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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 has awarded Berlin Raceway $50,000 as the winner of the 'Advance My Track Challenge', following a fan voting event. The raceway received the most votes among six NASCAR-sanctioned tracks in the final round held May 9-10. In addition, Hudson Speedway and Alaska Raceway Park received $15,000 and $10,000, respectively, for their second and third-place finishes. The initiative, part of Advance's support for grassroots racing, saw participation from 22 tracks starting March 24, with plans to return next year, enhancing local racing communities and offering economic benefits.
Advance Auto Parts (NYSE: AAP) launches its 'Road Trip Ready' sweepstakes, inviting families to win travel-themed prizes this summer. The grand prize includes a 2021 Coleman Lantern travel trailer, a $500 fuel card, a $500 Camping World gift card, and a $500 Advance Auto Parts gift card. Five additional winners will receive vacation packages to popular destinations. The contest runs until May 31, 2021. Advance Auto Parts supports motorists with free curbside services and offers a variety of automotive parts to ensure vehicles are road trip ready.
Advance Auto Parts (NYSE: AAP) announced a $1 billion increase in its share repurchase authorization, raising the total to approximately $1.3 billion. The Board also declared a quarterly cash dividend of $1.00 per share, up from $0.25, payable July 2, 2021. CEO Tom Greco highlighted the company's robust 2020 results and strong financial position. For 2021, the company projects comparable store sales growth of 22% to 24% in Q1 and increased full-year guidance, signaling confidence in its strategic initiatives and financial health.
Advance Auto Parts (NYSE: AAP) reported strong Q1 2021 estimated results prior to its virtual strategy presentation on April 20, 2021. The company anticipates comparable store sales growth of 22%-24%, with a two-year stack growth of 13%-15%. Adjusted operating income margin is projected between 8.5%-8.7%. The company's buyback program has returned approximately $170 million through the repurchase of 1.1 million shares. CEO Tom Greco highlighted the positive impact of government stimulus, favorable weather, and increased driving as factors contributing to growth.
Advance Auto Parts (NYSE: AAP) will present its updated strategic business plan on April 20, 2021, at 10:00 a.m. ET. CEO Tom Greco and CFO Jeff Shepherd, along with the executive team, will outline progress on transformation initiatives and long-term objectives. A virtual Q&A will follow the presentation. Registration is required to participate, and a replay will be available post-event. As of January 2, 2021, Advance operated 4,806 stores and 170 Worldpac branches across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands.
Advance Auto Parts, Inc. (NYSE: AAP) announced the departure of Andrew Page, senior VP and chief accounting officer, effective April 9, 2021, as he pursues a CFO role. Tom Greco, CEO, praised Page's significant contributions, including improvements in accounting functions and initiatives supporting diversity and inclusion. A search for a new CAO has commenced, and CFO Jeff Shepherd will handle CAO responsibilities temporarily. The company operates 4,806 stores across North America and serves about 1,277 independent Carquest stores.
Advance Auto Parts (NYSE: AAP) has launched the “Advance My Track Challenge,” a grassroots program aimed at connecting NASCAR short tracks with their communities. Running until April 27, fans can vote for their favorite of 22 tracks to win cash prizes for upgrades, with the top three tracks awarded $50,000, $15,000, and $10,000, respectively. The initiative aims to engage racing fans and enhance local tracks. The program coincides with Team Penske's Ryan Blaney's participation in the NASCAR Cup Series, showcasing the challenge on his car.
Advance Auto Parts, Inc. (NYSE: AAP) announces the departure of Mike Broderick, EVP of merchandising and store operations, to pursue a CEO role. The company is expanding executive responsibilities to enhance operations and support transformation. Michael C. Creedon, Jr. has been promoted to EVP of U.S. stores, with comprehensive store operations oversight. Jason McDonell's role has expanded to include merchandising, while Ken Bush will lead the merchandising function. Additionally, Advance plans to convert 109 Pep Boys stores in California to Advance locations, boosting its omnichannel presence.
Advance Auto Parts (NYSE: AAP) reported strong financial results for Q4 and full year 2020, with net sales reaching $10.1 billion, a 4.1% increase. Q4 net sales rose 12.0% to $2.4 billion, and comparable store sales were up 4.7%. Operating income grew 20.4% to $151.8 million, while diluted EPS increased by 19.6% to $1.65. The company returned $514.9 million to shareholders via buybacks and dividends. For 2021, expectations include net sales between $10.1 billion and $10.3 billion, with comparable store sales growth of 1.0% to 3.0%. The outlook remains optimistic as the economy stabilizes.
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