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    Advance Auto Parts Reports Third Quarter 2024 Results and Completes Comprehensive Review of Operational Productivity

    11/14/24 6:30:00 AM ET
    $AAP
    Auto & Home Supply Stores
    Consumer Discretionary
    Get the next $AAP alert in real time by email
    • Announces Asset Optimization Program Targeting Reduction of 500 Corporate Stores, 200 Independently Owned Locations and Four Distribution Centers by Mid-2025
    • Introduces New Fiscal 2027 Financial Objectives Targeting Approximately 7% Adjusted Operating Income Margin (1) and Approximately 2.5x Debt Leverage Ratio; Provides Preliminary 2025 Guidance
    • Identifies Over 500-basis points of Operating Margin Expansion Opportunity Through Fiscal 2027 With Focus on Core Retail Fundamental Excellence

    Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the third quarter ended October 5, 2024.

    "We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business," said Shane O'Kelly, president and chief executive officer. "We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value."

    On November 1, 2024, the company completed its previously announced sale of Worldpac for aggregate cash consideration of approximately $1.5 billion, as adjusted for working capital and other items. Unless otherwise specified, results are presented on a continuing operations basis.

    Third Quarter 2024 Results (1,2,3,4)

    Third quarter 2024 net sales from continuing operations totaled $2.1 billion, compared with $2.2 billion in the third quarter of the prior year. Comparable store sales decreased 2.3%.

    The company's gross profit increased 11.0% to $907.9 million, or 42.3% of net sales compared with 36.9% in the third quarter of the prior year. The leverage improvement was primarily due to lapping the one-time impact in the change for inventory reserves in the prior year as well as stabilizing product costs offset by strategic pricing investments.

    The company's SG&A expenses were $907.5 million, or 42.2% of net sales. Adjusted SG&A expenses were $891.2 million, or 41.5% of net sales compared with 40.2% in the third quarter of 2023, primarily due to lower sales. The company also incurred high labor-related expenses due to wage investments in frontline team members that were partially offset by a reduction in marketing expenses.

    The company's operating income was $403.0 thousand, or zero percent of net sales. Adjusted operating income was $16.7 million, or 0.8% of net sales compared with (3.3)% in the third quarter of 2023. In addition, our operating income margin was negatively impacted by approximately 125 basis points of atypical items and headwinds in the period (such as lost revenue from Hurricane Helene and downtime from the CrowdStrike outage) that are not included in non-GAAP adjustments.

    The company's effective tax rate was (58.4)%, compared with 24.5% in the third quarter of 2023. The company's diluted loss per share for the quarter was $0.42. The company's adjusted diluted loss per share was $0.04 compared with a loss per share of $1.19 in the third quarter of 2023. The types of unusual headwinds in the quarter noted above, which are not included in the non-GAAP adjustments, negatively impacted the company's earnings per share by 34 cents.

    Net cash provided by operating activities was $81.0 million through the third quarter of 2024 versus $28.3 million of cash used in operating activities in the same period of the prior year. Free cash flow through the third quarter of 2024 was an outflow of $48.7 million compared with an outflow of $202.5 million in the same period of the prior year.

    (1)

     

    Adjusted Operating Income Margin is a non-GAAP measure. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables.

    (2)

     

    All comparisons are based on continuing operations for the same time period in the prior year, unless otherwise specified. The company calculates comparable store sales based on the change in store or branch sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. Acquired stores are included in the company's comparable store sales one year after acquisition. The company includes sales from relocated stores in comparable store sales from the original date of opening.

    (3)

     

    As reported in the company's fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company's prior earnings release dated February 28, 2024.  

    (4)

     

    On August 22, 2024, the company entered into a definitive purchase agreement to sell its Worldpac Inc. business ("Worldpac"), which reflects a strategic shift in its business. The sale was completed on November 1, 2024. As a result, the company has classified the results of operations and cash flows of Worldpac as discontinued operations in its condensed consolidated statements of operations and condensed consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the condensed consolidated balance sheets.

    Capital Allocation

    On October 29, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on January 24, 2025, to all common stockholders of record as of January 10, 2025.

    Full Year 2024 Guidance

    For the balance of 2024, the company is providing guidance that includes expectations for continuing operations as well as adjusted metrics that take into account non-GAAP adjustments.

     

     

    As of November 14, 2024

    ($ in millions, except per share data)

     

    Low

     

    High

    Net sales from continuing operations

     

    Approx. $9,000

    Comparable store sales (1)

     

    Approx. (1.0%)

    Adjusted operating income margin from continuing operations

     

     

    0.25

    %

     

     

    0.75

    %

    Adjusted diluted EPS from continuing operations

     

    $

    (0.60

    )

     

    $

    0.00

     

    Capital expenditures

     

    $

    175

     

     

    $

    225

     

    Free cash flow (2)

     

    Approx. flat (including strategic costs)

    (1)

     

    The company calculates comparable store sales based on the change in store or branch sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. Acquired stores are included in the company's comparable store sales one year after acquisition. The company includes sales from relocated stores in comparable store sales from the original date of opening.

    (2)

     

    Adjusted operating income margin from continuing operations, Adjusted diluted EPS from continuing operations and Free cash flow are non-GAAP measures. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables. The company is not able to provide a reconciliation of these forward-looking non-GAAP measures because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts.

    Strategic Priorities and Financial Objectives

    Strategic Priorities

    The company is executing a strategic plan to improve business performance with a focus on core retail improvements. The company has identified opportunities that it believes can improve adjusted operating income margin by more than 500-basis points through fiscal 2027. This strategic plan is anchored on three pillars outlined below to put the company on the path to deliver consistent profitable growth.

