all employees and board members must follow. The Code of Conduct covers topics such as equal employment opportunity, harassment, conflicts of interest, treatment of confidential information, and compliance with laws and regulations. Employees are expected to perform their jobs ethically and in a way that serves customers and shareholders. The Code also provides contact information for employees to report illegal or unethical behavior.
The document outlines AutoZone's corporate governance principles, which were first adopted in 2001 and have been amended several times since. It discusses the board's mission to maximize shareholder value, outlines the responsibilities and core competencies of board members, describes board organization and operations, and establishes policies regarding director independence, compensation, conflicts of interest, succession planning, and annual board evaluations.
The document outlines AutoZone's corporate governance principles, which were first adopted in 2001 and have been amended several times since. It discusses the board's mission to maximize shareholder value, outlines the responsibilities and core competencies of board members, describes board organization and operations, and establishes policies regarding director independence, compensation, conflicts of interest, succession planning, and annual board evaluations.
- AutoZone reported first quarter fiscal year 2009 results, with net sales up 2% to $1.478 billion and diluted EPS up 10% to $2.23. Operating profit was flat at $239 million and operating margin decreased slightly.
- The company opened 30 new stores and replaced 2 stores in the US, ending the quarter with 4,122 domestic stores. Commercial programs grew 2% and commercial sales increased 1.8% to $170.6 million.
- Inventory increased 6% to $2.192 billion while inventory turns decreased to 1.5x. Working capital was negative $66 million and debt increased 5% to $2.268 billion.
The document summarizes AutoZone's 2008 annual stockholders' meeting. It discusses AutoZone's position as the largest auto parts retailer in the US, with over $6.5 billion in annual sales. It highlights AutoZone's strategic priorities of growing its US retail and commercial segments, expanding in Mexico, and growing its ALLDATA business. The document also reviews AutoZone's strong financial performance in recent years and its focus on continued sales growth, improving customer satisfaction, and managing costs.
This annual report summarizes AutoZone's financial performance in 2000. Some key points:
- Sales reached a record $4.48 billion, up 9% from 1999. Earnings per share grew 23% to $2.00.
- Acquired stores like Chief Auto Parts and Pep Boys Express locations significantly increased same-store sales. Stores in Mexico also saw strong growth.
- Cash flow from operations increased over $200 million to $513 million, allowing AutoZone to repurchase $608 million in stock.
- AutoZone opened 204 new stores in the US, bringing the total to 2,915. International expansion also continued with new stores in Mexico.
This document is AutoZone's 2003 annual report which provides financial highlights and discusses priorities and growth areas. Some key points:
- In fiscal year 2003, AutoZone achieved record sales of $5.5 billion, operating profit of $918 million, earnings per share of $5.34, and after-tax return on invested capital of 23.4%.
- The three growth priorities are the U.S. retail business, AZ Commercial business, and expanding into Mexico.
- The CEO highlights accomplishments in fiscal 2003 and discusses opportunities for continued growth in the industry, focusing on increasing market share and capturing unperformed maintenance.
- AutoZone aims to be the most exciting zone for vehicle solutions through innovation
The document is AutoZone's annual report for fiscal year 2005. It discusses AutoZone's financial results for the year, including record earnings and earnings per share. It outlines AutoZone's strategic priorities of U.S. Retail, Commercial, and Mexico and initiatives to improve the customer experience and grow the Commercial business. AutoZone aims to continue its success by focusing on its core commitment to customers as outlined in the AutoZone Pledge.
This document appears to be an annual report from AutoZone summarizing its 2006 fiscal year performance. Some key points:
- AutoZone increased sales to nearly $6 billion and earnings per share to $7.50, both 4% increases over the previous year. It also invested over $260 million back into the business.
- Two hurricanes severely impacted Gulf Coast stores at the beginning of the year, destroying 13 locations and impacting over 160 AutoZone employees.
- Key initiatives for the year focused on improving the customer shopping experience, reducing non-automotive items, optimizing store layouts, expanding product offerings, and renewing emphasis on training and culture.
- AutoZone saw increases in
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
South Dakota State University degree offer diploma Transcriptynfqplhm
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
2. Letter to Shareholders: Page 2
CEO Steve Odland highlights the Company’s accomplishments in F2004 and reviews
AutoZone’s ongoing strategic priorities.
U.S. Retail: Page 6
AutoZone stores hold the #1 position in the $35 billion* Do-It-Yourself (DIY)
automotive aftermarket segment with a market share of just over 13%. With
3,420 company-owned and operated stores across all 48 of the continental
United States, our goal is to grow our market share while optimizing long-term
shareholder value.
F2004 Highlights: By opening a net 201 new stores, completing several hundred
store refreshes and introducing more proprietary merchandise lines, the Company
continues to be the destination for DIYers looking for the right part at the right price.
