AutoZone Q2 EPS Expected to Increase Approximately 33-36% Announces Increased Share Repurchase Authorization AutoZone Wins Antitrust Lawsuit

    MEMPHIS, Tenn., Jan. 29 -- AutoZone, Inc.
today announced that based on quarter-to-date operating results,
the company projects earnings of approximately $.77 to $.79 per share for its
second quarter ending February 15, 2003, compared to $.58 per share in the
second quarter of fiscal 2002, for an increase of approximately 33-36%.  These
expectations are based on total same store sales growth of 1% to 2%, with
retail same store sales of about (1%) for the second quarter of fiscal 2003.
This quarter is cycling the peak of same store sales growth last year of 12%.

    Additionally, AutoZone, Inc. today announced that its Board of Directors
authorized the repurchase of an additional $500 million of the company's
common stock, in connection with the ongoing share repurchase program.  The
company has almost completed the repurchase of the $300 million in common
stock authorized in July 2002.

    Finally, AutoZone announced today that it was victorious in defending its
antitrust lawsuit.  The suit had been brought by the so-called "Coalition for
a Level Playing Field," a group of automotive aftermarket warehouse
distributors and jobbers, who alleged that AutoZone received prices from
product manufacturers in violation of the Robinson-Patman Act.  The unanimous
federal court jury's action indicates that AutoZone acted in accordance with
the law.

    As of November 23, 2002, AutoZone sells auto and light truck parts,
chemicals and accessories through 3,098 AutoZone stores in 44 states plus the
District of Columbia in the U.S. and 40 AutoZone stores in Mexico and also
sells the ALLDATA brand automotive diagnostic and repair software.  On the
web, AutoZone sells diagnostic and repair information through
http://www.alldatadiy.com, and auto and light truck parts through http://www.autozone.com.

    Certain statements contained in this press release are forward-looking
statements.  These statements discuss, among other things, estimates of
financial results, business strategies and future performance. These forward-
looking statements are subject to risks, uncertainties and assumptions,
including, without limitation, accuracy of estimates, competition, product
demand, the economy, inflation, gasoline prices, consumer debt levels, war and
the prospect of war, including terrorist activity, and availability of
commercial transportation.  Actual results may materially differ from
anticipated results. Please refer to the Risk Factors section of AutoZone's
Form 10-K for the fiscal year ended August 31, 2002, for more information
related to those risks.  AutoZone undertakes no obligation to publicly release
any revisions to any forward-looking statements contained in this press
release to reflect events or circumstances occurring after the date of this
release or to reflect the occurrence of unanticipated events.

    AutoZone expects to release final results for the quarter on March 4,
2003, followed by a conference call.