It took how long?
If you were listening to the AutoZone earnings call this week, you heard a very interesting tidbit of information: That it took exactly one day for the company to start seeing inflows of money tied to pandemic stimulus checks.
That’s right. A day after stimulus checks began hitting checking accounts, AutoZone saw people coming into their stores and buying. Pent-up demand from vehicles needing new batteries, other parts and products was alleviated almost the moment people had money to do it.
“It wasn’t nearly the stimulus that we saw last April,” said Bill Rhodes, the company’s Chairman, President and CEO, on the earnings call. “But within a day, we saw that those funds showing up in significantly improved business for us. And that sustained itself through the end of the quarter. Now we’re talking about another stimulus, which could frankly … dwarf what happened last April. If that comes, what does that mean to our business? All the indications we have is it would be very strong for our business because each time we’ve seen those incremental dollars, our business has performed better than normal.”
Rhodes commended AutoZoners and their hard work throughout the pandemic.
“While classified as essential workers, essential seems insufficient to describe the remarkable contributions to our company, our customers and our results,” he said. “Our AutoZoners have really stepped up during the pandemic and have been nothing short of exceptional, and our top priority remains being committed to providing all of our AutoZoners with a safe work environment to be sure — so they can help our customers.”
When people head straight to their local auto parts store to shop as soon as they get extra money, it only reinforces just how vital the automotive aftermarket is to everyone.
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