    • Store operations
      • Reduction in U.S. asset footprint - closing 523 Advance corporate stores, exiting 204 independent locations, and closing four distribution centers.
      • Standardization of store operating model and improving labor productivity.
      • Acceleration in pace of new store openings.
    • Merchandising excellence
      • Strategic sourcing to improve first costs and bring parts to market faster.
      • Assortment management to enhance availability of parts.
      • Pricing and promotions management to improve gross margin.
    • Supply chain
      • Consolidation of distribution centers to operate 13 large facilities by 2026.
      • Opening of 60 market hub locations by mid-2027.
      • Optimization of transportation routes and freight to lower costs and improve productivity.

    Financial Objectives (Advance Auto Parts continuing operations)

    The company is introducing new fiscal 2027 financial objectives and providing preliminary fiscal 2025 guidance.

     

     

    Preliminary FY 2025 Guidance (53 weeks)

     

    FY 2027 Objectives

    Net sales ($ in millions)

     

    $8,400 - $8,600

     

    Approx. $9,000

    Comparable sales growth

     

    0.50% - 1.50%

     

    Positive low-single-digit %

    New store growth

     

    30 new stores

     

    50 to 70 new stores

    Adjusted operating income margin (1)

     

    2.00% - 3.00%

     

    Approx. 7.00%

    Leverage Ratio (Adj. debt/ Adj. EBITDAR) (1)

     

    3.0x – 4.0x

     

    Approx. 2.5x

    (1)

     

    Adjusted operating income margin is based on performance of Advance continuing operations and excludes intercompany margins related to Worldpac. Adjusted operating income margin from continuing operations and Adjusted Debt to Adjusted EBITDAR ratio ("leverage ratio") are non-GAAP measures. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables. The company is not able to provide a reconciliation of these forward-looking non-GAAP measures because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts.

    Investor Conference Call

    The company will detail its results for the third quarter ended October 5, 2024, via a webcast scheduled to begin at 8 a.m. Eastern Time on Thursday, November 14, 2024. The webcast will be accessible via the Investor Relations page of the company's website (ir.AdvanceAutoParts.com).

    To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the company's Investor Relations website for one year.

    About Advance Auto Parts

    Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of October 5, 2024, Advance operated 4,781 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,125 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

    Forward-Looking Statements

    Certain statements herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast, "guidance," "intend," "likely," "may," "plan," "position," "possible," "potential," "probable," "project," "should," "strategy," "target," "will," or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the company's strategic initiatives, restructuring and asset optimization plans, financial objectives, operational plans and objectives, statements about the sale of the company's Worldpac business, including statements regarding the benefits of the sale and use of proceeds therefrom, statements regarding expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company's views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company's ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, risks associated with the company's restructuring and asset optimization plans, deterioration of general macroeconomic conditions, geopolitical factors, the highly competitive nature of the industry, demand for the company's products and services, ongoing risks associated with the disposition of Worldpac, the company's ability to maintain credit ratings, risks relating to the impairment of assets, including intangible assets such as goodwill, access to financing on favorable terms, complexities in the company's inventory and supply chain and challenges with transforming and growing its business. Please refer to "Item 1A. Risk Factors" of the company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as updated by the company's subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

    Advance Auto Parts, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets

    (In thousands) (unaudited)

     

     

     

    October 5, 2024

     

    December 30, 2023

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    464,492

     

    $

    488,049

    Receivables, net

     

     

    668,937

     

     

    609,528

    Inventories, net

     

     

    4,042,200

     

     

    3,893,569

    Other current assets

     

     

    180,448

     

     

    180,402

    Current assets held for sale

     

     

    2,137,690

     

     

    1,205,473

    Total current assets

     

     

    7,493,767

     

     

    6,377,021

    Property and equipment, net

     

     

    1,479,738

     

     

    1,555,985

    Operating lease right-of-use assets

     

     

    2,399,630

     

     

    2,347,073

    Goodwill

     

     

    600,182

     

     

    601,159

    Other intangible assets, net

     

     

    409,501

     

     

    419,161

    Other noncurrent assets

     

     

    85,366

     

     

    85,988

    Noncurrent assets held for sale

     

     

    —

     

     

    889,939

    Total assets

     

    $

    12,468,184

     

    $

    12,276,326

    Liabilities and Stockholders' Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    3,498,460

     

    $

    3,526,079

    Accrued expenses

     

     

    641,914

     

     

    616,067

    Other current liabilities

     

     

    458,343

     

     

    396,408

    Current liabilities held for sale

     

     

    994,824

     

     

    768,851

    Total current liabilities

     

     

    5,593,541

     

     

    5,307,405

    Long-term debt

     

     

    1,788,513

     

     

    1,786,361

    Noncurrent operating lease liabilities

     

     

    2,018,383

     

     

    2,039,908

    Deferred income taxes

     

     

    380,118

     

     

    355,635

    Other long-term liabilities

     

     

    89,949

     

     

    83,538

    Noncurrent liabilities held for sale

     

     

    —

     

     

    183,751

    Total stockholders' equity

     

     

    2,597,680

     

     

    2,519,728

    Total liabilities and stockholders' equity

     

    $

    12,468,184

     

    $

    12,276,326

    Advance Auto Parts, Inc. and Subsidiaries

    Condensed Consolidated Statements of Operations

    (In thousands, except per share data) (unaudited)

     

     

     

     

     

     

     

    Twelve Weeks Ended

     

    Forty Weeks Ended

     

     

    October 5, 2024

     

    October 7, 2023(1)

     

    October 5, 2024

     

    October 7, 2023(1)

    Net sales

     

    $

    2,147,991

     

     

    $

    2,218,205

     

     

    $

    7,098,302

     

     

    $

    7,194,670

     

    Cost of sales, including purchasing and warehousing costs

     

     

    1,240,093

     

     

     

    1,400,638

     

     

     

    4,036,898

     

     

     

    4,154,190

     

