Full Year 2017 Operating Cash Flow Increased
15% to $601M; Free Cash Flow Increased 56% to $411M
Fourth Quarter Net Sales of $2B; Gross Profit
of $874MFourth Quarter Diluted EPS of $2.49; Adjusted EPS of
$0.77
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider in North America, that serves both
professional installer and do-it-yourself customers, today
announced its financial results for the fourth-quarter and full
year ended December 30, 2017.
“Through the strong dedication of our entire team, we continued
to close the performance gap versus the industry and our laser
focus on working capital enabled a 56% increase in free cash flow
in a difficult sales environment," said Tom Greco, President and
Chief Executive Officer. "As we enter the second year of our
transformation plan, we still have a lot that we want to
accomplish. We remain steadfast in our commitment to strengthen our
customer value proposition, deliver market share improvement and
execute our productivity agenda to drive margin expansion."
Fourth Quarter and Full Year 2017 Performance Summary
Twelve
Weeks Ended Fifty-Two Weeks Ended
Favorable/(Unfavorable)
December 30, 2017 December
31, 2016 December 30, 2017 December
31, 2016 Net Sales (in millions) $ 2,037.0 $
2,082.9 $ 9,373.8 $ 9,567.7 change in Sales (2.2 %) (2.0 %)
Comp Store Sales % (2.6 %) 3.1 % (2.0 %) (1.4 %)
Gross Profit (in millions) $ 873.6 $ 907.6 $ 4,085.0 $
4,255.9 Gross Profit (% sales) 42.9 % 43.6 % 43.6 % 44.5 % change
in Gross Margin (69 ) bps (90 ) bps
SG&A (in
millions) $ 786.4 $ 801.4 $ 3,514.8 $ 3,468.3 SG&A (% sales)
38.6 % 38.5 % 37.5 % 36.3 % change in SG&A (13 ) bps (125 ) bps
Adjusted SG&A (in millions) (a) $ 759.9 $ 781.9 $
3,398.7 $ 3,354.5 Adjusted SG&A (% sales) 37.3 % 37.5 % 36.3 %
35.1 % change in Adjusted SG&A 24
bps
(120 ) bps
Operating Income (in millions) $ 87.2 $
106.1 $ 570.2 $ 787.6 Operating Income (% sales) 4.3 % 5.1 % 6.1 %
8.2 % change in Operating income (82 ) bps (215 ) bps
Adjusted Operating Income (in millions) (a) $ 113.7 $ 125.6
$ 686.3 $ 901.4 Adjusted Operating Income (% sales) 5.6 % 6.0 % 7.3
% 9.4 % change in Adjusted Operating income (45 ) bps (210 ) bps
Diluted EPS $ 2.49 $ 0.84 $ 6.42 $ 6.20
Adjusted
EPS (a) $ 0.77 $ 1.00 $ 5.37 $ 7.15
Average Diluted
Shares (in thousands) 74,156 73,886 74,110 73,856
(a)
For a better understanding of the
Company's adjusted results, refer to the reconciliation of non-GAAP
adjustments in the accompanying financial tables in this press
release.
Fourth Quarter and Full Year 2017 Highlights
Total net sales for the fourth quarter came in at $2.04 billion,
a 2.2% decrease versus the prior-year period. Comparable store
sales for the quarter decreased 2.6%. Net Sales for full year 2017
were $9.37 billion, versus $9.57 billion in 2016. Comparable store
sales for the full year decreased 2.0%.
The Company's Gross Profit margin decreased 69 basis points in
the fourth quarter to 42.9% from 43.6% in the same time period in
the prior year. The decline was primarily driven by increased
supply chain costs. In addition, the non-cash impact of inventory
optimization negatively affected gross margins by 20 basis points
in the fourth quarter. Continued material cost improvement in the
quarter helped partially offset these costs. Total Gross Profit
margin for full year 2017 was 43.6% compared to full year 2016 of
44.5%.
Adjusted SG&A was 37.3% of net sales for the fourth quarter,
a 24 basis point favorable improvement from the fourth quarter
2016. Continued progress in expense management during the quarter,
including labor and third-party fee reductions were partially
offset by higher medical costs and insurance claims. The Company's
GAAP SG&A was 38.6% of net sales, 13 basis points unfavorable
for the fourth quarter versus 38.5% for the comparable prior-year
period. The Company's Adjusted SG&A rate was 36.3% of net sales
during Full Year 2017 as compared to 35.1% during the same period
the previous year. On a GAAP basis, the Company's full year 2017
SG&A rate was 37.5% of net sales compared to full year 2016 of
36.3%.
