$AZO —
Q3 CFO: "We don't anticipate a re-acceleration in SG&A," with per-store growth slowing from 4% to 3%.
Q4: total expenses up 8.9%, 101 bps of SG&A deleverage, per-store growth back to 4% — no acknowledgment that the prior guidance had changed.
EPS up 15.1% on a $96M tariff refund and a LIFO charge $65M lighter than last year; excluding those swings, EBIT grew 4.4%.
DIY comp went negative, traffic down more than 5%.
FY2028 target cut from ~500 stores to 430 — the entire reduction falls on Brazil.
#TheGapReport