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Advance Auto Parts Reports Third Quarter Fiscal 2013 Diluted EPS Increase Of 17.4% To $1.42

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 quarter ended October 5, 2013. Third quarter earnings per diluted share (EPS) were $1.42, which was a 17.4% increase versus the third quarter last year and includes $0.04 of transaction expenses related to our pending acquisition of General Parts International, Inc. (GPI) and $0.02 of integration expenses for B.W.P. Distributors, Inc. (BWP).

Third Quarter Performance Summary
Twelve Weeks Ended Forty Weeks Ended
October 5, October 6, October 5, October 6,
2013 2012 2013 2012
Sales (in millions) $ 1,520.1 $ 1,457.5 $ 5,085.0 $ 4,875.8
Comp Store Sales % (2.0 %) (1.8 %) (2.0 %) (0.5 %)
Gross Profit % 50.2 % 49.8 % 50.2 % 49.9 %
SG&A % 39.0 % 39.4 % 39.0 % 38.8 %
Operating Income % 11.2 % 10.3 % 11.2 % 11.2 %
Diluted EPS $ 1.42 $ 1.21 $ 4.65 $ 4.34
Avg Diluted Shares (in thousands) 73,128 73,992 73,463 74,107

“Our sales grew 4.3% and operating income increased 13.5% in the third quarter compared to the third quarter of 2012. We are pleased with our profit improvement in consecutive quarters and remain cautious on the underlying sales environment,” said Darren R. Jackson, Chief Executive Officer. “We remain focused on improving our sales performance while making the necessary adjustments to our business to continue improving our profitability. Our recent announcement to acquire GPI is another strategic step forward for Advance as we look to accelerate our growth strategy and position Advance to capitalize on positive long-term fundamentals."

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