This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Advance Auto Parts Reports Fiscal 2013 Comparable EPS Growth And A Return To Positive Comparable Same Store Sales In The Fourth Quarter

Stocks in this article: AAP

Advance Auto Parts, Inc. (NYSE: AAP), the largest automotive aftermarket parts provider in North America, serving both the do-it-yourself and professional installer markets, today announced its financial results for the fourth quarter and fiscal year ended December 28, 2013. Fourth quarter comparable earnings per diluted share (EPS) were $0.94, an increase of 6.8% versus the fourth quarter last year. These fourth quarter results exclude transaction expenses of $0.24 associated with the acquisition of General Parts International, Inc. (GPI) and $0.03 of integration costs associated with the integration of B.W.P. Distributors, Inc. (BWP). Full year comparable diluted EPS of $5.67, increased 8.6% from fiscal 2012. These full year results exclude transaction expenses of $0.28 associated with the acquisition of GPI and $0.07 of integration costs associated with the integration of BWP.

 
Comparable Fourth Quarter Performance Summary (1)
       
Twelve Weeks Ended Fifty-Two Weeks Ended
December 28, 2013 December 29, 2012 December 28, 2013 December 29, 2012
 
Sales (in millions) $ 1,408.8 $ 1,329.2 $ 6,493.8 $ 6,205.0
 
Comp Store Sales % 0.1 % (1.9 %) (1.5 %) (0.8 %)
 
Gross Profit % 49.8 % 49.9 % 50.1 % 49.9 %
 
Comparable SG&A % 41.7 % 41.4 % 39.4 % 39.3 %
 
Comparable Operating Income % 8.1 % 8.5 % 10.7 % 10.6 %
 
Comparable Diluted EPS $ 0.94 $ 0.88 $ 5.67 $ 5.22
 
Avg Diluted Shares (in thousands) 73,248 74,002 73,414 74,062

(1)

 

The Comparable SG&A%, Comparable Operating Income % and Comparable Diluted EPS results have been reported on a comparable basis to exclude the impact of transaction expenses of $21.9 million and $27.0 million in the fourth quarter and fiscal 2013, respectively, associated with our acquisition of GPI on January 2, 2014 and integration costs of $3.1 million and $8.0 million in the fourth quarter and fiscal 2013, respectively, associated with our integration of BWP. Included in the transaction costs in each period presented is $2.0 million that is classified as interest expense. Refer to the presentation of the respective financial measures on a GAAP basis and reconciliation of the financial results reported on a comparable basis to the GAAP basis in the accompanying financial tables in this press release.

"I would like to thank all our Team Members for their hard work during the fourth quarter and the 2013 fiscal year," said Darren R. Jackson, Chief Executive Officer. "The acquisition of General Parts was another strategic step forward for our great company positioning Advance as the largest parts provider in North America with considerable sales growth and earnings opportunities. Operationally, we were very encouraged with the progress we made in 2013 which resulted in improved fourth quarter sales performance and record operating profits in 2013. We look forward to 2014 with excitement as we begin the integration of General Parts and build on our performance from 2013.”

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs