MEMPHIS, Tenn. – AutoZone’s Board of Directors has authorized the repurchase of an additional $500 million of the company's common stock in connection with its ongoing share repurchase program.

"AutoZone's strong financial performance has allowed us to continue to repurchase our stock while maintaining our investment grade credit ratings," said Bill Giles, executive vice president, CFO, Information Technology and Store Development. "We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans."

Since the inception of the repurchase program in 1998, and including the above amount, AutoZone's board has authorized $8.9 billion.