    Gross profit

     

     

    907,898

     

     

     

    817,567

     

     

     

    3,061,404

     

     

     

    3,040,480

     

    Selling, general and administrative expenses

     

     

    907,495

     

     

     

    896,145

     

     

     

    2,954,707

     

     

     

    2,959,238

     

    Operating income (loss)

     

     

    403

     

     

     

    (78,578

    )

     

     

    106,697

     

     

     

    81,242

     

    Other, net:

     

     

     

     

     

     

     

     

    Interest expense

     

     

    (18,805

    )

     

     

    (19,375

    )

     

     

    (62,127

    )

     

     

    (69,948

    )

    Other income (expense), net

     

     

    2,393

     

     

     

    (305

    )

     

     

    12,769

     

     

     

    232

     

    Total other, net

     

     

    (16,412

    )

     

     

    (19,680

    )

     

     

    (49,358

    )

     

     

    (69,716

    )

    (Loss) income before provision for income taxes

     

     

    (16,009

    )

     

     

    (98,258

    )

     

     

    57,339

     

     

     

    11,526

     

    Provision for income taxes

     

     

    9,354

     

     

     

    (24,072

    )

     

     

    34,763

     

     

     

    6,360

     

    Net (loss) income from continuing operations

     

     

    (25,363

    )

     

     

    (74,186

    )

     

     

    22,576

     

     

     

    5,166

     

    Net income from discontinued operations

     

     

    19,349

     

     

     

    12,149

     

     

     

    56,413

     

     

     

    59,696

     

    Net (loss) income

     

    $

    (6,014

    )

     

    $

    (62,037

    )

     

    $

    78,989

     

     

    $

    64,862

     

     

     

     

     

     

     

     

     

     

    Basic (loss) earnings per common share from continuing operations

     

    $

    (0.42

    )

     

    $

    (1.25

    )

     

    $

    0.38

     

     

    $

    0.09

     

    Basic earnings per common share from discontinued operations

     

     

    0.32

     

     

     

    0.20

     

     

     

    0.95

     

     

     

    1.00

     

    Basic (loss) earnings per common share

     

    $

    (0.10

    )

     

    $

    (1.05

    )

     

    $

    1.33

     

     

    $

    1.09

     

    Basic weighted-average common shares outstanding

     

     

    59,684

     

     

     

    59,474

     

     

     

    59,618

     

     

     

    59,411

     

     

     

     

     

     

     

     

     

     

    Diluted (loss) earnings per common share from continuing operations

     

    $

    (0.42

    )

     

    $

    (1.24

    )

     

    $

    0.38

     

     

    $

    0.09

     

    Diluted earnings per common share from discontinued operations

     

     

    0.32

     

     

     

    0.20

     

     

     

    0.94

     

     

     

    1.00

     

    Diluted (loss) earnings per common share

     

    $

    (0.10

    )

     

    $

    (1.04

    )

     

    $

    1.32

     

     

    $

    1.09

     

    Diluted weighted-average common shares outstanding

     

     

    59,902

     

     

     

    59,630

     

     

     

    59,878

     

     

     

    59,588

     

    (1)

     

    The condensed consolidated statement of operations for the twelve and forty weeks ended October 7, 2023, reflects the correction of non-material errors the company discovered in previously reported results.

    Advance Auto Parts, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows

    (In thousands) (unaudited)

     

     

     

     

     

     

     

    Forty Weeks Ended

     

     

    October 5, 2024

     

    October 7, 2023

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    78,989

     

     

    $

    64,862

     

    Net income from discontinued operations

     

     

    56,413

     

     

     

    59,696

     

    Net income from continuing operations

     

     

    22,576

     

     

     

    5,166

     

    Adjustments to reconcile net income to net cash used in operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    217,197

     

     

     

    206,658

     

    Share-based compensation

     

     

    33,810

     

     

     

    33,777

     

    (Gain) Loss on sale and impairment of long-lived assets

     

     

    (14,273

    )

     

     

    1,886

     

    Provision for deferred income taxes

     

     

    24,289

     

     

     

    (27,811

    )

    Other, net

     

     

    2,986

     

     

     

    2,436

     

    Net change in:

     

     

     

     

    Receivables, net

     

     

    (60,383

    )

     

     

    (161,629

    )

    Inventories, net

     

     

    (152,229

    )

     

     

    (110,871

    )

    Accounts payable

     

     

    (25,225

    )

     

     

    (77,336

    )

    Accrued expenses

     

     

    30,794

     

     

     

    171,117

     

    Other assets and liabilities, net

     

     

    1,477

     

     

     

    (71,707

    )

    Net cash provided by (used in) operating activities from continuing operations

     

     

    81,019

     

     

     

    (28,314

    )

    Net cash provided by operating activities from discontinued operations

     

     

    76,917

     

     

     

    57,148

     

    Net cash provided by operating activities

     

     

    157,936

     

     

     

    28,834

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property and equipment

     

     

    (129,714

    )

     

     

    (174,186

    )

    Proceeds from sales of property and equipment

     

     

    13,232

     

     

     

    2,001

     

    Net cash used in investing activities of continuing operations

     

     

    (116,482

    )

     

     

    (172,185

    )

    Net cash used in investing activities of discontinued operations

     

     

    (7,988

    )

     

     

    (13,015

    )

    Net cash used in investing activities

     

     

    (124,470

    )

     

     

    (185,200

    )

    Cash flows from financing activities:

     

     

     

     

    Borrowings under credit facilities

     

     

    —

     

     

     

    4,805,000

     

    Payments on credit facilities

     

     

    —

     

     

     

    (4,990,000

    )

    Borrowings on senior unsecured notes

     

     

    —

     

     

     

    599,571

     

    Dividends paid

     

     

    (44,882

    )

     

     