AutoZone Commercial: Page 10
#3 position in the $48 billion* Do-It-For-Me (DIFM) automotive aftermarket
segment, AutoZone has a mere 1.5% market share. With so much opportunity
in this segment, the Company’s focus is to drive more customer traffic through the
integrated selling of quality products with rapid delivery and an integrated software
solution, ALLDATA.
F2004 Highlights: By opening a net 268 new programs, completing the Midas
integration, and expanding the suite of services offered by ALLDATA, the Company
aims to be the place to buy parts for all professional technicians.
AutoZone de Mexico: Page 14
With 63 stores across northern Mexico, F2004 continued to mark important mile-
stones for the Mexican business. Besides opening 14 new locations during the year,
the Centro de Apoyo a Tiendas opened in Monterrey marking a second Store Support
Center for the AutoZone family. With an estimated retail automotive aftermarket size
of $5 billion** and over 16 million vehicles, Mexico continues to offer a wonderful
development opportunity for the Company.
F2004 Highlights: By opening 14 new stores, getting the new in-country distribution
center up and running, and cutting the ribbon on a new Store Support Center in
Monterrey, Mexico continues to prove the AutoZone brand travels well across borders.
The Financial Performance Zone: Page 17
3,420 U.S. Stores Across All
48 Continental United States
63 Mexico Stores Across
6 Mexican States
*2004/2005 AAIA Factbook
**AAIA Global Aftermarket Trends—Mexico 2003
3. 1979
We opened our very first Auto Shack in Forrest City, AR.
Doc Crain was the first store manager. Today, we have more
than 3,400 AutoZone stores nationwide.
1985
Doc Crain coined the term WITTDTJR (What It Takes To Do
The Job Right!).
1986 We gave our first Extra Miler Award to Memphis store manager
Darren Reltherford. We still recognize AutoZoners who go the extra
mile for their customers. Today, thousands of AutoZoners wear
their Extra Miler pins with pride.
1987
We changed our name from Auto Shack to AutoZone.
1991
Our stock, NYSE symbol AZO, made its debut on the New York
Stock Exchange. We also became the first auto parts retailer to
register customer warranties in a national computer database.
1998 We experienced unprecedented growth by acquiring nearly 800
stores from other auto parts retailers. The AutoZone presence
expanded to 38 states. We also opened our first store outside the
United States in Nuevo Laredo, Mexico.
1999
We made the Fortune 500 list (at 456) for the first time. Today
AutoZone ranks 331 overall.
2002 AutoZoners developed a network of “hub and satellite” stores
to get product to the customer faster, to eliminate lost sales
and to have more product in the market area while reducing
inventory investment.
2003 Two leaders in the automotive industry—AutoZone the leader in
aftermarket auto parts and Midas a leader in automotive repair—
established a relationship where AutoZone distributes to U.S.
Midas locations.
2004
AutoZone became the title sponsor of the NASCAR AutoZone Elite
Division. With a dedicated audience of DIYers, the sport offers an
opportunity to draw new customers to our stores.
4. 2004 marks
AutoZone’s 25th Silver Anniversary,
something we are very proud of here at
AutoZone. Year after year we are determined to grow
our company while providing the best in customer service
and satisfaction. We will continue to provide the best quality
products for our customers, guaranteeing satisfaction, as we will
continue to be our most demanding critics.
At AutoZone, we establish targets to focus on our customers,
AutoZoners and shareholders. We believe we need to do things
differently and innovatively every day in order to drive improved
results. We are determined to test new ideas in every area of
our business.
At AutoZone we are relentlessly creating
the most exciting Zone for
vehicle solutions!
5. 2 10
2000
1 5
1000
0 0
0
’00 ’01 ’02 ’03 ’04
Fiscal:
2 0 0 4 F i n a n c i a l H i g h l i g hOperating Profit (Dollars in Millions)
ts
Impact of restructuring and impairment charges
$1,000
1000 50
Fiscal Year Ended August
2004
2000 2001(1) 2002 2003
(Dollars in millions, except per share data)
800
800 48
Selected Financial Data
$5,637
Net Sales $4,483 $4,818 $5,326 $5,457
600
600 46
999
Operating Profit 512 388 771 918
6.56
Diluted Earnings per Share 2.00 1.54 4.00 5.34
12.9%400 13.4% (2) 25.1%
After-Tax Return on Invested Capital 19.8% 23.4%
400 44
0%
Same Store Sales Growth +5% +4% +9% +3%
17.7%
Operating Margin 11.4%200 8.0% 14.5% 16.8%
200 42
$ 638
Cash Flow from Operations $ 506 $ 467 $ 736 $ 721
0
(1) Fiscal year 2001 includes $157 million of pre-tax0 restructuring and impairment charges. 40
’01
’00 ’02 ’03 ’04
Fiscal:
(2) Excludes the impact of the restructuring and impairment charges recorded in fiscal year 2001.
