Advance Auto Parts Inc Stock Price, News & Analysis

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.