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 $0.02 of integration expenses for B.W.P. Distributors, Inc. (BWP).
|Third Quarter Performance Summary|
|Twelve Weeks Ended||Forty Weeks Ended|
|October 5,||October 6,||October 5,||October 6,|
|Sales (in millions)||$||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||%|
|Operating Income %||11.2||%||10.3||%||11.2||%||11.2||%|
|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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