After-Tax Return on Invested Capital
Sales (Dollars in Billions) Diluted Earnings Per Share
After-Tax Return on Invested Capital Impact of restructuring and impairment charges
Impact of restructuring and impairment charges
Impact of restructuring and impairment charges
30%
$6 $7.00
30
7 20
30% 30
6.00
6
25
5 25
25 25
15
5.00
5
20
4 20
20 20
4.00
4
15
3 15 15 10
15
3.00
3
10 10
2 10
10
2.00
2
5
5 5
5
1 5
1.00
1
0 0
0
0 0’03
’00 ’01 0 ’02 ’04
Fiscal:
0 0
’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04 Fiscal:
Fiscal: Fiscal:
Gross Margin to Sales Ratio
Operating Profit (Dollars in Millions) F2004 Sales by Strategic Priority
Impact of restructuring and impairment charges Impact of restructuring and impairment charges
$1,000 50%
50
U.S. Retail – 84%
48
800 48
Commercial – 13%
35
Mexico / Other – 3% 46
600 46
34
44
400 44 33
32
’04 Annual Report 1
42
200 42
31
0 0
40
6. ®
“We are focused
on operating the
Company to profitably
grow sales, efficiently
deploy capital, and
optimize long-term
Dear Customers, AutoZoners and S hare holders:
shareholder value
while maintaining
the highest levels
Fiscal 2004 was another record year for AutoZone. We continued our string of
of ethics.”
reporting record earnings and earnings per share since becoming a public company
back in 1991.
• We opened 201 net new stores in the U.S. and 14 new stores in Mexico;
• We grew our Commercial business 11% on top of 26% last year;
• We continued to improve our levels of service by almost doubling over the last two
years the number of ASE-certified employees we have to help our customers with
their needs; and
• We continued to expand the reach of our proprietary brands across product
categories throughout the store.
ASE certifications vali-
date the depth of our Three years ago, we established a mission to increase shareholder value from
AutoZoners’ knowl- its already high levels. We conducted extensive business analysis, developed a
edge and experience. long-term strategic plan, and then implemented a series of operating plans.
It assures our cus-
tomers that we offer The leadership of these plans continues to be driven by our CEO team (pictured on
trustworthy advice, pages 4 & 5), comprised of the roughly 40 officers of the Company. As part of our
and we know our
new future, the CEO team created a vision for the Company: “Relentlessly creating
parts and products.
the most exciting Zone for vehicle solutions!” This aspirational vision continues to
drive us toward greater heights, as it exemplifies everything we have achieved and
continue to strive toward.
AutoZone priorities
We established back in 2001 three priorities for our business:
• Profitably expand the U.S. Retail business;
• Develop the U.S. Commercial business;
• Develop our business in Mexico.
U.S. Retail: continuing to be our #1 priority
AutoZone’s core business is built on supporting the Do-It-Yourself (DIY) customer,
which according to the Automotive Aftermarket Industry Association is over $35
billion in size and has grown at a compound annual growth rate of 4.3% over the
past five years.* Equally important is the estimated $60 billion* of routine mainte-
nance that goes undone each year. We continue to see this as a great opportunity
’04 Annual Report 2
*2004/2005 AAIA Factbook
7. to grow sales and, at the same time, to educate our customers about the opportu-
nity to maintain their vehicles, improve safety, reduce breakdowns, increase fuel
efficiency and reduce the risk of larger, more expensive repairs later.
We launched a new advertising campaign, “Get in the Zone,” capitalizing on the
strength of the AutoZone brand name. This past year we’ve supplemented our
ongoing radio campaign with new television campaigns. We continue to try new
things and change things up to catch our customers’ attention. In addition, we
significantly increased our advertising on Spanish language radio and television.
How have we fared? Simply put, wonderfully. We have taken U.S. Retail sales from
Steve Odland
$4.1 billion a year to over $4.7 billion in just 3 years. We now have 3,420 stores, as Chairman, President, and CEO
Customer Satisfaction
of August 28, 2004, in all 48 Continental United States delivering what has been
and will continue to be the cornerstone of our business: Great Customer Service.
Today, we have almost doubled the number of AutoZoners with ASE certification
(Automotive Service Excellence) in our stores, as we will continue to focus on help-
ing our customers complete the job right, the first time, with the right parts, at the
right price!
While continuing to utilize radio and television to promote the “Get in the Zone”
campaign, we have also begun to utilize circulars to reach our customers. We signed
on to become the title-sponsor of the NASCAR/AutoZone Elite Division Racing
Series to reach a dedicated audience of DIYers who today help make the sport the
second most watched sport on television. AutoZone was proud to become this past
year the sponsor of the AutoZone Liberty Bowl annual college football game.
We continued to introduce more proprietary product lines into our stores where we
feel we can create the sole destination for some of America’s most trusted automotive
brands: Valucraft, Duralast, and Duralast Gold. These introductions have allowed us
to expand our Good/Better/Best product assortment across more merchandise cate-
gories, while at the same time extend our position as price leader in the industry.
We have begun to refresh our older AutoZone stores to make them even more produc-
tive profit machines. The act of refreshing stores entails not only improvements to the
physical appearance, it also can involve resetting the merchandise layout to create
an opportunity for similar merchandise categories to be located in close proximity.
