Advance Auto Parts Inc Stock Price, News & Analysis

Advance Auto Parts has launched a new line of DieHard hand tools aimed at a younger generation of DIYers, coinciding with Father’s Day. The tools feature innovative designs including anti-slip combinations and ergonomic handles, and all come with a lifetime warranty. The DIY market is projected to grow by 4.7% annually, and Advance aims to enhance DIY confidence among consumers. The company continues to expand the DieHard brand since its acquisition in 2019, recently entering the electric vehicle segment with a new battery for hybrids.

The 2022 Advance Auto Parts Father’s Day Sweepstakes, in partnership with Pennzoil, offers a grand prize trip for four to a premier motorsports race in Las Vegas on October 16. The sweepstakes runs from May 26 to June 22, with a winner announced on June 23. The prize includes airfare, accommodations, entertainment, and a $1,000 VISA Rewards Card, along with exclusive experiences like pit box seats and meet-and-greets with NASCAR drivers. This initiative aims to appreciate dads and enhance family connections through motorsports.

Advance Auto Parts (NYSE: AAP) reported Q1 2022 net sales of $3.4 billion, up 1.3%. Comparable store sales rose 0.6%, with a significant 25.3% increase over two years. Gross profit grew 1.5% to $1.5 billion, and adjusted gross margins improved to 47.1%. Operating income declined 19.4% to $203.3 million, while diluted EPS fell 19.6% to $2.26. The company returned over $400 million to shareholders and reaffirmed its full-year guidance, anticipating adjusted EPS growth and steady store openings. The introduction of the DieHard EV battery aligns with their strategic growth initiatives.

Advance Auto Parts has launched the DieHard EV, the first 12-volt battery specifically designed for hybrid and electric vehicles, in collaboration with Clarios. Available exclusively at Advance and Carquest stores, the DieHard EV boasts 30% more cycling than standard AGM batteries, ensuring reliable performance and safety for critical vehicle functions. With growing demand, as evidenced by an 83% rise in electric vehicle sales in 2021, this innovation positions Advance to meet the needs of a changing automotive market.

Advance Auto Parts (NYSE: AAP) will release its first quarter financial results on May 23, 2022, following market closure. A conference call to discuss these results is scheduled for May 24, 2022, at 8:00 a.m. ET. Interested individuals can join the call via a webcast through the company's Investor Relations website. Advance operates 4,706 stores and 266 Worldpac branches, serving North America, including the U.S., Canada, Puerto Rico, and more. For further details, access their Investor Relations page.

Advance Auto Parts (NYSE: AAP) has entered into a multi-year partnership with the Los Angeles Dodgers, becoming the official auto parts retailer for the team. The agreement includes in-stadium signage at all home games for the 2022 season and the use of Dodgers branding in retail locations. Advance aims to enhance its presence in the Los Angeles market and will sponsor community events, including the Mexican Heritage games on May 17, where fans will receive special jerseys. This partnership highlights Advance's commitment to serve local communities and aligns with its growth strategy.

Advance Auto Parts (NYSE: AAP) has announced the return of its Advance My Track Challenge, allowing fans to vote for their favorite NASCAR Home Track, with a grand prize of $50,000 awarded to the most popular track. Voting is open until May 6, with the final round from May 9-13. The initiative supports local racing venues and community projects. Last year, over 122,000 votes were cast. Additionally, winnings from Blaney's race victories will be donated to tracks featured on his car.

Advance Auto Parts (NYSE: AAP) announced the appointment of Joan Hilson as a member of its Board of Directors effective March 15, 2022. Hilson brings over 35 years of financial expertise, predominantly in the retail sector, having served as Chief Financial & Strategy Officer at Signet Jewelers since 2019. Her previous roles include vacancies at David’s Bridal and American Eagle Outfitters, enhancing her qualifications. The Board Chair, Eugene I. Lee, emphasized her significant experience in driving profitable growth, aligning with the company's strategic aims.