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 first quarter ended April 19, 2014. First quarter comparable earnings per diluted share (EPS) were $2.25, an increase of 35.5% versus the first quarter last year. These first quarter comparable results exclude $0.11 of amortization of acquired intangible assets, integration costs of $0.10 associated with the acquisition of General Parts International, Inc. (General Parts) and $0.03 of integration costs associated with the integration of B.W.P. Distributors, Inc. (BWP).
|Comparable First Quarter Performance Summary (1,2)|
|Sixteen Weeks Ended|
|April 19,||April 20,|
|Sales (in millions)||$||2,969.5||$||2,015.3|
|Comp Store Sales %||2.4||%||(3.2||%)|
|Gross Profit (in millions)||$||1,353.1||$||1,008.2|
|Comparable SG&A (in millions)||$||1,068.7||$||802.4|
|Comparable Operating Income (in millions)||$||284.4||$||205.8|
|Comparable Cash EPS||$||2.25||$||1.66|
|Avg Diluted Shares (in thousands)||73,355||73,806|
The Comparable SG&A, Comparable Operating Income and Comparable Cash EPS for the sixteen weeks ended April 19, 2014 have been reported on a comparable basis to exclude BWP integration costs of $4.0 million, General Parts integration costs of $11.5 million and General Parts amortization of $13.1 million related to the acquired intangible assets. The Comparable SG&A, Comparable Operating Income and Comparable Cash EPS for the sixteen weeks ended April 20, 2013 have been reported on a comparable basis to exclude BWP integration costs of $1.7 million. 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.
|Consistent with its comparable sales policy, the Company will not include the sales from General Parts in its comparable sales results in 2014.|
"The General Parts acquisition coupled with strong execution from our Team Members delivered Comparable Cash EPS growth of approximately 36% and an increase in comparable store sales of 2.4% in the quarter," said Darren R. Jackson, Chief Executive Officer. "We are off to an encouraging start to the year and remain focused on our core business outcomes while making positive progress with our integration of General Parts. Together, our operational and integration momentum position our business for a strong 2014.”