þ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Nevada | 62-1482048 | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
incorporation or organization) | ||
123 South Front Street, Memphis, Tennessee | 38103 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Item 1.
Financial Statements.
February 12,
August 28,
(in thousands)
2011
2010
$
107,881
$
98,280
140,227
125,802
2,418,751
2,304,579
71,256
83,160
2,738,115
2,611,821
4,173,972
4,067,261
(1,619,108
)
(1,547,315
)
2,554,864
2,519,946
302,645
302,645
59,634
46,223
110,345
90,959
472,624
439,827
$
5,765,603
$
5,571,594
$
2,524,539
$
2,433,050
414,502
432,368
85,356
25,385
159,809
146,971
40,930
26,186
3,225,136
3,063,960
3,208,300
2,882,300
370,579
364,099
438
501
535,945
557,955
(1,172,935
)
(245,344
)
(92,338
)
(106,468
)
(309,522
)
(945,409
)
(1,038,412
)
(738,765
)
$
5,765,603
$
5,571,594
Table of Contents
Twelve Weeks Ended
Twenty-Four Weeks Ended
February 12,
February 13,
February 12,
February 13,
(in thousands, except per share data)
2011
2010
2011
2010
$
1,660,946
$
1,506,225
$
3,452,608
$
3,095,469
815,335
752,489
1,699,249
1,541,809
845,611
753,736
1,753,359
1,553,660
573,863
523,355
1,175,491
1,062,850
271,748
230,381
577,868
490,810
39,576
36,309
76,829
72,650
232,172
194,072
501,039
418,160
84,116
70,739
180,908
151,527
$
148,056
$
123,333
$
320,131
$
266,633
43,399
49,436
44,034
49,775
979
750
972
730
44,378
50,186
45,006
50,505
$
3.41
$
2.49
$
7.27
$
5.36
$
3.34
$
2.46
$
7.11
$
5.28
Table of Contents
Twenty-Four Weeks Ended
February 12,
February 13,
(in thousands)
2011
2010
$
320,131
$
266,633
88,417
87,099
3,898
2,999
(15,847
)
(7,061
)
(1,955
)
(2,145
)
12,119
8,867
(13,903
)
(20,849
)
(104,770
)
(52,560
)
65,957
9,965
75,513
46,532
11,549
9,428
441,109
348,908
(108,357
)
(111,128
)
(22,581
)
(10,467
)
19,454
8,015
2,158
4,231
(109,326
)
(109,349
)
25,300
47,800
12,493
500,000
(199,300
)
33,249
18,726
(694,050
)
(291,888
)
15,847
7,061
(10,903
)
(9,084
)
(5,450
)
(322,814
)
(227,385
)
632
281
9,601
12,455
98,280
92,706
$
107,881
$
105,161
Table of Contents
Twenty-Four Weeks Ended
February 12,
February 13,
2011
2010
31
%
31
%
1.0
%
1.8
%
4.3
4.3
10.0
%
10.0
%
0.0
%
0.0
%
Table of Contents
February 12, 2011
(in thousands)
Level 1
Level 2
Level 3
Fair Value
$
5,955
$
60
$
$
6,015
62,812
6,385
69,197
$
68,767
$
6,445
$
$
75,212
August 28, 2010
(in thousands)
Level 1
Level 2
Level 3
Fair Value
$
11,307
$
4,996
$
$
16,303
47,725
8,673
56,398
(9,979
)
(9,979
)
$
59,032
$
3,690
$
$
62,722
Table of Contents
February 12, 2011
Amortized
Gross
Gross
Cost
Unrealized
Unrealized
(in thousands)
Basis
Gains
Losses
Fair Value
$
24,394
$
232
$
(27
)
$
24,599
30,709
36
(104
)
30,641
5,625
106
5,731
14,099
158
(16
)
14,241
$
74,827
$
532
$
(147
)
$
75,212
August 28, 2010
Amortized
Gross
Gross
Cost
Unrealized
Unrealized
(in thousands)
Basis
Gains
Losses
Fair Value
$
28,707
$
490
$
(1
)
$
29,196
24,560
283
24,843
8,603
192
8,795
9,831