We have also introduced our pay-on-scan initiative (POS) and made progress toward “The definition of
our goal of achieving 100% Accounts Payable to Inventory, thereby reducing working insanity is doing the
same thing over and
capital tied up in the business and allowing for more innovative products in the
over, and expecting
stores with a reduced level of risk. Today, our AP to Inventory ratio sits at 92%.
different results.”
We have learned a tremendous amount. We will not stop trying, and we will learn
—Attributed to
from our mistakes and capitalize on our wins. We will continue to keep the pedal Benjamin Franklin
down and never just do the same thing over and over.
’04 Annual Report 3
8. 40 Members of the CEO team
make it all happen
Our goal continues to be to optimize shareholder value. We started three years
ago with a Return on Invested Capital (ROIC) of 13%, and I’m proud to tell our
shareholders we finished 2004 at over 25%.
Commercial: continued significant growth opportunities
The other part of the vehicle repair and maintenance business is the Commercial
or Do-It-For-Me (DIFM) market. This market is estimated by the AAIA to be over
$47 billion annually*, and growing at a five-year compound annual growth rate of
4.5%.* AutoZone is far newer to this market than the DIY segment, and has grown
its revenues to approximately $750 million annually from over $400 million back
in 2001!
We expanded the program from 1,400 stores back in 2001 to over 2,200 stores today.
We hired Commercial Specialists in our stores dedicated to our professional techni-
cian customers to help them with their needs.
We hired an outside sales force of about 150 AutoZoners to call on both current and
prospective professional customers to expand selling opportunities.
We developed 118 Hub stores and connected them to our satellite network over
the last 3 years in order to fulfill the critical parts needs of both our DIFM and DIY
customers. These stores allow us to provide the most expeditious delivery of quality
parts to replenish satellites and to service repair technicians.
We created strategic alliances with large Commercial customers who have recognized
the critical advantages AutoZone has in this sector: a national store footprint, an
extensive parts selection, a speedy 30-minute or less delivery window, and consis-
tent, low prices on parts across the entire country.
Finally, we have ALLDATA. It is the premier provider of automotive diagnostic and
repair information to the professional technician. With over 50,000 subscribers
today, and an opportunity to expand the offering into a full suite of service products,
this software provides us a valuable competitive advantage in the continued devel-
opment of this professional installer market.
*2004/2005 AAIA Factbook
9. Our leadership team is comprised of about 40 talented individuals. We could not have accomplished so
much in such a short period of time without the energy and leadership of this entire group. This team will
not rest on its past accomplishments. We owe it to our customers, fellow AutoZoners, and Shareholders
to seek to continually push the boundaries in order to optimize long-term value.
AutoZone has significant opportunity to gain market share in a segment where the top
three players are estimated to hold only a 17% market share!* Additionally, in our
ongoing efforts to maximize shareholder value, Commercial is highly accretive to our
ROIC as it requires little capital investment, and leverages AutoZone’s pre-existing
stores and distribution system.
Mexico: consistent growth, future potential
Our third priority continues to be the development of stores in Mexico. We have
grown from 6 stores back in 2000 to 63 stores as of the end of fiscal 2004. We
now have opened both an in-country distribution center in Nuevo Laredo and a new
store support center in Monterrey, Mexico to support our growth. The opportunity in
Mexico continues to be driven by a higher average age of vehicles on the road than
in the U.S. and a fragmented competitive base. Our stores in Mexico are unique to
the Mexican automotive aftermarket landscape as most competition is poorly capi-
talized and dedicated to very specific lines of products and services. Our customers
have embraced the AutoZone culture and, as in the U.S., look to our stores as their
one-stop destination for all their vehicle solutions.
We will continue to open stores in Mexico over time.
We will focus on investments that exceed a 15% after-tax return on invested capital
This past year we generated over $500 million in cash flow before share repurchases
versus $399 million back in fiscal 2001, while almost doubling our return on capi-
tal to an industry-leading 25.1%. Additionally, since the inception of the share buy-
back program, the Company has repurchased over half its outstanding shares at an
average cost of $45. We have maintained our debt relative to our cash flow, and
continue to be one of the only investment-grade-credit companies in our industry.
F2004 was not an easy year from a sales perspective. We saw our comp store
sales performance slow as customers became challenged in the last quarter by
the higher price of gasoline. But, despite this, we maintained customer service and
delivered increased profitability.
In summary, we proudly are the clear leader in an exciting and growing industry. We
will continue to push to profitably grow sales. We have a clear plan for the future and
a strong team to execute it. We are focused on operating AutoZone to take care of our
customers and AutoZoners, and optimize long-term shareholder value at the highest
level of ethics and corporate governance.
