With $4.6 billion in retail sales, 160 new stores opened this year, and a presence in all 48 continental United States, AutoZone stores are geared to providing vehicle solutions to do-it- yourselfers (DIYers). And with $60 billion * in undone maintenance, tremendous growth potential lies ahead. We have only just begun! #1 Growth Priority: U.S. Retail The U.S. Retail business is AutoZone’s number one vehicle for growth. It represents 85% of the total company’s sales in fiscal 2002, and is at the core of our company’s founding. From the first store opened in 1979 to our 3,219th store opened this year, we have been about growing our business methodically and profitably. With an estimated 215 million* registered vehicles in the U.S. alone, a car population that continues to age, and estimated unperformed annual maintenance of nearly $60 billion,* we have a tremendous opportunity to not only meet, but exceed our customers’ expectations. In an industry we describe as “acyclical,” where in economic good times and bad there has been growth, we are the leader. With the most stores, the highest average sales per store, sales per square foot, operating margin, and return on invested capital, we owe it  to our customers, AutoZoners, and shareholders to continuously innovate to ensure the customer’s AutoZone shopping experience is second to none. It starts with our people. Our AutoZoners are the best! Their  service and dedication to helping the customer do the job right, the first time, is what sets us apart. Next, our proprietary systems allow us to tailor every store’s inventory to meet the needs of  its surrounding car population. Then comes our innovative mer- chandising efforts. In our continuous pursuit of creating a uniquely fresh and inviting place to shop, we absolutely demand our stores be visually stimulating places for our customers to visit for their automotive needs. Finally, it is about being creative in our marketing efforts to retain current customers and reach potential customers by focusing on AutoZone’s ability to have the right part at the right time and at the right price. We owe it to our shareholders to constantly be innovative. We are the leader, and are committed to staying out in front! * AAIA 2003/2004 Factbook 12