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Advance Auto Parts Reports Third Quarter Fiscal 2012 Results

Stocks in this article: AAP

Advance Auto Parts, Inc. (NYSE: AAP), a leading retailer of automotive aftermarket parts, accessories, batteries, and maintenance items, today announced its financial results for the third fiscal quarter ended October 6, 2012. Third quarter earnings per diluted share (EPS) were $1.21 which was a 14.2% decrease versus the third quarter last year. Year-to-date, EPS was $4.34 which was an increase of 3.6% over the same period last year.

 
Third Quarter Performance Summary
       
Twelve Weeks Ended Forty Weeks Ended
October 6, October 8, October 6, October 8,
2012 2011 2012 2011
 
Sales (in millions) $ 1,457.5 $ 1,465.0 $ 4,875.8 $ 4,842.9
 
Comp Store Sales % (1.8 %) 2.2 % (0.5 %) 2.0 %
 
Gross Profit % 49.8 % 49.5 % 49.9 % 49.9 %
 
SG&A % 39.4 % 37.3 % 38.8 % 38.5 %
 
Operating Income % 10.3 % 12.1 % 11.2 % 11.4 %
 
Diluted EPS $ 1.21 $ 1.41 $ 4.34 $ 4.19
 
Avg Diluted Shares (in thousands) 73,992 74,730 74,107 78,058
 

“Our efforts to invest in the continued long-term growth of Commercial and increase customer traffic helped drive improvements in our comp store sales from the second quarter to the third quarter of this year and strengthened our positive Commercial comps for Advance stores through the quarter. Despite these improved sales trends, we were still unable to achieve our profitability expectations and fully mitigate the weak consumer demand within several of our markets, especially in our colder weather markets,” said Darren R. Jackson, President and Chief Executive Officer. “As we look beyond our current quarter, we believe the industry fundamentals remain positive and that we are well positioned with our initiatives to fuel our future growth. These initiatives include the successful launch of our Advance Commercial Credit program, our new distribution center in Remington, IN, our recent expansion into New York City and our continued momentum from our B2B online ordering capability, hub investments and inventory upgrades.”

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