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Advance Auto Parts Reports Second Quarter Fiscal 2013 Diluted EPS Increase Of 18.7% To $1.59

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 second quarter ended July 13, 2013. Second quarter earnings per diluted share (EPS) were $1.59, which was an 18.7% increase versus the second quarter last year and includes a $0.01 impact resulting from the integration expenses for B.W.P. Distributors, Inc. (BWP).

Second Quarter Performance Summary
Twelve Weeks Ended Twenty-Eight Weeks Ended
July 13, July 14, July 13, July 14,
2013 2012 2013 2012
Sales (in millions) $ 1,549.6 $ 1,461.0 $ 3,564.9 $ 3,418.3
Comp Store Sales % (0.3 %) (2.7 %) (2.0 %) 0.0 %
Gross Profit % 50.3 % 49.9 % 50.1 % 50.0 %
SG&A % 37.7 % 38.3 % 39.0 % 38.5 %
Operating Income % 12.6 % 11.6 % 11.2 % 11.5 %
Diluted EPS $ 1.59 $ 1.34 $ 3.23 $ 3.14
Avg Diluted Shares (in thousands) 73,343 74,084 73,607 74,157

“Our sales grew 6.1% and operating income increased 15.1% in the second quarter. We are pleased with our profit improvement despite our comparable store sales being essentially flat,” said Darren R. Jackson, Chief Executive Officer. “The positive comparable sales growth at the start of the quarter was offset by weaker demand in the balance of the quarter including sales shortfalls in key seasonal categories. While the macroeconomic environment continued to impact our customers we continue to be encouraged by the strong long-term fundamentals of our industry and remain focused on improving our sales performance as we continue to improve our profitability.”

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