The Company's Adjusted Operating Income was $113.7 million, 5.6%
of net sales for the quarter. This represented a decline of 45
basis points versus the prior-year period, primarily driven by the
declines in revenue and gross profit as well as the SG&A
factors described above. On a GAAP basis, the Company's Operating
Income was $87.2 million, 4.3% of net sales, a decline of 82 basis
points. For full year 2017, the Company's Adjusted Operating Income
was 7.3% versus 9.4% during full year 2016. The Company's GAAP
Operating Income rate was 6.1% compared to 8.2% for full year
2016.
The impact of recently signed tax reform resulted in a lower
federal tax rate for the Company in the fourth quarter. The Company
reported Adjusted EPS of $0.77 for the quarter. On a GAAP basis,
the Company's diluted EPS was $2.49, which includes a benefit of
$1.94 related to the tax reform.
Operating cash flow increased 14.8% to $600.8 million for full
year 2017 from $523.3 million for full year 2016. Free cash flow
was $411.0 million for full year 2017 compared to $263.7 million in
the prior-year period, an increase of 55.9%. This increase was
primarily driven by optimization of working capital and disciplined
capital spending.
2018 Full Year Guidance
The Company provided the following guidance ranges related to
their full year 2018 outlook:
Full Year 2018 ($ in millions)
Low
High Total Net Sales $ 9,100 $ 9,400
Comparable Store Sales (1) (2.0%) 0.0% Adjusted Operating Income
Margin (2) 7.3% 7.8% Income Tax Rate 24% 26% Integration &
Transformation Expenses (2) $ 140 $ 180 Capital Expenditures $ 200
$ 250 Free Cash Flow Minimum $ 400
(1)
Comparable store sales estimate excludes
sales to independently owned Carquest locations.
(2)
Adjusted Operating Income is a non-GAAP
measure. Management believes Adjusted Operating Income is an
important measure in assessing the overall performance of the
business and utilizes this metric in its ongoing reporting. On that
basis, Management believes it is useful to provide Adjusted
Operating Income to investors and prospective investors to evaluate
the Company’s operating performance across periods adjusting for
these items. Adjusted Operating Income might not be calculated in
the same manner as, and thus might not be comparable to, similarly
titled measures reported by other companies. Adjusted Operating
Income should not be used by investors or third parties as the sole
basis for formulating investment decisions, as it excludes a number
of important cash and non-cash recurring items. For a better
understanding of the Company's adjusted results, refer to the
reconciliation of non-GAAP adjustments in the accompanying
financial tables in this press release. Because of the
forward-looking nature of the 2018 non-GAAP financial measures,
specific quantifications of the amounts that would be required to
reconcile these non-GAAP financial measures to their most directly
comparable GAAP financial measures are not available at this
time.
Investor Conference Call
The Company will detail its results for the fourth quarter and
full year 2017 via a webcast scheduled to begin at 8 a.m. Eastern
Time on Wednesday, February 21, 2018. The webcast will be
accessible via the Investor Relations page of the Company's website
(www.AdvanceAutoParts.com).
For individuals unable to access the webcast, the event will be
available by dialing (844) 877-5989 and referencing conference
identification number 8398727. A replay of the conference call will
be available on the Company's website for one year.
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket
parts provider that serves both professional installer and
do-it-yourself customers. As of December 30, 2017, Advance operated
5,054 stores and 129 Worldpac branches and employed approximately
71,000 Team Members in the United States, Canada, Puerto Rico and
the U.S. Virgin Islands. The Company also serves 1,218
independently owned Carquest branded stores across these locations
in addition to Mexico and the Bahamas, Turks and Caicos, British
Virgin Islands and Pacific Islands. Additional information about
the Company, including employment opportunities, customer services,
and online shopping for parts, accessories and other offerings can
be found at www.AdvanceAutoParts.com.
