Net sales were a record $4.8 billion in fiscal 2001. Sales have increased at a 19% compound growth rate over the past 10 years.

Earnings per share advanced 19% to $2.38 in fiscal 2001 and have grown at
a 22% compound rate over the past ten years, prior to nonrecurring charges.

Sales and earnings accelerated in the fourth quarter, primarily as a result of new marketing and merchandising programs. Same store sales rose 8% and earnings per share jumped 27%, prior to nonrecurring charges, compared with the fourth quarter of fiscal 2000.

AutoZone’s strong cash flow was used to reduce long-term debt and repurchase company stock in fiscal 2001. Since the stock repurchase program began, AutoZone has repurchased about 30% of its outstanding stock at an average price of $27 per share.

AutoZone opened 104 net new stores in the U.S. and 8 in Mexico in fiscal 2001. At fiscal year end, AutoZone was the largest retailer of auto parts in North America with 3,019 stores in the U.S. and 21 in Mexico.