Best regards,
Steve Odland
Chairman, President, and Chief Executive Officer
Customer Satisfaction
*2004/2005 AAIA Factbook
10. Through 3,420 stores in all 48 continental United States, AutoZoners
helped to generate over $4.7 billion in retail sales in F2004. Our
AutoZoners, who provide trustworthy advice day in and day out,
differentiate us from the competition. With extensive product knowl-
Trustwort hy Advice edge and the pledge to “go the extra mile,” we’re helping people
across the country by providing vehicle solutions every day.
Get in the Zone !
U.S. Retail
With $4.7 billion in sales, we are the largest company-owned and operated
player in the industry. Moreover, we continue to set the standard for the
highest average sales per store and sales per square foot, and the greatest
operating margin and return on invested capital in the industry—well out-
pacing our peers. Although #1 in the marketplace, we only have a 13 percent
share of the growing $35 billion do-it-yourself market.* With over 218 million
registered vehicles in the United States, an aging car population and an
estimated $60 billion in unperformed annual maintenance,* we still have
a lot of room to grow.
Importantly, AutoZoners have what it takes to pursue that growth—the desire
to always deliver What It Takes To Do The Job Right (WITTDTJR). In-store,
curbside and on-line, AutoZone stores are equipped to help customers with all
their automotive needs. Our dedicated customer service staff and ASE-certified
specialists are second to none in providing trustworthy advice. Inside our
stores, inventories are tailored to surrounding car populations. Vibrant displays
and new products keep our stores fresh and exciting, as we strive to create
the most exciting Zone for vehicle solutions for DIYers across the country.
*2004/2005 AAIA Factbook
’04 Annual Report 6 ’04 Annual Report 7
11. “Relentlessly creating the most exciting
Zone for vehicle solutions!”
Customers First!
With about 22 thousand skus per store, AutoZone has industry-leading brands like Valucraft and
Duralast that can only be found at our stores. We are leaders in innovation. We know to do the same
thing over and over again, and expect different results, is the definition of insanity. We continue to set
the standard for the industry by trying new concepts. That’s why our customers have come to expect
us to be leaders. This past year we experimented with many new product introductions. We intend to
continue to lead as we strive to grow our industry-leading market share position.
’04 Annual Report 8 ’04 Annual Report 9
12. With the support of dedicated AutoZoners across 2,200 stores and
all 48 states, we achieved approximately $750 million in sales this
past year by becoming an important supplier in the growing $48
billion* do-it-for-me (DIFM) commercial aftermarket segment. With
Outstanding Service
the ability to quickly deliver products the professional technician
wants, we help our customers perform at their highest levels.
The C omplete Solution ! ™
AutoZone Commercial
Recognizing the unique growth opportunity before us, the last few years we
have focused intently on building our commercial business. We supply profes-
sional technicians with a comprehensive line of quality parts sourced directly
from our AutoZone stores and delivered with unparalleled agility. By taking
advantage of our full-assortment inventory, the national reach of our retail
stores and our efficient supply chain, we can service the largest chains and
the smallest “up and down the street” repair shops—offering each consistent
service, quality and one-stop parts shopping.
We also offer ALLDATA, the most comprehensive electronic diagnostic and
repair software available to automotive technicians today. By creating the
industry’s most efficient supply chain, we have distinguished our commercial
business as a growing and competitive supplier. Although we’re the #3 player
in the commercial aftermarket today, through superior service and products,
our goal is to become first call for professional technicians everywhere.
*2004/2005 AAIA Factbook
’04 Annual Report 10 ’04 Annual Report 11
13. Our Pledge
“AutoZoners always put customers first.
We know our parts and products.
Our stores look great! And, we’ve got
the best merchandise at the right price.”
The Right Part, the Right Price, the Right Time!
The Commercial business is AutoZone’s number two vehicle for growth. At only 13% of total
Company revenues, the business can equal our Retail business over the very long run. In an
extremely fragmented industry, AutoZone brings something unique to its Commercial customers.
We are the only national player capable of consistent service and support across 48 states
through our network of Company-owned stores.
We will continue to evolve ALLDATA to make its integrated shop management suite of products
capable of simplifying a shop owner’s business. We believe by offering systems for customers
capable of ordering what is needed and a supply chain able to get the right product delivered
at the appropriate time, we will differentiate ourselves in the eyes of our customers.
We look forward to a bright Commercial future.
’04 Annual Report 12 ’04 Annual Report 13
14. With 63 stores in Mexico, a new Store Support Center in Monterrey,
and a dedicated in-country distribution facility, AutoZone de Mexico is
continuing to grow its market share in the $5 billion* Mexican retail
aftermarket segment. With over 16 million cars,* averaging almost 17
An Expanding Zone years in age,* Mexico will offer growth for AutoZone for years to come.
¡ Su super tienda de autopar te s !
AutoZone de Mexico
Our Mexico stores are very similar to their U.S. counterparts. Further proof
of how well the brand travels, our customers are treated to the same
industry-leading customer service that has grown to be expected across
more than 3,400 U.S. stores.
