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Advance Auto Parts Reports Second Quarter Fiscal 2012 Results

Stocks in this article: AAP

Fiscal Second Quarter and Year-to-Date Highlights

Total sales for the second quarter decreased 1.3% to $1.46 billion, compared with total sales of $1.48 billion during the second quarter of fiscal 2011. The sales decrease reflected a comparable store sales decrease of 2.7% versus a comparable store sales increase of 2.5% during the second quarter of fiscal 2011, partially offset by the net addition of 65 new stores during the past 12 months. Year-to-date, total sales increased 1.2% to $3.42 billion, compared with total sales of $3.38 billion over the same period last year.

The Company's gross profit rate was 49.9% of sales during the second quarter as compared to 49.7% during the second quarter last year. The 16 basis-point increase in gross profit rate was primarily due to improved store shrink and lower supply chain costs, partially offset by increased promotional activity. Year-to-date, the Company's gross profit rate was 50.0%, a 14 basis-point decrease over the same period in fiscal 2011.

The Company's SG&A rate was 38.3% of sales during the second quarter as compared to 37.0% during the same period last year. The 135 basis-point increase was primarily due to expense deleverage as a result of the Company's lower sales volume and a planned shift in expenses that occurred during the second quarter versus the first quarter. Year-to-date, the Company's SG&A rate was 38.5% versus 39.1% during the same period last year.

The Company's operating income during the second quarter of $169.2 million decreased 10.4% versus the second quarter of fiscal 2011. On a rate basis, operating income was 11.6% of total sales as compared to 12.8% during the second quarter of fiscal 2011.

Operating cash flow decreased 12.4% to $411.4 million from $469.6 million through the second quarter of fiscal 2011. Free cash flow was $265.4 million versus $287.3 million through the second quarter of fiscal 2011. Capital expenditures were $146.3 million as compared to $151.6 million through the second quarter of fiscal 2011.

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