    (194,322

    )

    Purchases of noncontrolling interests

     

     

    (9,101

    )

     

     

    —

     

    Proceeds from the issuance of common stock

     

     

    2,995

     

     

     

    3,045

     

    Repurchases of common stock

     

     

    (5,601

    )

     

     

    (14,237

    )

    Other, net

     

     

    (1,143

    )

     

     

    (5,010

    )

    Net cash (used in) provided by financing activities

     

     

    (57,732

    )

     

     

    204,047

     

     

     

    Forty Weeks Ended

     

     

    October 5, 2024

     

    October 7, 2023

    Effect of exchange rate changes on cash

     

     

    11,766

     

     

     

    (1,932

    )

     

     

     

     

     

    Net (decrease) increase in cash and cash equivalents

     

     

    (12,500

    )

     

     

    45,749

     

    Cash and cash equivalents, beginning of period

     

     

    503,471

     

     

     

    270,805

     

    Cash and cash equivalents, end of period

     

    $

    490,971

     

     

    $

    316,554

     

     

     

     

     

     

    Summary of cash and cash equivalents:

     

     

     

     

    Cash and cash equivalents of continuing operations, end of period

     

    $

    464,492

     

     

    $

    308,804

     

    Cash and cash equivalents of discontinued operations, end of period

     

     

    26,479

     

     

     

    7,750

     

    Cash and cash equivalents, end of period

     

    $

    490,971

     

     

    $

    316,554

     

    (1)

     

    The condensed consolidated statement of cash flows for the forty weeks ended October 7, 2023, reflects the correction of non-material errors the company discovered in previously reported results.

    Restatement of Previously Issued Financial Statements

    During the fiscal year ended December 30, 2023, the company identified errors primarily impacting cost of sales, selling, general and administrative costs and other income/expenses, net, incurred in prior years but not previously recognized. The company evaluated the errors and determined that the related impacts were not material to the previously issued consolidated financial statements for any prior period. A summary of the corrections to the impacted financial statement line items in the company's Condensed Consolidated Statement of Operations for the twelve and forty weeks ended October 7, 2023, and the company's Condensed Consolidated Statement of Cash Flows for the forty weeks ended October 7, 2023, included in the company's previously filed Annual Report on Form 10-K are presented below:

    Condensed Consolidated Statement of Operations

    October 7, 2023

     

     

    Twelve Weeks Ended

    (in thousands)

     

    As Previously Reported

     

    Adjustments

     

    As Corrected

     

    Discontinued Operations

     

    As Corrected, after Discontinued Operations

    Cost of sales

     

    $

    1,732,420

     

     

    $

    16,379

     

     

    $

    1,748,799

     

     

    $

    348,161

     

    $

    1,400,638

     

    Gross profit

     

     

    986,659

     

     

     

    (16,379

    )

     

     

    970,280

     

     

     

    152,713

     

     

    817,567

     

    Selling, general and administrative expenses

     

     

    1,030,355

     

     

     

    878

     

     

     

    1,031,233

     

     

     

    135,088

     

     

    896,145

     

    Operating (loss) income

     

     

    (43,696

    )

     

     

    (17,257

    )

     

     

    (60,953

    )

     

     

    17,625

     

     

    (78,578

    )

    (Loss) Income before provision for income taxes

     

     

    (64,319

    )

     

     

    (17,257

    )

     

     

    (81,576

    )

     

     

    16,682

     

     

    (98,258

    )

    Provision for income taxes

     

     

    (15,686

    )

     

     

    (3,853

    )

     

     

    (19,539

    )

     

     

    4,533

     

     

    (24,072

    )

    Net (loss) income

     

    $

    (48,633

    )

     

    $

    (13,404

    )

     

    $

    (62,037

    )

     

    $

    12,149

     

    $

    (74,186

    )

     

     

     

     

     

     

     

     

     

     

     

    Basic (loss) earnings per share

     

    $

    (0.82

    )

     

    $

    (0.23

    )

     

    $

    (1.05

    )

     

    $

    0.20

     

    $

    (1.25

    )

    Diluted (loss) earnings per common share

     

    $

    (0.82

    )

     

    $

    (0.22

    )

     

    $

    (1.04

    )

     

    $

    0.20

     

    $

    (1.24

    )

    Condensed Consolidated Statement of Operations

    October 7, 2023

     

     

    Forty Weeks Ended

    (in thousands)

     

    As Previously Reported

     

    Adjustments

     

    As Corrected

     

    Discontinued Operations

     

    As Corrected, after Discontinued Operations

    Cost of sales

     

    $

    5,220,200

     

    $

    29,877

     

     

    $

    5,250,077

     

    $

    1,095,887

     

    $

    4,154,190

    Gross profit

     

     

    3,602,538

     

     

    (29,877

    )

     

     

    3,572,661

     

     

    532,181

     

     

    3,040,480

    Selling, general and administrative expenses

     

     

    3,407,445

     

     

    2,272

     

     

     

    3,409,717

     

     

    450,479

     

     

    2,959,238

    Operating income (loss)

     

     

    195,093

     

     

    (32,149

    )

     

     

    162,944

     

     

    81,702

     

     

    81,242

    Income (loss) before provision for income taxes

     

     

    124,894

     

     

    (32,149

    )

     

     

    92,745

     

     

    81,219

     

     

    11,526

    Provision for income taxes

     

     

    34,649

     

     

    (6,766

    )

     

     

    27,883

     

     

    21,523

     

     

    6,360

    Net income (loss)

     

    $

    90,245

     

    $

    (25,383

    )

     

    $

    64,862

     

    $

    59,696

     

    $

    5,166

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings (loss) per share

     

    $

    1.52

     

    $

    (0.43

    )

     

    $

    1.09

     

    $

    1.00

     

