Advance Auto Parts Reports Second Quarter Fiscal 2012 Results

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 fiscal quarter ended July 14, 2012. Second quarter earnings per diluted share (EPS) were $1.34 which was an 8.2% decrease versus the second quarter last year. Year-to-date, EPS was $3.14 which was an increase of 12.5% over the same period last year.
 
Second Quarter Performance Summary
    Twelve Weeks Ended     Twenty-Eight Weeks Ended

July 14,

2012
   

July 16,

2011

July 14,

2012
   

July 16,

2011
 
Sales (in millions) $ 1,461.0 $ 1,479.8 $ 3,418.3 $ 3,377.9
 
Comp Store Sales % (2.7

%)
2.5 % 0.0 % 1.9 %
 
Gross Profit % 49.9 % 49.7 % 50.0 % 50.2 %
 
SG&A % 38.3 % 37.0

%
38.5 % 39.1 %
 
Operating Income % 11.6 % 12.8 % 11.5 % 11.1 %
 
Diluted EPS $ 1.34 $ 1.46 $ 3.14 $ 2.79
 
Avg Diluted Shares (in thousands) 74,084 77,426 74,157 79,484
 

“As we anticipated, our second quarter faced weak consumer demand in both DIY and Commercial which resulted in our performance coming in at the low end of our outlook. The most significant slowdown was within our cold weather markets, principally in the Northeast and Great Lakes regions of the U.S.,” said Darren R. Jackson, President and Chief Executive Officer. “We remain encouraged by our positive comp store sales growth during the last period of our quarter, as well as the long-term fundamentals of our industry. As we look to the balance of the year we continue to focus on growing Commercial and competing more effectively through investments in areas such as Hub and inventory upgrades, our Commercial Sales Force and the launch of the new Advance Commercial Credit program.”

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