47
(11
)
9,867
$
71,701
$
1,012
$
(12
)
$
72,701
Table of Contents
Twelve Weeks Ended
Twenty-Four Weeks Ended
February 12,
February 13,
February 12,
February 13,
(in thousands)
2011
2010
2011
2010
$
2,570
$
2,611
$
5,139
$
5,222
(2,152
)
(2,087
)
(4,304
)
(4,175
)
2,170
1,877
4,341
3,755
$
2,588
$
2,401
$
5,176
$
4,802
February 12,
August 28,
(in thousands)
2011
2010
$
$
199,300
300,000
300,000
200,000
200,000
500,000
500,000
500,000
500,000
300,000
300,000
200,000
200,000
250,000
250,000
500,000
458,300
433,000
$
3,208,300
$
2,882,300
Table of Contents
Twelve Weeks Ended
Twenty-Four Weeks Ended
February 12,
February 13,
February 12,
February 13,
(in thousands)
2011
2010
2011
2010
$
148,056
$
123,333
$
320,131
$
266,633
3,614
(1,554
)
16,282
(66
)
(3,939
)
(141
)
(4,998
)
(282
)
1,620
2,461
3,243
2,461
(327
)
(84
)
(400
)
99
$
149,024
$
124,015
$
334,258
$
268,845
Table of Contents
Twelve Weeks Ended
Twenty-Four Weeks Ended
February 12,
February 13,
February 12,
February 13,
(in thousands)
2011
2010
2011
2010
$
1,623,949
$
1,472,958
$
3,378,936
$
3,029,218
36,997
33,267
73,672
66,251
$
1,660,946
$
1,506,225
$
3,452,608
$
3,095,469
$
816,692
$
726,797
$
1,695,558
$
1,499,795
28,919
26,939
57,801
53,865
845,611
753,736
1,753,359
1,553,660
(573,863
)
(523,355
)
(1,175,491
)
(1,062,850
)
(39,576
)
(36,309
)
(76,829
)
(72,650
)
$
232,172
$
194,072
$
501,039
$
418,160
Table of Contents
AutoZone, Inc.
March 17, 2011
Table of Contents
Item 2.
Managements Discussion and Analysis of Financial Condition and Results of Operations.
Compared with Twelve Weeks Ended February 13, 2010
Table of Contents
Compared with Twenty-Four Weeks Ended February 13, 2010
Table of Contents
Table of Contents
Table of Contents
A
B
A-B=C
D
C+D
Trailing Four
Fiscal Year
Twenty-Four
Twenty-Eight
Twenty-Four
Quarters
Ended
Weeks Ended
Weeks Ended
Weeks Ended
Ended
August 28,
February 13,
August 28,
February 12,
February 12,
(in thousands, except percentage)
2010
2010
2010
2011
2011
$
738,311
$
266,633
$
471,678
$
320,131
$
791,809
158,909
72,650
86,259
76,829
163,088
195,632
88,106
107,526
96,692
204,218
(128,983
)
(58,355
)
(70,628
)
(62,987
)
(133,615
)
$
963,869
$
369,034
$
594,835
$
430,665
$
1,025,500
$
2,902,027
(695,593
)
1,225,308
74,039
$
3,505,781
29.3
%
A
B
A-B=C
D
C+D
Trailing Four
Fiscal Year
Twenty-Four
Twenty-Eight
Twenty-Four
Quarters
Ended
Weeks Ended
Weeks Ended
Weeks Ended
Ended
August 29,
February 14,
August 29,
February 13,
February 13,
(in thousands, except percentage)
2009
2009
2009
2010
2010
$
657,049
$
247,235
$
409,814
$
266,633
$
676,447
142,316
63,072
79,244
72,650
151,894
181,308
81,369
99,939
88,106
188,045
(117,929
)
(52,432
)
(65,497
)
(58,355
)
(123,852
)
$
862,744
$
339,244
$
523,500
$
369,034
$
892,534
$
2,667,551
(314,226
)
1,128,270
55,105
$
3,536,700
25.2
%
(1)
The effective tax rate over the trailing four quarters ended February 12, 2011 and February
13, 2010 is 36.3% in each period.