    $

    0.09

    Diluted earnings (loss) per common share

     

    $

    1.51

     

    $

    (0.42

    )

     

    $

    1.09

     

    $

    1.00

     

    $

    0.09

    Condensed Consolidated Statement of Cash Flows

    Forty Weeks Ended October 7, 2023

    (in thousands)

     

    As Previously Reported

     

    Adjustments

     

    As Corrected

     

    Discontinued Operations

     

    As Corrected, after Discontinued Operations

    Net income

     

    $

    90,245

     

     

    $

    (25,383

    )

     

    $

    64,862

     

     

    $

    59,696

     

     

    $

    5,166

     

    Provision for deferred income taxes

     

     

    (33,059

    )

     

     

    5,248

     

     

     

    (27,811

    )

     

     

    —

     

     

     

    (27,811

    )

    Other, net

     

     

    1,499

     

     

     

    937

     

     

     

    2,436

     

     

     

    —

     

     

     

    2,436

     

    Net change in:

     

     

     

     

     

     

     

     

     

     

    Receivables, net

     

     

    (170,371

    )

     

     

    (9,519

    )

     

     

    (179,890

    )

     

     

    (18,261

    )

     

     

    (161,629

    )

    Inventories, net

     

     

    (41,025

    )

     

     

    15,442

     

     

     

    (25,583

    )

     

     

    85,288

     

     

     

    (110,871

    )

    Accounts payable

     

     

    (191,871

    )

     

     

    28,500

     

     

     

    (163,371

    )

     

     

    (86,035

    )

     

     

    (77,336

    )

    Accrued expenses

     

     

    145,704

     

     

     

    21,521

     

     

     

    167,225

     

     

     

    (3,892

    )

     

     

    171,117

     

    Other assets and liabilities, net

     

     

    (45,015

    )

     

     

    (38,316

    )

     

     

    (83,331

    )

     

     

    (11,624

    )

     

     

    (71,707

    )

    Net cash provided by (used in) operating activities

     

     

    30,404

     

     

     

    (1,570

    )

     

     

    28,834

     

     

     

    57,148

     

     

     

    (28,314

    )

    Other, net (1)

     

     

    (4,073

    )

     

     

    (937

    )

     

     

    (5,010

    )

     

     

    —

     

     

     

    (5,010

    )

    Net cash provided by financing activities

     

     

    204,984

     

     

     

    (937

    )

     

     

    204,047

     

     

     

     

     

    Effect of exchange rate changes on cash

     

     

    (1,942

    )

     

     

    10

     

     

     

    (1,932

    )

     

     

     

     

    Net increase (decrease) in cash and cash equivalents

     

     

    48,246

     

     

     

    (2,497

    )

     

     

    45,749

     

     

     

     

     

    Cash and cash equivalents, beginning of period

     

     

    269,282

     

     

     

    1,523

     

     

     

    270,805

     

     

     

    50,670

     

     

     

    220,135

     

    Cash and cash equivalents, end of period

     

    $

    317,528

     

     

    $

    (974

    )

     

    $

    316,554

     

     

    $

    7,750

     

     

    $

    308,804

     

    (1)

     

    The summary of corrections table above inadvertently omitted disclosure for proceeds from the issuance of common stock as follows: $3.0 million as previously reported, $0 adjustments and $3.0 million as corrected.

    Reconciliation of Non-GAAP Financial Measures

    The company's financial results include certain financial measures not derived in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Non-GAAP financial measures, including Adjusted Net income, Adjusted EPS, Adjusted SG&A Margin, and Adjusted Operating Income, should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows.

    The company has presented these non-GAAP financial measures as the company believes that the presentation of the financial results that exclude (1) transformation expenses under the company's turnaround plan, (2) other significant costs and (3) nonrecurring tax expense are useful and indicative of the company's base operations because the expenses vary from period to period in terms of size, nature and significance. These measures assist in comparing the company's current operating results with past periods and with the operational performance of other companies in the industry. The disclosure of these measures allows investors to evaluate the company's performance using the same measures management uses in developing internal budgets and forecasts and in evaluating management's compensation. Included below is a description of the expenses the company has determined are not normal, recurring cash operating expenses necessary to operate the company's business and the rationale for why providing these measures is useful to investors as a supplement to the GAAP measures.

    Transformation Expenses — Costs incurred in connection with the company's turnaround plan and specific transformative activities related to asset optimization that the company does not view to be normal cash operating expenses. These expenses primarily include:

    • Distribution network optimization — Costs primarily relating to the conversion of the stores and DCs to market hubs, including temporary labor, team member severance, long-lived asset write off charges and incremental depreciation, as a result of accelerating depreciation of long-lived assets over a shorter useful life as a result of the optimization plans.
    • Third-party professional services — Costs relating to non-recurring services rendered by third-party vendors assisting with the turnaround initiatives.

    Other Expenses — Costs incurred by the company that are not viewed as normal cash operating expenses and vary from period to period in terms of size, nature, and significance, including but not limited to executive turnover and incremental costs associated with remediating the company's previously-disclosed material weaknesses in internal control over financial reporting.

    Nonrecurring Tax Expense — Income tax incurred by the company from the book to tax basis difference in the Worldpac Canada stock directly resulting from the sale of Worldpac.

