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Advance Auto Parts, Inc. (NYSE: AAP) is a leading automotive aftermarket parts provider in North America, serving both professional installers and do-it-yourself customers. Founded in Roanoke, VA in 1932, the company operates more than 5,100 stores across the United States, Canada, Puerto Rico, and the Virgin Islands under four brands: Advance Auto Parts, Carquest Auto Parts, Worldpac, and Autopart International. With a team of over 70,000 knowledgeable and dedicated employees, Advance Auto Parts is committed to offering exceptional service and automotive solutions.
The company's core business involves providing a wide range of automotive parts and accessories. It boasts a significant presence in the professional channel, which accounts for about 60% of its sales, while the remaining 40% is geared towards the do-it-yourself market. The robust inventory management system and vast distribution network ensure that customers have access to thousands of stock-keeping units fitting various vehicle makes and models.
Recent achievements include the recognition of several vendor partners during its annual Partner Summit, where National Refrigerants was awarded the 2023 Vendor of the Year for its contributions to Advance's chemicals business. The company is also executing a $150 million cost reduction program and has initiated the sale processes for Worldpac and its Canadian business as part of its strategic review aimed at long-term growth and value creation for shareholders.
Advance Auto Parts is actively involved in community support, evidenced by the Advance Auto Parts Foundation’s recent $1.75 million donation to organizations supporting veterans. The company also maintains a strong focus on technological integration to enhance operational efficiencies and customer experience.
For more information, visit www.AdvanceAutoParts.com.
Advance Auto Parts (NYSE: AAP) will present its updated strategic business plan on April 20, 2021, at 10:00 a.m. ET. CEO Tom Greco and CFO Jeff Shepherd, along with the executive team, will outline progress on transformation initiatives and long-term objectives. A virtual Q&A will follow the presentation. Registration is required to participate, and a replay will be available post-event. As of January 2, 2021, Advance operated 4,806 stores and 170 Worldpac branches across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands.
Advance Auto Parts, Inc. (NYSE: AAP) announced the departure of Andrew Page, senior VP and chief accounting officer, effective April 9, 2021, as he pursues a CFO role. Tom Greco, CEO, praised Page's significant contributions, including improvements in accounting functions and initiatives supporting diversity and inclusion. A search for a new CAO has commenced, and CFO Jeff Shepherd will handle CAO responsibilities temporarily. The company operates 4,806 stores across North America and serves about 1,277 independent Carquest stores.
Advance Auto Parts (NYSE: AAP) has launched the “Advance My Track Challenge,” a grassroots program aimed at connecting NASCAR short tracks with their communities. Running until April 27, fans can vote for their favorite of 22 tracks to win cash prizes for upgrades, with the top three tracks awarded $50,000, $15,000, and $10,000, respectively. The initiative aims to engage racing fans and enhance local tracks. The program coincides with Team Penske's Ryan Blaney's participation in the NASCAR Cup Series, showcasing the challenge on his car.
Advance Auto Parts, Inc. (NYSE: AAP) announces the departure of Mike Broderick, EVP of merchandising and store operations, to pursue a CEO role. The company is expanding executive responsibilities to enhance operations and support transformation. Michael C. Creedon, Jr. has been promoted to EVP of U.S. stores, with comprehensive store operations oversight. Jason McDonell's role has expanded to include merchandising, while Ken Bush will lead the merchandising function. Additionally, Advance plans to convert 109 Pep Boys stores in California to Advance locations, boosting its omnichannel presence.
Advance Auto Parts (NYSE: AAP) reported strong financial results for Q4 and full year 2020, with net sales reaching $10.1 billion, a 4.1% increase. Q4 net sales rose 12.0% to $2.4 billion, and comparable store sales were up 4.7%. Operating income grew 20.4% to $151.8 million, while diluted EPS increased by 19.6% to $1.65. The company returned $514.9 million to shareholders via buybacks and dividends. For 2021, expectations include net sales between $10.1 billion and $10.3 billion, with comparable store sales growth of 1.0% to 3.0%. The outlook remains optimistic as the economy stabilizes.
Advance Auto Parts (NYSE: AAP) and Team Penske have launched a new initiative for the 2021 NASCAR Cup Series, featuring the No. 12 Ford Mustang driven by Ryan Blaney. This partnership aims to spotlight local NASCAR-sanctioned short tracks across the U.S. and Canada. Each week, Blaney's car will display tracks from the NASCAR Advance Auto Parts Weekly Series, with $1,200 awarded to featured tracks for each victory. The sponsorship will continue across four races this season, enhancing community engagement and support for local racing.
Advance Auto Parts, Inc. (NYSE: AAP) will announce its Q4 and FY 2020 results on February 16, 2021, before the market opens. The company invites interested parties to join a live webcast at 8:00 a.m. ET on the same day. Additionally, Advance will host a virtual strategy update on April 20, 2021, to discuss its strategic initiatives and long-term goals, presented by CEO Tom Greco and CFO Jeff Shepherd. As of October 3, 2020, Advance operated 4,811 stores and 168 Worldpac branches across multiple regions, including the U.S. and Canada.
Advance Auto Parts (NYSE: AAP) is gearing up for the holiday season with special offerings for car enthusiasts and everyday drivers alike. From DieHard batteries starting at $119.99 to stocking stuffer ideas such as gift cards and toy cars, the company provides a range of products. Notably, Advance will open at 7:30 a.m. on Black Friday, featuring free curbside pickup and discounts available online. Speed Perks members can earn bonus points on purchases, enhancing customer loyalty. This year, the emphasis is on a safe and convenient shopping experience.
Advance Auto Parts, a leading automotive aftermarket provider, reported a strong third quarter for 2020, with net sales up 9.9% to $2.5 billion. Comparable store sales increased 10.2%, marking the highest growth in 15 years, driven by DIY Omnichannel performance. Adjusted operating income rose 32.6% to $271.9 million, while adjusted EPS increased 33.8% to $2.81. The company declared a quarterly dividend of $0.25 and executed a share repurchase program. Although industry demand remains strong, guidance has not been provided due to COVID-19 uncertainties.
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