(2)
Average debt is equal to the average of our debt measured as of the previous five quarters.
(3)
Average equity is equal to the average of our stockholders deficit measured as of the previous five quarters.
(4)
Rent is multiplied by a factor of six to capitalize operating leases in the determination of pre-tax invested capital.
(5)
Average capital lease obligations are equal to the average of our capital lease obligations measured as of the previous five quarters.
Table of Contents
A
B
A-B=C
D
C+D
Trailing Four
Fiscal Year
Twenty-Four
Twenty-Eight
Twenty-Four
Quarters
Ended
Weeks Ended
Weeks Ended
Weeks Ended
Ended
August 28,
February 13,
August 28,
February 12,
February 12,
(in thousands, except ratio)
2010
2010
2010
2011
2011
$
738,311
$
266,633
$
471,678
$
320,131
$
791,809
158,909
72,650
86,259
76,829
163,088
422,194
151,527
270,667
180,908
451,575
1,319,414
490,810
828,604
577,868
1,406,472
192,084
87,099
104,985
88,417
193,402
195,632
88,106
107,526
96,692
204,218
19,120
8,867
10,253
12,119
22,372
$
1,726,250
$
674,882
$
1,051,368
$
775,096
$
1,826,464
$
3,249,230
81,848
1,225,308
$
4,556,386
2.5
A
B
A-B=C
D
C+D
Trailing Four
Fiscal Year
Twenty-Four
Twenty-Eight
Twenty-Four
Quarters
Ended
Weeks Ended
Weeks Ended
Weeks Ended
Ended
August 29,
February 14,
August 29,
February 13,
February 13,
(in thousands, except ratio)
2009
2009
2009
2010
2010
$
657,049
$
247,235
$
409,814
$
266,633
$
676,447
142,316
63,072
79,244
72,650
151,894
376,697
142,927
233,770
151,527
385,297
1,176,062
453,234
722,828
490,810
1,213,638
180,433
81,964
98,469
87,099
185,568
181,308
81,369
99,939
88,106
188,045
19,135
9,307
9,828
8,867
18,695
$
1,556,938
$
625,874
$
931,064
$
674,882
$
1,605,946
$
2,774,700
51,713
1,128,270
$
3,954,683
2.5
(1)
Rent is multiplied by a factor of six to capitalize operating leases in the determination of
adjusted debt.
Table of Contents
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
Item 4.
Controls and Procedures.
Item 4T.
Controls and Procedures.
Table of Contents
20
21
22
Item 1.
Legal Proceedings.
Item 1A.
Risk Factors.
Table of Contents
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
Total Number of
Maximum Dollar
Shares Purchased as
Value that May Yet
Total Number
Average
Part of Publicly
Be Purchased Under
of Shares
Price Paid
Announced Plans or
the Plans or
Period
Purchased
per Share
Programs
Programs
327,900
$
258.55
327,900
$
800,994,423
652,700
260.04
652,700
631,268,708
555,400
251.87
555,400
491,378,008
1,536,000
$
256.77
1,536,000
$
491,378,008
Item 3.
Defaults Upon Senior Securities.
Item 4.
Removed and Reserved.
Item 5.
Other Information.
Table of Contents
Item 6.
Exhibits.
3.1
3.2
*10.1
*10.2
*10.3
*10.4
12.1
15.1
31.1
31.2
32.1
32.2
**101.INS
**101.SCH
**101.CAL
**101.LAB
**101.PRE
**101.DEF
*
Management contract or compensatory plan or arrangement.
**
In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly
Report on Form 10-Q shall be deemed furnished and not filed.
Table of Contents
23
AUTOZONE, INC.
By:
/s/ WILLIAM T. GILES
William T. Giles
Chief Financial Officer, Executive Vice President,
Finance, Information Technology and Store Development
(Principal Financial Officer)
By:
/s/ CHARLIE PLEAS, III
Charlie Pleas, III
Senior Vice President, Controller
(Principal Accounting Officer)
Table of Contents
24
3.1
3.2
*10.1
*10.2
*10.3
*10.4
12.1
15.1
31.1
31.2
32.1
32.2
**101.INS
**101.SCH
**101.CAL
**101.LAB
**101.PRE
**101.DEF
*
Management contract or compensatory plan or arrangement.
