Why AutoZone Stock Soared 77% in 2021
Shares of automotive aftermarket parts retailer AutoZone (NYSE: AZO) skyrocketed 77% in 2021, according to data provided by S&P Global Market Intelligence. This crushed the broader S&P 500, which still gained a commendable 27% for the year. AutoZone benefited from strong industry momentum that carried over from calendar 2020.
Demonstrating its all-weather appeal, AutoZone had a remarkable year in fiscal 2021 (ended Aug. 28, 2021). Revenue and profit jumped 15.8% and 25.5%, respectively, year over year. And the operating margin exceeded 20% for the first time in at least 15 years. AutoZone continues to benefit from the strong economy, and in particular the high prices for both new and used vehicles. This trend encourages consumers to extend the life of their existing cars, driving demand for AutoZone's products and services.
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Source Fool.com