    The following tables include reconciliations of this information to the most comparable GAAP measures:

    Reconciliation of Adjusted Net Income and Adjusted EPS:

     

     

    Twelve Weeks Ended

     

    Forty Weeks Ended

    (in thousands, except per share data)

     

    October 5, 2024

     

    October 7, 2023

     

    October 5, 2024

     

    October 7, 2023

    Net (loss) income from continuing operations (GAAP)

     

    $

    (25,363

    )

     

    $

    (74,186

    )

     

    $

    22,576

     

     

    $

    5,166

     

    Selling, general and administrative

    adjustments:

     

     

     

     

     

     

     

     

    Transformation expenses:

     

     

     

     

     

     

     

     

    Distribution network optimization

     

     

    8,909

     

     

     

    —

     

     

     

    13,943

     

     

     

    —

     

    Third-party professional services

     

     

    3,582

     

     

     

    50

     

     

     

    5,301

     

     

     

    320

     

    Other charges:

     

     

     

     

     

     

     

     

    Executive turnover

     

     

    87

     

     

     

    3,799

     

     

     

    1,561

     

     

     

    5,360

     

    Material weakness remediation

     

     

    1,293

     

     

     

    429

     

     

     

    3,649

     

     

     

    429

     

    Other significant costs(1)

     

     

    2,394

     

     

     

    —

     

     

     

    3,491

     

     

     

    —

     

    Provision for income taxes on adjustments(2)

     

     

    (4,066

    )

     

     

    (1,070

    )

     

     

    (6,986

    )

     

     

    (1,527

    )

    Nonrecurring tax expense

     

     

    10,000

     

     

     

    —

     

     

     

    10,000

     

     

     

    —

     

    Adjusted net (loss) income (Non-GAAP)

     

    $

    (3,164

    )

     

    $

    (70,978

    )

     

    $

    53,535

     

     

    $

    9,748

     

     

     

     

     

     

     

     

     

     

    Diluted (loss) earnings per share from continuing operations (GAAP)

     

    $

    (0.42

    )

     

    $

    (1.24

    )

     

    $

    0.38

     

     

    $

    0.09

     

    Adjustments, net of tax

     

     

    0.38

     

     

     

    0.05

     

     

     

    0.52

     

     

     

    0.08

     

    Adjusted EPS (Non-GAAP)

     

    $

    (0.04

    )

     

    $

    (1.19

    )

     

    $

    0.90

     

     

    $

    0.17

    (1)

     

    During the twelve and forty weeks ended October 5, 2024, the Company recorded expense of $2.4 million and $3.5 million for costs incurred following a cybersecurity incident that occurred over these periods.

    (2)

     

    The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments.

    Reconciliation of Adjusted Selling, General and Administrative Expenses

     

     

    Twelve Weeks Ended

     

    Forty Weeks Ended

    (in thousands)

     

    October 5, 2024

     

    October 7, 2023

     

    October 5, 2024

     

    October 7, 2023

    SG&A (GAAP)

     

    $

    907,495

     

    $

    896,145

     

    $

    2,954,707

     

    $

    2,959,238

    SG&A adjustments

     

     

    16,265

     

     

    4,278

     

     

    27,945

     

     

    6,109

    Adjusted SG&A (Non-GAAP)

     

    $

    891,230

     

    $

    891,867

     

    $

    2,926,762

     

    $

    2,953,129

    Reconciliation of Adjusted Operating Income:

     

     

    Twelve Weeks Ended

     

    Forty Weeks Ended

    (in thousands)

     

    October 5, 2024

     

    October 7, 2023

     

    October 5, 2024

     

    October 7, 2023

    Operating income (GAAP)

     

    $

    403

     

    $

    (78,578

    )

     

    $

    106,697

     

    $

    81,242

    SG&A adjustments

     

     

    16,265

     

     

    4,278

     

     

     

    27,945

     

     

    6,109

    Adjusted operating income (Non-GAAP)

     

    $

    16,668

     

    $

    (74,300

    )

     

    $

    134,642

     

    $

    87,351

    NOTE:

     

    Adjusted SG&A, Adjusted SG&A as a percentage of Net sales, Adjusted operating income and Adjusted operating income margin (calculated by dividing Adjusted operating income by Net sales) are non-GAAP measures. Management believes these non-GAAP measures are important metrics in assessing the overall performance of the business and utilizes these metrics in its ongoing reporting. On that basis, management believes it is useful to provide these metrics to investors and prospective investors to evaluate the company's operating performance across periods adjusting for these items (refer to the reconciliations of non-GAAP adjustments above). These non-GAAP measures might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures reported by other companies. Non-GAAP measures should not be used by investors or third parties as the sole basis for formulating investment decisions, as they may exclude a number of important cash and non-cash recurring items.

    Reconciliation of Free Cash Flow: (1)

     

     

     

     

     

     

    Forty Weeks Ended

    (in thousands)

     

    October 5, 2024

     

    October 7, 2023

    Cash flows provided by operating activities of continuing operations

     

    $

    81,019

     

     

    $

    (28,314

    )

    Purchases of property and equipment

     

     

    (129,714

    )

     

     

    (174,186

    )

    Free cash flow

     

    $

    (48,695

    )

     

    $

    (202,500

    )

    Adjusted Debt to Adjusted EBITDAR: (1)

     

     

     

     

     

     

    Four Quarters Ended

    (In thousands, except adjusted debt to adjusted EBITDAR ratio)

     

    October 5, 2024

     

    December 30, 2023

    Total GAAP debt

     

    $

    1,788,513

     

     

    $

    1,786,361

     

    Add: Operating lease liabilities

     

     

    2,711,578

     

     

     

    2,660,827

     

    Adjusted debt

     

    $

    4,500,091

     

     

    $

    4,447,188

     

     

     

     

     

     

    GAAP Net income

     

    $

    50,819

     

     

    $

    29,735

     

    Depreciation and amortization

     

     

    309,566

     

     

     

    306,454

     

    Interest expense

     

     

    80,559

     

     

     

    88,055

     

    Other expense, net

     

     

    (16,174

    )

     

     

    (5,525

    )

    Provision for income taxes

     

     

    23,843

     

     

     

    2,112

     

    Rent expense

     

     

    638,232

     

     

     

    613,859

     

    Share-based compensation

     

     

    46,557

     

     

     

    45,647

     

    Other charges (2)

     

     

    40,091

     

     

     

    12,419

     

    Transformation related charges

     

     

    27,131

     

     

     

    29,719

     

    Adjusted EBITDAR

     

    $

    1,200,624

     

     

    $

    1,122,475

     

     

     

     

     

     

    Adjusted Debt to Adjusted EBITDAR

     

     

    3.7

     

     

     

    4.0

     

    (1)

     

    The four quarters ended October 5, 2024, includes the correction of non-material errors the company discovered in previously reported results.

