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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) reported Q1 2022 net sales of $3.4 billion, up 1.3%. Comparable store sales rose 0.6%, with a significant 25.3% increase over two years. Gross profit grew 1.5% to $1.5 billion, and adjusted gross margins improved to 47.1%. Operating income declined 19.4% to $203.3 million, while diluted EPS fell 19.6% to $2.26. The company returned over $400 million to shareholders and reaffirmed its full-year guidance, anticipating adjusted EPS growth and steady store openings. The introduction of the DieHard EV battery aligns with their strategic growth initiatives.
Advance Auto Parts has launched the DieHard EV, the first 12-volt battery specifically designed for hybrid and electric vehicles, in collaboration with Clarios. Available exclusively at Advance and Carquest stores, the DieHard EV boasts 30% more cycling than standard AGM batteries, ensuring reliable performance and safety for critical vehicle functions. With growing demand, as evidenced by an 83% rise in electric vehicle sales in 2021, this innovation positions Advance to meet the needs of a changing automotive market.
Advance Auto Parts (NYSE: AAP) will release its first quarter financial results on May 23, 2022, following market closure. A conference call to discuss these results is scheduled for May 24, 2022, at 8:00 a.m. ET. Interested individuals can join the call via a webcast through the company's Investor Relations website. Advance operates 4,706 stores and 266 Worldpac branches, serving North America, including the U.S., Canada, Puerto Rico, and more. For further details, access their Investor Relations page.
Advance Auto Parts (NYSE: AAP) has entered into a multi-year partnership with the Los Angeles Dodgers, becoming the official auto parts retailer for the team. The agreement includes in-stadium signage at all home games for the 2022 season and the use of Dodgers branding in retail locations. Advance aims to enhance its presence in the Los Angeles market and will sponsor community events, including the Mexican Heritage games on May 17, where fans will receive special jerseys. This partnership highlights Advance's commitment to serve local communities and aligns with its growth strategy.
Advance Auto Parts (NYSE: AAP) has announced the return of its Advance My Track Challenge, allowing fans to vote for their favorite NASCAR Home Track, with a grand prize of
Advance Auto Parts (NYSE: AAP) announced the appointment of Joan Hilson as a member of its Board of Directors effective March 15, 2022. Hilson brings over 35 years of financial expertise, predominantly in the retail sector, having served as Chief Financial & Strategy Officer at Signet Jewelers since 2019. Her previous roles include vacancies at David’s Bridal and American Eagle Outfitters, enhancing her qualifications. The Board Chair, Eugene I. Lee, emphasized her significant experience in driving profitable growth, aligning with the company's strategic aims.
Advance Auto Parts reported a strong financial performance for 2021, achieving a net sales increase of 8.8% to $11.0 billion. Fourth-quarter net sales rose 1.3%, with comparable store sales up 8.2%. The company increased operating cash flow by 14.7% to $1.1 billion and free cash flow by 17.2% to $822.6 million. A record $1.0 billion was returned to shareholders, alongside a 50% dividend increase. For 2022, the guidance suggests net sales between $11.2 billion and $11.5 billion, with comparable store sales growth of 1.0% to 3.0%.
Advance Auto Parts (NYSE: AAP) has announced that its DieHard AGM batteries are the first in the automotive industry to receive circular economy validation from UL. This recognition affirms that 94% of materials in new batteries are sourced from recycled batteries returned at Advance or Carquest stores. This sustainable practice significantly reduces environmental impact. The validation emphasizes consumer awareness of eco-friendly choices, with DieHard batteries positioned as reliable options for environmentally conscious motorists.
Advance Auto Parts, Inc. (NYSE: AAP) will release its fourth quarter and full year 2021 results on February 14, 2022, after market close. A conference call to discuss the results is set for February 15, 2022, at 8:00 a.m. ET, accessible via the company's Investor Relations website. The company operates 4,727 stores and 234 Worldpac branches across North America, serving both professional installers and DIY customers.
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