Welcome to our dedicated page for Advance Auto Parts news (Ticker: AAP), a resource for investors and traders seeking the latest updates and insights on Advance Auto Parts stock.
Advance Auto Parts, Inc. (NYSE: AAP) is a leading automotive aftermarket parts provider in North America, serving both professional installers and do-it-yourself customers. Founded in Roanoke, VA in 1932, the company operates more than 5,100 stores across the United States, Canada, Puerto Rico, and the Virgin Islands under four brands: Advance Auto Parts, Carquest Auto Parts, Worldpac, and Autopart International. With a team of over 70,000 knowledgeable and dedicated employees, Advance Auto Parts is committed to offering exceptional service and automotive solutions.
The company's core business involves providing a wide range of automotive parts and accessories. It boasts a significant presence in the professional channel, which accounts for about 60% of its sales, while the remaining 40% is geared towards the do-it-yourself market. The robust inventory management system and vast distribution network ensure that customers have access to thousands of stock-keeping units fitting various vehicle makes and models.
Recent achievements include the recognition of several vendor partners during its annual Partner Summit, where National Refrigerants was awarded the 2023 Vendor of the Year for its contributions to Advance's chemicals business. The company is also executing a $150 million cost reduction program and has initiated the sale processes for Worldpac and its Canadian business as part of its strategic review aimed at long-term growth and value creation for shareholders.
Advance Auto Parts is actively involved in community support, evidenced by the Advance Auto Parts Foundation’s recent $1.75 million donation to organizations supporting veterans. The company also maintains a strong focus on technological integration to enhance operational efficiencies and customer experience.
For more information, visit www.AdvanceAutoParts.com.
Advance Auto Parts (NYSE: AAP) has kicked off its third annual Advance My Track Challenge, inviting fans to vote for their favorite NASCAR short track. The winning track will receive a
As part of the program, Advance showcases its commitment to improving local racing venues, which is crucial as NASCAR celebrates its 75th anniversary this year.
Advance Auto Parts (NYSE: AAP) announces the retirement of
Advance Auto Parts (NYSE: AAP) reported a 3.2% increase in fourth-quarter net sales to $2.5 billion and a 2.1% rise in comparable store sales. For the full year, net sales grew 1.4% to $11.2 billion, with comparable store sales up just 0.3%. The GAAP operating income margin improved 64 basis points to 5.3% in Q4, while adjusted diluted EPS rose 39.1% year-over-year to $2.88. Despite challenges, the company is optimistic about performance in 2023, focusing on inventory and strategic pricing to enhance growth. A total of $934 million was returned to shareholders in 2022, with a dividend of $1.50 declared for April 2023.
Advance Auto Parts (NYSE: AAP) has secured a multiyear agreement to become the official sponsor of the checkered flag for all 17 INDYCAR races through the 2025 season, including the iconic Indianapolis 500. This collaboration positions Advance as the official automotive aftermarket retail partner of both INDYCAR and the Indianapolis Motor Speedway. The partnership will also feature a charitable initiative where race-winning drivers receive cash prizes to donate to charities of their choice. The NTT INDYCAR SERIES season will commence with the Firestone Grand Prix of St. Petersburg on March 5, 2023.
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