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TheStreet Open House

Advance Auto Parts Reports Second Quarter Fiscal 2012 Results

“While we are not satisfied with our second quarter performance, resulting from weaker consumer demand, we remain committed to our strategic investments in commercial and availability as they are foundational to our future growth,” said Mike Norona, Executive Vice President and Chief Financial Officer. “Given the continued softness in our business trends, we believe it's prudent to be cautious in our outlook for both sales and profitability for the balance of the year. As a result, we now anticipate our fiscal 2012 comparable store sales to be flat to slightly down and our EPS to be in the range $5.25 to $5.35 per share.”

 
Comparable Key Financial Metrics and Statistics (1)
                       
Twelve Weeks Ended Twenty-Eight Weeks Ended Fifty-Two Weeks Ended

July 14,

2012

July 16,

2011

July 14,

2012

July 16,

2011

FY 2011 FY 2010
 
Sales Growth % (1.3

%)

4.4 % 1.2 % 4.0 % 4.1 % 9.5 %
 
Sales per Store (2) $ 1,697 $ 1,700 $ 1,697 $ 1,700 $ 1,708 $ 1,697
 
Operating Income per Store (3) $ 187 $ 170 $ 187 $ 170 $ 184 $ 168
 
Return on Invested Capital (4) 19.9 % 18.5 % 19.9 % 18.5 % 19.5 % 17.5 %
 
Gross Margin Return on Inventory (5) 7.0 5.9 7.0 5.9 6.6 5.1
 
Total Store Square Footage, end of period 26,927 26,400 26,927 26,400 26,663 25,950
 
Total Team Members, end of period 53,464 52,141 53,464 52,141 52,002 51,017
 
 
(1) In thousands except for gross margin return on inventory and total Team Members. The financial metrics presented are calculated on an annual basis and accordingly reflect the last four quarters completed, except for Sales Growth % and where noted.
(2) Sales per store is calculated as net sales divided by an average of beginning and ending store count.
(3) Operating income per store is calculated as operating income divided by an average of beginning and ending store count.
(4) Return on invested capital (ROIC) is calculated in detail in the supplemental financial schedules.
(5) Gross margin return on inventory is calculated as gross profit divided by an average of beginning and ending inventory, net of accounts payable and financed vendor accounts payable.
 

Store Information

During the second quarter, the Company opened 10 stores, including three Autopart International stores. Year-to-date, the Company opened 35 stores, including six Autopart International stores. As of July 14, 2012, the Company's total store count was 3,692 including 203 Autopart International stores. The Company remains on pace to open approximately 120 to 140 stores in fiscal 2012.

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