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Advance Auto Parts Reports Fourth Quarter And 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 fourth quarter and fiscal year ended December 29, 2012. Fourth quarter earnings per diluted share (EPS) were $0.88 which was a 2.2% decrease versus the fourth quarter last year. For fiscal 2012, EPS was $5.22 which was an increase of 2.2% over the same period last year.

Fourth Quarter Performance Summary
Twelve Weeks Ended Fifty-Two Weeks Ended
December 29, December 31, December 29, December 31,
2012 2011 2012 2011
Sales (in millions) $ 1,329.2 $ 1,327.6 $ 6,205.0 $ 6,170.5
Comp Store Sales % (1.9 %) 2.9 % (0.8 %) 2.2 %
Gross Profit % 49.9 % 49.0 % 49.9 % 49.7 %
SG&A % 41.4 % 40.6 % 39.3 % 39.0 %
Operating Income % 8.5 % 8.4 % 10.6 % 10.8 %
Diluted EPS $ 0.88 $ 0.90 $ 5.22 $ 5.11
Avg Diluted Shares (in thousands) 74,002 73,807 74,062 77,071

“We are pleased that our fourth quarter profitability results exceeded our expectations. Our comparable sales trends continued to improve sequentially, after adjusting for the holiday shift in our fourth quarter, as well as our operating profits,” said Darren R. Jackson, President and Chief Executive Officer. “Overall fiscal 2012 was a challenging environment, which is reflected in our results. Yet we achieved many key milestones that position us for a strong future. Those achievements include the launch of our in-house commercial credit program, the opening of our new distribution center in Remington, Indiana, improvements in our commercial customer satisfaction, the market entry into the boroughs of New York and the acquisition of BWP which closed after our fiscal year ended. These milestones are significant steps which will allow us to more effectively compete in the larger and faster growing Commercial market.”

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