But it doesn’t stop there. Ever since we introduced the most exciting Zone for
vehicle solutions to Mexico, we have been delighting Mexican customers. With
millions of older-aged vehicles and a shortage of full-service competitors, our
selling concept has been warmly embraced.
Two years ago we opened our first distribution center in Mexico. This year a
major milestone was achieved when our new Store Support Center was
opened in Monterrey. This is an opportunity to begin to centralize our support
staff in one location within Mexico. This will help us develop unique products
and services for our customers in Mexico.
We are excited about our opportunities in Mexico and look forward to
continued growth.
*AAIA Global Aftermarket Trends—Mexico 2003
’04 Annual Report 14 ’04 Annual Report 15
15. 0 0
0
0
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
0 0 Fiscal: Fiscal:
0 0
40
’00 ’01 ’02 ’03 ’04
Fiscal:
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
Fiscal: Fiscal:
2004 Financial Highlights
After-Tax Return on Invested Capital
Gross Margin to Sales Ratio Working Capital Investment (Dollars in Millions)
Operatingrestructuring and impairment charges
Impact of Profit (Dollars in Millions)
After-Tax Return on Invested impairment charges
Impact of restructuring and Capital
Diluted Earnings Per Share Accounts Payable Margin
Operating to Inventory
Impact of restructuring and impairment charges
Impact Impact of restructuring and impairment charges
of restructuring and impairment charges Impact of restructuring and impairment charges
30% 1
$250
50% 30 100
250
$1,000 100
30%$7.00 1000 100% 20% 50
20
200
200
25
25
6.00 48 80
25
800 80 80
800 48
150
150
15
15
20
20
5.00
20 46 60
100
100
600 60 60
600 46
4.00 15
15
15 10
10 50
50
44 40
3.00
400 40 40
10
400 44
10
0
10 0
2.00
42 520
5
5
5
200 20 20 -50
200 42
-50
5
1.00
0 -100 0
0 0 -100
’00 0 ’01 ’02 ’03 ’04
0 0 Fiscal:
0 0 0 0 ’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 Fiscal:
Fiscal:
0 40
’00 ’01 ’02 ’03 ’04
’00 ’00 ’01 ’02 ’03 ’04
’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04
Fiscal:
Fiscal: Fiscal: Fiscal: Fiscal:
Accounts Payable to Inventory
Accounts PayableMargin
Operating to Inventory Gross Margin to Sales Ratio Total Shares Outstanding (in Millions)
Diluted Earnings Per Share charges
Gross Margin toofSales Ratio impairment charges Working Capital Investment (Dollars in Millions)
100% Impact of restructuring and impairment
Impact restructuring and
100
Impact of restructuring and impairment charges
Impact of restructuring and impairment charges
100% 50% 150
20% 50 250
150
$7.00 250 $250
50% 7 20
80
80
200
SG&A to Sales Ratio
6.00 200
80 48 120
200
6 48 120
15
48 Before restructuring and impairment charges
60 150
60 (See management discussion on reconciliations)
15
5.00 150 150
5
35%
35
60 46 90
46 90
100
46
4.00 100
40 100
4
1040 34
34
10
50
40 44 60
44 60
3.00 50 50
3
44 33
33
20
20
0
52 2.00 0
0
20 42 30
32
42 30 32 5
42 -50
0
0
1.00 -50 -50
1
’0031 ’01 ’02 ’03 ’04
Fiscal: 31
0 0 0
0 40 -100
0
’00 ’01 ’02 ’03 ’04 0-100 Fiscal: ’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04
Fiscal:0 -100
0 Fiscal: 0
Fiscal:
30
’0030 ’01 ’02 ’03 ’04
Fiscal: ’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 Fiscal:
Fiscal:
29
29
Working Capital Investment (Dollars in Millions)
0
28
Fiscal: ’99 ’00 ’01 ’02 ’03 ’04
Operating Margin
Working Capital Investment (Dollars in Millions)
Operating Margin Total Shares Outstanding (in Millions)
Impact of restructuring and impairment charges
$250
250
Impact of restructuring and impairment charges
20%
$250 150
20
200
200
150
20% 150
SG&A to Sales Ratio
200
150
150
Before restructuring and impairment charges 120
15 120
15 management discussion on reconciliations)
(See 120
150
15 100
35%
100
35
90
100
90
50 90
3450
10
10 34
10
50
0
33 60
0
60
60 33
0
-50
32 5
-50 5
5 30 32
-50 30
30
-100
31
-100
’00 ’01 ’02 ’03 ’04
Fiscal: 31
0
-100 0
0
30
’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 0 Fiscal: 0
0 Fiscal:
30
’00 ’01 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 Fiscal:
Fiscal:
29
’04 Annual Report 16
29
0 Total Shares Outstanding (in Millions)
Fiscal: ’99 ’00 ’01 ’02 ’03 ’04 28
16. Straight Talk on AutoZone’s 2004 Financial Performance and Beyond
An interview with AutoZone’s CFO, Mike Archbold
What were the highlights of F2004? What is our debt strategy?