    (2)

     

    The adjustments to the four quarters ended October 5, 2024, and December 30, 2023, include expenses associated with the company's material weakness remediation efforts and executive turnover.

     

     

     

    NOTE:

     

    Management believes its Adjusted Debt to Adjusted EBITDAR ratio ("leverage ratio") is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The company's goal is to maintain an investment grade rating. The company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the company's ability to obtain additional funding. If the company was unable to maintain its investment grade rating, this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the company's financing arrangements. The leverage ratio calculated by the company is a non-GAAP measure and should not be considered a substitute for debt to net earnings, as determined in accordance with GAAP. The company adjusts the calculation to remove rent expense and to add back the company's existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the company's peers and to account for differences in debt structures and leasing arrangements. The company's calculation of its leverage ratio may not be calculated in the same manner as other companies, and thus may not be comparable to similarly titled measures used by other companies.

    Store Information

    During the forty weeks ended October 5, 2024, 23 stores were opened and 29 were closed, resulting in a total of 4,781 stores as of October 5, 2024, compared with a total of 4,786 stores as of December 30, 2023.

    The below table summarizes the changes in the number of company-operated stores during the twelve and forty weeks ended October 5, 2024:

     

     

    Twelve Weeks Ended

     

     

    AAP

     

    CARQUEST

     

    Total

    July 15, 2024

     

    4,484

     

     

    292

     

     

    4,776

     

    New

     

    9

     

     

    —

     

     

    9

     

    Closed

     

    (2

    )

     

    (2

    )

     

    (4

    )

    Converted

     

    1

     

     

    (1

    )

     

    —

     

    October 5, 2024

     

    4,492

     

     

    289

     

     

    4,781

     

     

     

    Forty Weeks Ended

     

     

    AAP

     

    CARQUEST

     

    Total

    December 30, 2023

     

    4,484

     

     

    302

     

     

    4,786

     

    New

     

    23

     

     

    —

     

     

    23

     

    Closed

     

    (17

    )

     

    (12

    )

     

    (29

    )

    Converted

     

    2

     

     

    (1

    )

     

    1

     

    October 5, 2024

     

    4,492

     

     

    289

     

     

    4,781

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241113582088/en/

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    • Advance Auto Parts Announces Date for First Quarter 2025 Earnings Release and Conference Call

      Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, will report financial results for its first quarter ended April 19, 2025, before the market opens on Thursday, May 22, 2025. The company has scheduled a conference call and webcast to begin at 8:00 a.m. ET on Thursday, May 22, 2025. A live webcast will be available on the company's Investor Relations website (ir.AdvanceAutoParts.com). To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive confirmation with call details and a registrant ID. A replay

      5/1/25 8:00:00 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Advance Auto Parts Opening New Stores After Completing Strategic Optimization of U.S. Retail Footprint

      Leading automotive aftermarket parts provider also investing to improve customer experience, increase parts availability and speed of service with same-day delivery Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced today that it has completed the store closure phase of its transformation plan and is entering its next phase of returning to growth. Optimization of the retail footprint was key to Advance's broader transformation plan to reposition the company for long-term success. Now, more than 75% of the Company's stores are in markets where the company has t

      3/26/25 6:00:00 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Leslie's, Inc. Announces Executive Leadership Changes

      Appoints Tony Iskander as Interim Chief Financial Officer and TreasurerPromotes Naomi Cramer to Chief Retail Operations and Talent Officer PHOENIX, March 17, 2025 (GLOBE NEWSWIRE) -- Leslie's, Inc. (("Leslie's", "we", "our", "its", or "Company", NASDAQ:LESL), the largest and most trusted direct-to-customer brand in the U.S. pool and spa care industry serving residential customers and pool professionals nationwide, today announced a series of senior leadership changes as part of the Company's ongoing work to support its transformation. Interim Chief Financial Officer Appointment Tony Iskander has been appointed Interim Chief Financial Officer (CFO) and Treasurer, effective March 14, 202

      3/17/25 5:00:00 PM ET
      $AAP
      $LESL
      Auto & Home Supply Stores
      Consumer Discretionary
      Other Specialty Stores

    $AAP
    Insider Trading

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    • Director Windom Brent was granted 23 shares, increasing direct ownership by 0.76% to 3,023 units (SEC Form 4)

      4 - ADVANCE AUTO PARTS INC (0001158449) (Issuer)

      4/29/25 8:45:23 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Director Torres Sherice was granted 50 shares, increasing direct ownership by 0.76% to 6,570 units (SEC Form 4)

      4 - ADVANCE AUTO PARTS INC (0001158449) (Issuer)

      4/29/25 8:44:20 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Director Smith Gregory L was granted 23 shares, increasing direct ownership by 0.76% to 3,023 units (SEC Form 4)

      4 - ADVANCE AUTO PARTS INC (0001158449) (Issuer)

      4/29/25 8:43:17 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary

    $AAP
    Insider Purchases

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    • EVP, Chief Financial Officer Grimsland Ryan P bought $8,140 worth of shares (200 units at $40.70), increasing direct ownership by 0.36% to 56,499 units (SEC Form 4)

      4 - ADVANCE AUTO PARTS INC (0001158449) (Issuer)

