AutoZone Announces Additional Stock Repurchase

MEMPHIS, Tenn., June 11 -- 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 $500 million in common stock authorized in January 2003. Additionally, the Board of Directors approved the use of a 10b5-1 plan to execute share repurchases.

"AutoZone's strong financial performance has allowed us to repurchase stock at an accelerated rate while still maintaining strong credit ratios," said Steve Odland, President and Chief Executive Officer. "We will continue to utilize accretive share repurchases within the bounds of a disciplined capital structure to enhance shareholder returns."

As of May 10, 2003, AutoZone sells auto and light truck parts, chemicals and accessories through 3,152 AutoZone stores in 45 states plus the District of Columbia in the U.S. and 43 AutoZone stores in Mexico and also sells the ALLDATA brand diagnostic and repair software. On the web, AutoZone sells diagnostic and repair information through www.alldatadiy.com, and auto and light truck parts through www.autozone.com.