Forward-Looking Statements
Certain statements contained in this release are forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements address future events or
developments, and typically use words such as “believe,”
“anticipate,” “expect,” “intend,” “plan,” “forecast,” “guidance,”
“outlook” or “estimate.” These forward-looking statements include,
but are not limited to, key assumptions for future financial
performance including net sales, store growth, comparable store
sales, gross profit rate, SG&A, adjusted operating income,
income tax rate, integration and transformation costs, adjusted
operating income rate targets, capital expenditures, inventory
levels and free cash flow; statements regarding expected growth and
future performance of Advance Auto Parts, Inc. (the “Company”);
statements regarding enhancements to shareholder value, strategic
plans or initiatives, growth or profitability, productivity targets
and all other statements that are not statements of historical
facts. These statements are based upon assessments and assumptions
of management in light of historical results and trends, current
conditions and potential future developments that often involve
judgment, estimates, assumptions and projections. Forward-looking
statements reflect current views about our plans, strategies and
prospects, which are based on information currently available as of
the date of this report. Except as required by law, we undertake no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. Please
refer to the “Risk Factors” section of the annual report on Form
10-K for the fiscal year ended December 31, 2016, and other
filings made by the Company with the Securities and Exchange
Commission for additional risk factors that could materially affect
the Company’s actual results. Forward-looking statements are
subject to risks and uncertainties, many of which are outside our
control, which could cause actual results to differ materially from
these statements. Therefore, you should not place undue reliance on
those statements. We intend for any forward-looking statements to
be covered by, and we claim the protection under, the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (in thousands)
(unaudited)
December 30,
2017 December 31, 2016
Assets
Current assets: Cash and cash equivalents $ 546,937 $
135,178 Receivables, net 606,357 641,252 Inventories 4,168,492
4,325,868 Other current assets 105,106 70,466 Total
current assets 5,426,892 5,172,764
Property and
equipment, net 1,394,138 1,446,340
Goodwill 994,293
990,877
Intangible assets, net 597,674 640,903
Other
assets, net 69,304 64,149 $ 8,482,301 $ 8,315,033
Liabilities and
Stockholders' Equity
Current liabilities: Accounts payable $ 2,894,582 $
3,086,177 Accrued expenses 533,548 554,397 Other current
liabilities 51,967 35,472 Total current liabilities
3,480,097 3,676,046
Long-term debt 1,044,327
1,042,949
Deferred income taxes 303,620 454,282
Other
long-term liabilities 239,061 225,564
Total stockholders'
equity 3,415,196 2,916,192 $ 8,482,301 $
8,315,033
NOTE: These preliminary condensed consolidated balance sheets
have been prepared on a basis consistent with our previously
prepared balance sheets filed with the Securities and Exchange
Commission, but do not include the footnotes required by generally
accepted accounting principles, or GAAP, for complete financial
statements.
Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (in
thousands, except per share data) (unaudited)
Twelve Week Periods
Ended Fifty-Two Week Periods Ended
December 30,
2017
December 31,
2016
December 30,
2017
December 31,
2016
Net sales $ 2,036,986 $ 2,082,891 $ 9,373,784 $ 9,567,679
Cost of sales 1,163,417 1,175,327
5,288,735 5,311,764 Gross profit
873,569 907,564 4,085,049 4,255,915 Selling, general and
administrative expenses 786,417 801,417
3,514,837 3,468,317 Operating income
87,152 106,147 570,212
787,598 Other, net: Interest expense (13,136 )
(13,365 ) (58,801 ) (59,910 ) Other income, net 121
4,129 8,848 11,147 Total
other, net (13,015 ) (9,236 ) (49,953 )
(48,763 ) Income before provision for income taxes 74,137 96,911
520,259 738,835 Provision for income taxes (110,363 )
34,546 44,754 279,213 Net income
$ 184,500 $ 62,365 $ 475,505 $ 459,622
Basic earnings per share $ 2.50 $ 0.84 $ 6.44 $ 6.22 Average
shares outstanding 73,909 73,685 73,846 73,562 Diluted
earnings per share $ 2.49 $ 0.84 $ 6.42 $ 6.20 Average diluted
shares outstanding 74,156 73,886 74,110 73,856
NOTE: These preliminary condensed consolidated statements of
operations have been prepared on a basis consistent with our
previously prepared statements of operations filed with the
Securities and Exchange Commission, but do not include the
footnotes required by GAAP for complete financial statements.
Advance Auto Parts, Inc. and
Subsidiaries Condensed Consolidated Statements of Cash
Flows (in thousands) (unaudited)
Fifty-Two
Week Periods Ended
December 30, 2017
December 31, 2016 Cash flows from operating
activities: Net income $ 475,505 $ 459,622 Depreciation and
amortization 249,260 258,387 Share-based compensation 35,267 20,452
(Benefit) provision for deferred income taxes (151,263 ) 20,213
Other non-cash adjustments to net income 20,229 3,960 Net change
in: Receivables, net 36,047 (41,642 ) Inventories 167,548 (144,603
) Accounts payable (197,168 ) (119,325 ) Accrued expenses (13,295 )
49,341 Other assets and liabilities, net (21,325 )
16,898 Net cash provided by operating activities
600,805 523,303
Cash flows from investing
activities: Purchases of property and equipment (189,758 )
(259,559 ) Proceeds from sales of property and equipment 11,099
2,212 Other, net 20 (4,697 ) Net cash used in
investing activities (178,639 ) (262,044 )
Cash
flows from financing activities: Increase (decrease) in bank
overdrafts 14,004 (5,573 ) Net payments on credit facilities —
(160,000 ) Dividends paid (17,854 ) (17,738 ) Proceeds from the
issuance of common stock 4,076 4,532 Tax withholdings related to
the exercise of stock appreciation rights (6,531 ) (19,558 )
Repurchase of common stock (6,498 ) (18,393 ) Other, net
(2,069 ) (390 ) Net cash used in financing activities
(14,872 ) (217,120 ) Effect of exchange rate changes on cash
4,465 257
Net increase in
cash and cash equivalents 411,759 44,396
Cash and cash
equivalents, beginning of period 135,178
90,782
Cash and cash equivalents, end of period $
546,937 $ 135,178
NOTE: These preliminary condensed consolidated statements of
cash flows have been prepared on a consistent basis with previously
prepared statements of cash flows filed with the Securities and
Exchange Commission, but do not include the footnotes required by
GAAP for complete financial statements. The Company retrospectively
adopted ASU 2016-09 in the first quarter of 2017, which resulted in
a reclassification of $22.4 million of excess tax benefits related
to share-based compensation from financing activities to operating
activities for 2016.
