Advance Auto Parts Inc Stock Price, News & Analysis

Advance Auto Parts reported Q3 net sales of $2.6 billion, up 0.8% year-over-year, with comparable store sales declining 0.7%. The company returned $167 million to shareholders during the quarter, totaling $860 million year-to-date. Despite a decline in gross profit by 0.2% to $1.2 billion, adjusted gross profit increased by 2.9%. Operating income fell 22.7%, leading to a diluted EPS decrease of 31.3%. The company reiterated its full-year guidance, anticipating adjusted operating income margin expansion while navigating a challenging inflationary environment.

Advance Auto Parts, Inc. (NYSE: AAP) will report its third quarter results for the period ended October 8, 2022 on November 15, 2022, after market close. The company will host a conference call on November 16, 2022, starting at 8:00 a.m. Eastern Time, which can be accessed via a webcast on its Investor Relations website. As of July 16, 2022, Advance operated 4,724 stores and 312 Worldpac branches across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands, in addition to 1,329 independently owned Carquest stores.

Advance Auto Parts recognized six vendor partners at its annual Partner Summit held on October 17. The company awarded Sprayway the 2022 Vendor of the Year for exceptional supply chain collaboration amid an aerosol can shortage. Additionally, the Advance Auto Parts Foundation announced a gift exceeding $2 million to military veteran nonprofits, benefiting organizations such as Building Homes for Heroes and Hire Heroes USA. With over $17 million contributed since 2011, the event underscored the importance of vendor partnerships in Advance's success.

Advance Auto Parts (NYSE: AAP) has announced the departure of Michael C. Creedon, Jr., effective September 30, 2022. He will be succeeded by Herman L. Word, Jr., previously Division President of Carquest North America. Word has been with the company since 2003 and has accelerated the performance of Carquest Independents, adding over 100 locations in three years. The leadership change comes as the company aims to strengthen its operational capabilities and improve store performance.

Advance Auto Parts (NYSE: AAP) reported Q2 2022 net sales of $2.7 billion, a 0.6% increase year-over-year. Adjusted diluted EPS rose 10.0% to $3.74. However, diluted EPS fell 13.1% to $2.38, and comparable store sales decreased by 0.6%. The company returned $291 million to shareholders through stock repurchases and dividends. Although gross profit margin decreased to 44.5%, adjusted gross margin improved to 48.0%. Due to inflationary pressures and changing consumer demand, the 2022 full-year guidance was revised downwards for net sales and comparable store sales.

Advance Auto Parts, Inc. (NYSE: AAP) will release its second quarter results on August 23, 2022, after market close. A conference call to discuss these results is scheduled for August 24, 2022, at 8:00 a.m. Eastern Time, accessible via the Investor Relations website. As of April 23, 2022, Advance operated 4,687 stores and 311 Worldpac branches in North America, also serving 1,318 independently owned Carquest branded stores. The company provides automotive aftermarket parts to professional installers and do-it-yourself customers.

Advance Auto Parts (NYSE: AAP) has launched a new bilingual brand character named Ed Vance, aimed at connecting with a younger demographic of DIY car enthusiasts aged 16 to 34, representing 40% of self-maintaining motorists. Ed Vance embodies authenticity and relatability, enhancing brand recognition while guiding consumers on their automotive journeys. The new campaign includes bilingual marketing efforts, a theme song, and a contest celebrating the company’s 90th anniversary. These initiatives seek to establish a personal connection with modern customers and differentiate Advance in a competitive market.

Casey’s General Stores has appointed Sri Donthi to its Board of Directors, increasing the total number of directors to eleven. Donthi brings over 25 years of experience in information technology, having served as Executive Vice President and Chief Technology Officer at Advance Auto Parts (AAP). His expertise in leveraging technology for business value is expected to enhance Casey’s operations and growth. Board Chair Lynn Horak and CEO Darren Rebelez expressed that Donthi's addition will support Casey’s digital transformation efforts.