ADVANCE AUTO PARTS INC - AAP STOCK NEWS

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 $50,000 cash prize, while each of the five finalist tracks will earn $5,000. Voting runs until May 5, with a final round from May 9-15. The initiative aims to enhance grassroots racing and support local communities.

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 Tom Greco as President and CEO at year-end 2023. Greco plans to assist during the transition while the Board initiates a search for his successor. Under Greco's leadership, the company achieved nearly $2 billion in revenue growth and more than doubled adjusted earnings per share over five years. The Board aims to ensure a smooth leadership transition amidst the completion of the current strategic business plan and the development of a new strategy. The financial results for Q4 and full year 2022 will be detailed in a webcast on February 28.

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.

Advance Auto Parts (NYSE: AAP) will report its fourth quarter and full year 2022 results before market opens on February 28, 2023. A webcast will start at 8:00 a.m. ET, accessible via the company’s Investor Relations website. Interested parties can also pre-register for phone access. Currently, Advance operates 4,747 stores and 313 Worldpac branches primarily in the U.S., with additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands. The company also supports 1,335 Carquest branded stores across various regions.

Advance Auto Parts (NYSE: AAP) collaborates with DieHard to release a mini-documentary featuring Kirstie Ennis, a former Marine and mountaineer. The video, titled “The Climber,” showcases Ennis' inspiring journey after losing her leg in Afghanistan and her goal to summit the Seven Summits. Advance emphasizes the connection between Ennis's determination and the values of the DieHard brand: reliability and power. The documentary will be available on various social media platforms and will debut in theaters in February 2023.

Advance Auto Parts (NYSE: AAP) has announced the retirement of Reuben E. Slone, executive vice president of supply chain, effective January 9, 2023. He will be succeeded by Stephen J. Szilagyi, who previously held senior leadership roles at MSC Industrial Supply and Lowe's. Szilagyi's experience includes driving sales growth and improving supply chain efficiency. Slone will continue in an advisory role until April 2023, ensuring a smooth transition. The leadership change aims to enhance supply chain operations and business strategy execution.

Advance Auto Parts reported Q3 net sales of $2.6 billion, up 0.8% year-over-year, with comparable store sales declining 0.7%. The company returned $167 million to shareholders during the quarter, totaling $860 million year-to-date. Despite a decline in gross profit by 0.2% to $1.2 billion, adjusted gross profit increased by 2.9%. Operating income fell 22.7%, leading to a diluted EPS decrease of 31.3%. The company reiterated its full-year guidance, anticipating adjusted operating income margin expansion while navigating a challenging inflationary environment.

Advance Auto Parts, Inc. (NYSE: AAP) will report its third quarter results for the period ended October 8, 2022 on November 15, 2022, after market close. The company will host a conference call on November 16, 2022, starting at 8:00 a.m. Eastern Time, which can be accessed via a webcast on its Investor Relations website. As of July 16, 2022, Advance operated 4,724 stores and 312 Worldpac branches across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands, in addition to 1,329 independently owned Carquest stores.