**
In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly
Report on Form 10-Q shall be deemed furnished and not filed.
Participant:
|
Robert D. Olsen | |
|
||
Grant Date:
|
January 25, 2011
|
|
|
||
Total Number of Shares of Restricted
Stock:
|
4,800 Shares
|
|
|
||
Vesting Commencement Date:
|
December 15, 2012
|
|
|
||
Vesting Schedule:
|
The Shares shall vest, and the
Restrictions thereon shall lapse,
with respect to one-half (50%) of
the Shares on each of the Vesting
Commencement Date and the first
anniversary of the Vesting
Commencement Date, subject to the
Participants continued service
through the applicable vesting date.
Notwithstanding anything contained herein to the contrary, if the Participant experiences a Termination of Service (i) by the Company without Cause (as defined below) or (ii) by reason of the Participants death or Disability (as defined below), then all of the Shares subject to this Award shall vest, and the Restrictions thereon shall lapse, on the date of such Termination of Service. |
AUTOZONE, INC.: | PARTICIPANT: | |||||||||
|
||||||||||
By:
|
/s/ Tim Briggs | By: | /s/ Robert D. Olsen | |||||||
|
||||||||||
Print Name:
|
Tim Briggs | Print Name: | Robert Olsen | |||||||
Title:
|
Sr. VP, HR | Address: |
P.O. Box 384
Pickwick Dam, TN 38365 |
|||||||
By:
|
/s/ Harry L. Goldsmith | |||||||||
|
||||||||||
Print Name:
|
Harry L. Goldsmith | |||||||||
Title:
|
Executive Vice
President,
General Counsel and Secretary |
A-1
A-2
A-3
A-4
A-5
A-6
Participant:
|
||||
|
||||
Grant Date:
|
||||
|
||||
Exercise Price per Share:
|
$[ ] /Share | |||
|
||||
Total Exercise Price:
|
$ | |||
|
||||
Total Number of Shares
Subject to the Option:
|
shares | |||
|
||||
|
||||
Expiration Date:
|
||||
|
||||
|
||||
Type of Option: | o Incentive Stock Option o Non-Qualified Stock Option | |||
|
||||
Vesting Schedule: | [To be set forth in individual agreement] | |||
|
||||
Termination | The Option shall terminate on the Expiration Date set forth above or, if earlier, in accordance with the terms of the Stock Option Agreement. |
AUTOZONE, INC. | PARTICIPANT | |||||||||
|
||||||||||
By:
|
By: | |||||||||
|
||||||||||
Print Name:
|
Print Name: | |||||||||
|
||||||||||
Title:
|
||||||||||
|
||||||||||
Address:
|
c/o Stock Administration Dept. | Address: | ||||||||
|
||||||||||
|
123 South Front Street | |||||||||
|
||||||||||
|
Memphis, TN 38103 |
A-1
A-2
A-3
A-4
A-5
A-6
A-7
Participant:
|
||||
|
||||
Grant Date:
|
||||
|
||||
Exercise Price per Share:
|
$[ ] /Share | |||
|
||||
Total Exercise Price:
|
$ | |||
|
||||
Total Number of Shares
Subject to the Option:
|
shares | |||
|
||||
|
||||
Expiration Date:
|
||||
|
||||
|
||||
Type of Option: | o Incentive Stock Option o Non-Qualified Stock Option | |||
|
||||
Vesting Schedule: | [To be set forth in individual agreement] | |||
|
||||
Termination | The Option shall terminate on the Expiration Date set forth above or, if earlier, in accordance with the terms of the Stock Option Agreement. |
AUTOZONE, INC. | PARTICIPANT | |||||||||
|
||||||||||
By:
|
By: | |||||||||
|
||||||||||
Print Name:
|
Print Name: | |||||||||
|
||||||||||
Title:
|
||||||||||
|
||||||||||
Address:
|
c/o Stock Administration Dept. | Address: | ||||||||
|
||||||||||
|
123 South Front Street | |||||||||
|
||||||||||
|
Memphis, TN 38103 |
A-1
A-2
A-3
A-4
A-5
A-6
A-7
1
Duration of | ||||
Years of Service | Periodic Severance | |||
