AutoZone says exiting IMC and AutoAnything allows intensified focus on core
"I would like to thank and congratulate our entire organization for delivering another solid quarter of sales and earnings results. Our ongoing initiatives, which include enhanced inventory availability, commercial acceleration and omni-channel, are gaining traction and, as expected, our business improved due to the more harsh winter conditions we experienced in late December and January. Based on the results of a strategic review of our business priorities, we have determined IMC and AutoAnything serve niche markets that are not core to our strategic priorities going forward and those two businesses are being sold. We thank all the employees of IMC and AutoAnything for their contributions to our success and wish them well in the future. Exiting these two businesses will allow us to intensify our focus on our core DIY and DIFM operations both domestically and internationally, which we continue to believe are very attractive markets. As we continue to invest capital in our business, we will remain committed to our disciplined approach of increasing operating earnings and utilizing our capital effectively," said Bill Rhodes, Chairman, President and CEO. The company recorded approximately $193.2M in intangible and other assets impairment charges within operating expenses related to its IMC and AutoAnything businesses, as both of these businesses are being sold.