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Advance Auto Parts Inc (AAP) delivers essential automotive solutions through its network of retail stores and digital platforms, serving professional installers and DIY customers across North America. This news hub provides investors and industry professionals with timely updates on corporate developments shaping the automotive aftermarket sector.
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Advance Auto Parts (NYSE: AAP) reported its Q1 2024 financial results, showing a net sales decrease of 0.3% to $3.4 billion compared to the same period last year.
Comparable store sales declined by 0.2% and gross profit fell by 2.2% to $1.4 billion. The gross profit margin decreased by 82 basis points to 42%. SG&A expenses improved to 39.4% of net sales from 39.9% due to cost control efforts.
Operating income was $86 million (2.5% of net sales) and the effective tax rate increased to 33.2%. Diluted EPS dropped to $0.67 from $0.81. Free cash flow was an outflow of $46.3 million, better than the $472.5 million outflow in the previous year.
The company declared a dividend of $0.25 per share, payable on July 26, 2024. For the full year, AAP forecasts net sales between $11.3 billion and $11.5 billion, with diluted EPS ranging from $3.75 to $4.25.
Advance Auto Parts (NYSE: AAP) announced its Q1 2024 results, reporting a 0.3% decrease in net sales to $3.4 billion and a 0.2% drop in comparable store sales. Gross profit fell 2.2% to $1.4 billion, with a margin reduction of 82 basis points to 42.0%. SG&A expenses were $1.3 billion, improving to 39.4% of sales. Operating income stood at $86 million (2.5% of sales), and the effective tax rate increased to 33.2%. Diluted EPS dropped to $0.67 from $0.81. Cash flow from operations was $2.7 million, with a free cash outflow of $46.3 million. The company declared a $0.25 dividend per share. Full-year 2024 guidance projects net sales between $11.3 billion and $11.4 billion, with EPS ranging from $3.75 to $4.25.
Advance Auto Parts (NYSE: AAP) has launched its 'Check Your Battery, Not Your Bag' campaign to address increasing consumer frustration with air travel this summer. A recent survey by Atomik Research showed 67% of Americans experienced negative air travel impacts in the last year, prompting 70% to prefer road trips over flying. Beginning on National Road Trip Day, May 24, Advance will offer free gift cards for road trip essentials and curbside services like battery testing and installation. The campaign aims to ensure vehicle readiness, encouraging travelers to prepare with a pre-road trip checklist available on their website.
Advance Auto Parts, Inc. (NYSE: AAP) will release its first quarter 2024 earnings report on May 29, 2024. The webcast will start at 8:00 a.m. Eastern Time. Interested parties can access the event through the company's Investor Relations website or by phone with pre-registration. A replay will be available for one year.
Advance Auto Parts, a key player in the automotive aftermarket industry, is providing its Speed Perks loyalty rewards members with the chance to win a motorsports experience attending the Indianapolis 500 and Coca-Cola 600 races. This once-in-a-lifetime opportunity allows fans to 'Do the Double' by witnessing two iconic races in a single day. Tony Stewart, a NASCAR legend and Advance brand partner, is the ambassador for the program, underscoring the significance of this unique experience. Advance Auto Parts aims to create lasting memories for racing enthusiasts through this exclusive initiative.
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