AutoZone Updates Outlook For Second Quarter and Fiscal Year 2001

    MEMPHIS, Tenn., Jan. 19 AutoZone, Inc. (NYSE symbol: AZO),
today announced that based on quarter-to-date operating results, the company
projects earnings of approximately $.28 per share for its second quarter
ending February 10, 2001, compared to $.28 per share in the second quarter of
fiscal 2000.  For the fiscal year, AutoZone expects to report earnings
per share in the range of  $2.25-$2.30 and remains comfortable with
15% earnings per share growth in fiscal 2002.  These expectations are based on
a range of same store sales growth of 2%-4% for the second half of fiscal 2001
and for fiscal 2002.
    Same store sales, or sales for domestic auto parts stores open at least
one year, have increased 1% to date during the quarter.  Lower than expected
sales have negatively impacted operating expense leverage in the second
quarter which is already the most difficult period for achieving leverage due
to seasonality of the auto parts business.  The company believes that its
customers have been impacted by weakening economic conditions, high energy
costs and high gas prices in the quarter.
    Revised expectations for the second quarter include a higher than normal
inventory shrinkage rate, a reserve for expected uncollectible receivables
from Montgomery Ward, a commercial customer, resulting from their recent
bankruptcy filing, and expenses related to our recently completed search for a
new chief executive officer.
    AutoZone expects to release final results for the quarter on February 27,
2001, followed by a conference call.
    AutoZone sells auto and light truck parts, chemicals and accessories
through 2,956 AutoZone stores in 42 states plus the District of Columbia in
the U.S. and 13 AutoZone stores in Mexico.  AutoZone also sells heavy-duty
truck parts through 49 TruckPro stores in 15 states, and automotive diagnostic
and repair software through ALLDATA, diagnostic and repair information through
alldatadiy.com, and auto and light truck parts through autozone.com.

    Certain statements contained in this press release are forward-looking
statements.  These statements discuss, among other things, expected sales and
sales growth, earnings and earnings growth, and future performance.  These
forward-looking statements are subject to risks, uncertainties and
assumptions, including without limitation, competition, product demand,
domestic and international economies, government approvals, inflation, the
ability to hire and retain qualified employees, consumer debt levels and the
weather.  Actual results may materially differ from anticipated results.
Please refer to the Risk Factors section of Form 10-K for the year ended
August 26, 2000, for more details.