AutoZone Announces Preliminary Non-Recurring Charge

    MEMPHIS, Tenn., June 8 AutoZone, Inc. , today
announced initiatives designed to further the creation of shareholder value
and improve return on capital.  The initiatives resulted from AutoZone's
previously announced effort to review all of its under-performing assets.
Based on preliminary results of this review, which management expects to
complete before the end of the fiscal year in August, AutoZone anticipates
reporting an after-tax non-recurring charge of $50 - $75 million for the
quarter.

    This expected charge includes the likely closing of 30 - 60 (of the more
than 3,000 total) auto parts stores located throughout the U.S. that do not
meet the current return on investment criteria.  Historically, AutoZone has
closed less than 1% of its internally developed stores.

    AutoZone continues to explore alternatives relating to its heavy-duty
truck parts subsidiary, TruckPro.  TruckPro continues to be profitable, but
with lower returns than the auto parts business.  Alternatives that may lead
to a write-down of assets include the possible restructuring of operations or
the sale of TruckPro, possibly to management.

    The non-recurring charge estimate also includes expenses relating to the
closing of a very small depot for store supplies located in Memphis, TN, in
addition to an estimate of other possible expenses, including charges related
to merchandise and excess property that do not meet revised hurdle rates.

    "We have nearly completed our strategic planning process and have
identified many opportunities for future growth and profit improvement at
AutoZone," said Steve Odland, chairman and chief executive officer.  "This
expected non-recurring charge relates to assets not meeting new higher company
hurdle rates set as a result of our new plan.  We expect most of the current
charges to be non-cash and believe there will be opportunities to deploy cash
proceeds into higher return initiatives."

    Through the first five weeks of the quarter, AutoZone's same store sales
are in the 4%-5% range.  AutoZone remains comfortable that the fourth quarter
First Call consensus estimate of $0.96 per share, before the restructuring
charge, and the consensus estimate for fiscal 2002 are achievable.

    AutoZone's management will make a presentation at the Credit Suisse First
Boston Global Retailing Conference on Monday, June 11, 2001, at 4:30 p.m. EDT,
that will be webcast by CSFB.  This presentation and the supporting slides
will be available to the general public at AutoZone.com by clicking "About
Us," "Investor Relations," "Presentations."  A replay of the presentation will
be available beginning Tuesday morning, June 12, through Friday, June 22, at
the AutoZone website or by calling 407-998-0664.