      3/31/25 6:18:56 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Director, President and CEO Okelly Shane M bought $55,185 worth of shares (1,500 units at $36.79), increasing direct ownership by 0.83% to 183,121 units (SEC Form 4)

      4 - ADVANCE AUTO PARTS INC (0001158449) (Issuer)

      3/12/25 4:05:04 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Director Lee Eugene I Jr bought $499,956 worth of shares (14,640 units at $34.15) (SEC Form 4)

      4 - ADVANCE AUTO PARTS INC (0001158449) (Issuer)

      3/10/25 4:06:34 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary

    $AAP
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    • BMO Capital Markets initiated coverage on Advance Auto with a new price target

      BMO Capital Markets initiated coverage of Advance Auto with a rating of Market Perform and set a new price target of $45.00

      12/13/24 7:20:54 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • ROTH MKM resumed coverage on Advance Auto with a new price target

      ROTH MKM resumed coverage of Advance Auto with a rating of Neutral and set a new price target of $40.00

      10/16/24 7:48:38 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Advance Auto upgraded by Wedbush with a new price target

      Wedbush upgraded Advance Auto from Neutral to Outperform and set a new price target of $55.00

      10/15/24 7:20:14 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary

    $AAP
    Leadership Updates

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    • Leslie's, Inc. Announces Executive Leadership Changes

      Appoints Tony Iskander as Interim Chief Financial Officer and TreasurerPromotes Naomi Cramer to Chief Retail Operations and Talent Officer PHOENIX, March 17, 2025 (GLOBE NEWSWIRE) -- Leslie's, Inc. (("Leslie's", "we", "our", "its", or "Company", NASDAQ:LESL), the largest and most trusted direct-to-customer brand in the U.S. pool and spa care industry serving residential customers and pool professionals nationwide, today announced a series of senior leadership changes as part of the Company's ongoing work to support its transformation. Interim Chief Financial Officer Appointment Tony Iskander has been appointed Interim Chief Financial Officer (CFO) and Treasurer, effective March 14, 202

      3/17/25 5:00:00 PM ET
      $AAP
      $LESL
      Auto & Home Supply Stores
      Consumer Discretionary
      Other Specialty Stores
    • Advance Auto Parts Appoints Jeff Vining as General Counsel

      Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, today announced that it has appointed Jeff Vining as executive vice president, general counsel and corporate secretary, effective March 2, 2025. In this role, Mr. Vining will be responsible for all aspects of the Company's legal, corporate governance, and compliance functions. Jeff will report directly to Shane O'Kelly, president and chief executive officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206973321/en/AAP), a leading automotive aftermarket

      2/6/25 4:15:00 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Advance Auto Parts Appoints Shweta Bhatia as Chief Technology Officer

      Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, today announced that it has appointed Shweta Bhatia as executive vice president and chief technology officer, effective immediately. "Shweta's history of successfully executing transformational programs that focus on speed, efficiency, and providing quality solutions to customers will greatly contribute to the execution of our three-year financial plan," Shane O'Kelly, president and chief executive officer. "We welcome Shweta to our leadership team that is passionate about carrying out our decisive actions which will s

      1/13/25 8:00:00 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary

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    $AAP
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    • Amendment: SEC Form SCHEDULE 13G/A filed by Advance Auto Parts Inc.

      SCHEDULE 13G/A - ADVANCE AUTO PARTS INC (0001158449) (Subject)

      4/28/25 1:00:28 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • SEC Form DEF 14A filed by Advance Auto Parts Inc.

      DEF 14A - ADVANCE AUTO PARTS INC (0001158449) (Filer)

      3/21/25 4:28:27 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • SEC Form DEFA14A filed by Advance Auto Parts Inc.

      DEFA14A - ADVANCE AUTO PARTS INC (0001158449) (Filer)

      3/21/25 4:28:55 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Advance Auto Parts Announces Date for First Quarter 2025 Earnings Release and Conference Call

      Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, will report financial results for its first quarter ended April 19, 2025, before the market opens on Thursday, May 22, 2025. The company has scheduled a conference call and webcast to begin at 8:00 a.m. ET on Thursday, May 22, 2025. A live webcast will be available on the company's Investor Relations website (ir.AdvanceAutoParts.com). To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive confirmation with call details and a registrant ID. A replay

      5/1/25 8:00:00 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Advance Auto Parts Reports Fourth Quarter and Full Year 2024 Results

      Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the fourth quarter and full year ended December 28, 2024. "During 2024, we initiated transformative actions to reposition Advance for long-term success and value creation," said Shane O'Kelly, president and chief executive officer. "We strengthened our focus on the blended-box by divesting non-core assets, closing non-strategic stores and right-sizing our organization. Our supply chain and merchandising teams are accelerating efforts to provide faster access to thousands of parts acr

      2/26/25 6:30:00 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Advance Auto Parts Announces Date for Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

      Advance Auto Parts, Inc. (NYSE:AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, will report financial results for its fourth quarter and full year ended December 28, 2024, before the market opens on Wednesday, February 26, 2025. The company has scheduled a conference call and webcast to begin at 8:00 a.m. ET on Wednesday, February 26, 2025. A live webcast will be available on the company's Investor Relations website (ir.AdvanceAutoParts.com). To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive confirmation with call details

      2/5/25 8:00:00 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Advance Auto Parts Inc.

      SC 13G/A - ADVANCE AUTO PARTS INC (0001158449) (Subject)

      12/9/24 6:02:26 AM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Advance Auto Parts Inc.

      SC 13G/A - ADVANCE AUTO PARTS INC (0001158449) (Subject)

      11/14/24 4:02:36 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Advance Auto Parts Inc.

      SC 13G/A - ADVANCE AUTO PARTS INC (0001158449) (Subject)

      11/14/24 1:22:34 PM ET
      $AAP
      Auto & Home Supply Stores
      Consumer Discretionary