0-1
|
12 months | |||
1-5
|
18 months | |||
5+
|
24 months |
Duration of | ||||
Years of Service | Periodic Severance | |||
0-2
|
6 months | |||
2-5
|
9 months | |||
5+
|
12 months |
Duration of | ||||
Years of Service | Periodic Severance | |||
0-2
|
3 months | |||
2-5
|
6 months | |||
5+
|
9 months |
2
3
4
5
Twenty-Four Weeks Ended | ||||||||
February 12, | February 13, | |||||||
2011 | 2010 | |||||||
Earnings:
|
||||||||
Income before income taxes
|
$ | 501,039 | $ | 418,160 | ||||
Fixed charges
|
108,190 | 101,984 | ||||||
Less: Capitalized interest
|
(316 | ) | (527 | ) | ||||
|
||||||||
Adjusted earnings
|
$ | 608,913 | $ | 519,617 | ||||
|
||||||||
|
||||||||
Fixed charges:
|
||||||||
Gross interest expense
|
$ | 74,153 | $ | 71,522 | ||||
Amortization of debt expense
|
3,898 | 2,999 | ||||||
Interest portion of rent expense
|
30,139 | 27,463 | ||||||
|
||||||||
Fixed charges
|
$ | 108,190 | $ | 101,984 | ||||
|
||||||||
|
||||||||
Ratio of earnings to fixed charges
|
5.6 | 5.1 | ||||||
|
Fiscal Year Ended August | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||
|
||||||||||||||||||||
Earnings:
|
||||||||||||||||||||
Income before income taxes
|
$ | 1,160,505 | $ | 1,033,746 | $ | 1,007,389 | $ | 936,150 | $ | 902,036 | ||||||||||
Fixed charges
|
223,608 | 204,017 | 173,311 | 170,852 | 156,976 | |||||||||||||||
Less: Capitalized interest
|
(1,093 | ) | (1,301 | ) | (1,313 | ) | (1,376 | ) | (1,985 | ) | ||||||||||
|
||||||||||||||||||||
Adjusted earnings
|
$ | 1,383,020 | $ | 1,236,462 | $ | 1,179,387 | $ | 1,105,626 | $ | 1,057,027 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||
Gross interest expense
|
$ | 156,135 | $ | 143,860 | $ | 120,006 | $ | 121,592 | $ | 110,568 | ||||||||||
Amortization of debt expense
|
6,495 | 3,644 | 1,837 | 1,719 | 1,559 | |||||||||||||||
Interest portion of rent expense
|
60,978 | 56,513 | 51,468 | 47,541 | 44,849 | |||||||||||||||
|
||||||||||||||||||||
Fixed charges
|
$ | 223,608 | $ | 204,017 | $ | 173,311 | $ | 170,852 | $ | 156,976 | ||||||||||
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Ratio of earnings to fixed charges
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6.2 | 6.1 | 6.8 | 6.5 | 6.7 | |||||||||||||||
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1. | I have reviewed this Quarterly Report on Form 10-Q of AutoZone, Inc. (registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ WILLIAM C. RHODES, III | ||||
William C. Rhodes, III | ||||
Chairman, President and Chief Executive Officer (Principal Executive Officer) | ||||
1. | I have reviewed this Quarterly Report on Form 10-Q of AutoZone, Inc. (registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ WILLIAM T. GILES | ||||
William T. Giles | ||||
Chief Financial Officer, Executive Vice President,
Finance, Information Technology and Store Development (Principal Financial Officer) |
||||
(i) | the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ WILLIAM C. RHODES, III | ||||
William C. Rhodes, III | ||||
Chairman, President and Chief Executive Officer (Principal Executive Officer) | ||||
(i) | the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ WILLIAM T. GILES | ||||
William T. Giles | ||||
Chief Financial Officer, Executive Vice President,
Finance, Information Technology and Store Development (Principal Financial Officer) |
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