Financial highlights for F2004 include record earnings, earnings per We will continue to maintain our debt (including leases) in proportion
share, and record return on invested capital. to our cash flow. The metric the Company utilizes is 2.1x EBITDAR
(earnings before interest, taxes, depreciation, amortization, and
Regarding our stores, we successfully opened a net 201 new AutoZone
rent which we believe will continue to provide AutoZone with a strong
locations in F2004. This represented more substantial growth than
investment grade rating and access to capital). Debt has a cheaper
in the past several years.
cost of capital than equity, and therefore, utilizing debt allows
We also continued to develop our commercial program in F2004 as AutoZone to reduce its overall cost of capital.
we marked the completion of the Midas integration effort. Our ability
How far can you take pay-on-scan?
to support Midas’ approximately 1,700 dealers across the U.S. with
Pay-on-scan (POS) is one more tool in our toolbox to reduce inventory
weekly deliveries, while continuing to deliver to our 3,400 stores,
risk. We expect the initiative to allow us to introduce more product
was a great accomplishment.
into our stores with less risk of markdowns. Further, we believe it will
Was the Company satisfied with its same store improve the industry focus on increasing sales, while reducing
sales growth? working capital. Lastly, POS allows us to test new, innovative prod-
We were not satisfied with same store sales, but we are never satisfied. ucts with the ability to return those items that do not sell.
We found ourselves challenged by some macro trends, like higher
Why doesn’t AutoZone give earnings guidance?
gasoline prices, that had a very real impact on consumer expenditures
We don’t give guidance because we are not managing the business
and our sales during our fourth quarter. Despite flat same store sales
to a specific target as that could actually inhibit performance. We
results for the year, we still increased earnings per share 23%.
will work to deliver our best results everyday.
What are AutoZone’s prospects for F2005?
What is AutoZone’s view of corporate governance?
F2005 will be AutoZone’s year for “WOW! Customer Service,” and
Simply put, AutoZoners equate practicing good corporate governance
we’ve got to live up to that goal everyday. As our competition has
with always doing the right thing.
improved and opened locations (often times right next to us), we
must continue to provide our already industry-leading customer At AutoZone we expect employees to perform at the highest levels
service to encourage everyone to “Get in the Zone” for their vehicle of ethics regarding all business decisions. AutoZone’s primary goal is
solutions. Trustworthy advice from our AutoZoners differentiates us to optimize long-term shareholder value while adhering to the laws
from our competition. of jurisdictions where we operate and at all times observing the
highest levels of ethical standards. We ask all AutoZoners to read
Regarding our merchandising efforts in F2005, we will continue to
and sign a Code of Conduct which embodies all rules regarding
improve our mix. As we refine our inventory efforts, we will be better
individual responsibilities, as well as responsibilities to AutoZone,
able to service all our customers’ needs. We will continue to focus
the public and others.
on having the right part in the right place for all makes and models
of vehicles. Practicing good corporate governance also extends to the Board of
Directors, who acting on behalf of all shareholders, should perform at
How sustainable are your industry-leading operating
the same high levels of ethical behavior as our corporate officers.
margins, and what are your targets for F2005?
In order to make sure there is adherence to these standards, the
AutoZone continued its focus on category management initiatives
Board’s Nominating and Corporate Governance Committee has
and cost containment projects throughout F2004 to drive margins to
established guidelines as to what skill sets are ideally suited by
record levels. While we are proud of our industry-leading margins,
candidates to be potential board members. Individual directors should
we are not fixated on a targeted margin. We are focused on optimizing
possess many personal characteristics, none more important than
shareholder value by executing initiatives that exceed our 15%
practicing the highest levels of integrity and accountability.
after-tax internal rate of return goal. We expect these projects’
ROIC, in their early years, to not achieve the overall Company ROIC.
The important point is these initiatives easily exceed our cost of
capital and create shareholder value.
’04 Annual Report 17
17. Selected Financial Data
Fiscal Year Ended August
2004 2003 2002(3) 2001(4) 2000
(1) (2)
(in thousands, except per share data and selected operating data)
Income Statement Data
$5,637,025
Net sales $5,457,123 $5,325,510 $4,818,185 $4,482,696
2,880,446
Cost of sales, including warehouse and delivery expenses 2,942,114 2,950,123 2,804,896 2,602,386
1,757,873
Operating, selling, general and administrative expenses 1,597,212 1,604,379 1,625,598 1,368,290
998,706
Operating profit 917,797 771,008 387,691 512,020
92,804
Interest expense—net 84,790 79,860 100,665 76,830
905,902
Income before income taxes 833,007 691,148 287,026 435,190
339,700
Income taxes 315,403 263,000 111,500 167,600
$ 566,202
Net income $ 517,604 $ 428,148 $ 175,526 $ 267,590
$ 6.56
Diluted earnings per share $ 5.34 $ 4.00 $ 1.54 $ 2.00
86,350
Adjusted weighted average shares for diluted earnings per share 96,963 107,111 113,801 133,869
Balance Sheet Data (5)
$1,755,757
Current assets $1,671,354 $1,513,936 $1,395,240 $1,245,146
(62,358)
Working capital (deficit) (90,572) (83,443) 61,857 152,236
3,912,565
Total assets 3,766,826 3,541,599 3,499,241 3,391,584
1,818,115
Current liabilities 1,761,926 1,597,379 1,333,383 1,092,910
1,869,250
Debt 1,546,845 1,194,517 1,225,402 1,249,937
$ 171,393
Stockholders’ equity $ 373,758 $ 689,127 $ 866,213 $ 992,179
Selected Operating Data (5)
3,219
Number of domestic auto parts stores at beginning of year 3,068 3,019 2,915 2,711
202
New stores 160 102 107 208
4
Replacement stores 6 15 16 30
1
Closed stores 9 53 3 4
201
Net new stores 151 49 104 204
3,420
Number of domestic auto parts stores at end of year 3,219 3,068 3,019 2,915
63
Number of Mexico auto parts stores at end of year 49 39 21 13
3,483
Number of total auto parts stores at end of year 3,268 3,107 3,040 2,928
21,689
Total domestic auto parts store square footage (000s) 20,500 19,683 19,377 18,719
6,342
Average square footage per domestic auto parts store 6,368 6,416 6,418 6,422
6%
Increase in domestic auto parts store square footage 4% 2% 4% 8%
0%
Increase in domestic auto parts comparable store net sales 3% 9% 4% 5%
$ 1,647
Average net sales per domestic auto parts store (000s) $ 1,689 $ 1,658 $ 1,543 $ 1,517
$ 259
Average net sales per domestic auto parts store square foot $ 264 $ 258 $ 240 $ 236
48,294
Total domestic employees at end of year 47,727 44,179 44,557 43,164
1.87x
Inventory turnover(6) 2.04x 2.25x 2.39x 2.32x
20.34x
Net inventory turnover(7) 16.40x 12.51x 10.11x 8.38x
25.1%
After-tax return on invested capital (8) 23.4% 19.8% 13.4% 12.9%
$ 638,379
Net cash provided by operating activities $ 720,807 $ 736,170 $ 467,300 $ 505,610
$ 509,447
Cash flow before share repurchases and changes in debt(9) $ 561,563 $ 726,159 $ 399,312 $ 272,029
208%
Return on average equity 97% 55% 19% 23%
(1) Fiscal 2004 operating results include $42.1 million in pre-tax gains from warranty negotiations with certain vendors and the change in classification of certain vendor funding to
increase operating expenses and decrease cost of sales by $138.2 million in accordance with Emerging Issues Task Force Issue No. 02-16 (“EITF 02-16”) regarding vendor funding,
which was adopted during fiscal 2003.
(2) Fiscal 2003 operating results include $8.7 million in pre-tax gains from warranty negotiations, a $4.7 million pre-tax gain associated with the settlement of certain liabilities and the
repayment of a note associated with the sale of the TruckPro business in December 2001, and a $4.6 million pre-tax gain as a result of the disposition of properties associated with
the 2001 restructuring and impairment charges. Fiscal 2003 was also impacted by the adoption of EITF 02-16, which decreased pre-tax earning by $10.0 million, increased
operating expenses by $52.6 million and decreased cost of sales by $42.6 million.
(3) 53 weeks. Comparable store sales, average net sales per domestic auto parts store and average net sales per store square foot for fiscal 2002 have been adjusted to exclude net
sales for the 53rd week.
(4) Fiscal 2001 operating results include pre-tax restructuring and impairment charges of $156.8 million, or $0.84 per diluted share after tax.
(5) To conform to current year presentation, certain prior year amounts have been adjusted to reflect the impact of reclassifications on the consolidated statements of cash flows and the
consolidated balance sheet. Prior presentations had netted certain amounts within accounts payable; these amounts have now been reclassified for all periods presented impacting
reported cash and cash equivalents, accounts payable and accrued expenses.
(6) Inventory turnover is calculated as cost of sales divided by the average of the beginning and ending merchandise inventories, which excludes merchandise under pay-on-scan
arrangements.
(7) Net inventory turnover is calculated as cost of sales divided by the average of the beginning and ending merchandise inventories, which excludes merchandise under pay-on-scan
arrangements, less the average of the beginning and ending accounts payable.
(8) After-tax return on invested capital is calculated as after-tax operating profit (excluding rent and restructuring and impairment charges) divided by average invested capital (which
includes a factor to capitalize operating leases). See Reconciliation of Non-GAAP Financial Measures in Management’s Discussion and Analysis of Financial Condition and Results
of Operations.
(9) Cash flow before share repurchases is calculated as the change in cash and cash equivalents less the change in debt plus treasury stock purchases. See Reconciliation of Non-GAAP
Financial Measures in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
’04 Annual Report 18