Reconciliation of Non-GAAP Financial
Measures
The Company’s financial results include certain financial
measures not derived in accordance with generally accepted
accounting principles (“GAAP”). Non-GAAP financial measures should
not be used as a substitute for GAAP financial measures, or
considered in isolation, for the purpose of analyzing our operating
performance, financial position or cash flows. We have presented
these non-GAAP financial measures as we believe that the
presentation of our financial results that exclude (1)
non-operational expenses associated with the integration of General
Parts International, Inc. (“GPI”) and store closure and
consolidation costs; (2) non-cash charges related to the acquired
GPI intangibles; (3) transformation expenses under our strategic
business plan; and (4) nonrecurring impact of the Tax Cuts and Jobs
Act (the “Act”), is useful and indicative of our base operations
because the expenses vary from period to period in terms of size,
nature and significance and/or relate to the integration of GPI and
store closure and consolidation activity in excess of historical
levels. These measures assist in comparing our current operating
results with past periods and with the operational performance of
other companies in our industry. The disclosure of these measures
allows investors to evaluate our performance using the same
measures management uses in developing internal budgets and
forecasts and in evaluating management’s compensation. Included
below is a description of the expenses we have determined are not
normal, recurring cash operating expenses necessary to operate our
business and the rationale for why providing these measures is
useful to investors as a supplement to the GAAP measures.
GPI Integration Expenses - As
disclosed in the Company’s filings with the Securities and Exchange
Commission, the Company acquired GPI for $2.08 billion in 2014 and
is in the midst of a multi-year plan to integrate the operations of
GPI with AAP. This includes the integration of product brands and
assortments, supply chain and information technology. The
integration is being completed in phases and the nature and timing
of expenses will vary from quarter to quarter over several years.
The integration of product brands and assortments was primarily
completed in 2015, which our focus then shifted to integrating the
supply chain and information technology systems. Due to the size of
the acquisition, we consider these expenses to be outside of our
base business. Therefore, we believe providing additional
information in the form of non-GAAP measures that exclude these
costs is beneficial to the users of our financial statements in
evaluating the operating performance of our base business and our
sustainability once the integration is completed.
Store Closure and Consolidation
Expenses - Store closure and consolidation expenses consist
of expenses associated with our plans to convert and consolidate
the Carquest stores acquired from GPI. The conversion and
consolidation of the Carquest stores is a multi-year process that
began in 2014. As of December 30, 2017, 346 Carquest stores
acquired from GPI had been consolidated into existing Advance Auto
Parts (“AAP”) stores and 422 stores had been converted to the AAP
format. While periodic store closures are common, these closures
represent a major program outside of our typical market evaluation
process. We believe it is useful to provide additional non-GAAP
measures that exclude these costs to provide investors greater
comparability of our base business and core operating performance.
We also continue to have store closures that occur as part of our
normal market evaluation process and have not excluded the expenses
associated with these store closures in computing our non-GAAP
measures.
Transformation Expenses - We expect
to recognize a significant amount of transformation expenses over
the next several years as we transition from integration of our
Advance Auto Parts and Carquest US (“AAP/CQUS”) businesses to a
plan that involves a more holistic and integrated transformation of
the entire Company across all four banners, including Worldpac and
Autopart International. These expenses will include, but not be
limited to, restructuring costs, third-party professional services
and other significant costs to integrate and streamline our
operating structure across the enterprise. We focused our initial
transformation efforts on our AAP/CQUS field structure in the
second quarter and are reviewing other areas throughout the
Company, such as supply chain and information technology.
U.S. Tax Reform—On December 22,
2017, the Act was signed into law. The Act amends the Internal
Revenue Code by, among other things, lowering the corporate tax
rate to 21% from the existing maximum rate of 35%, implementing a
territorial tax system and imposing a nonrecurring repatriation tax
on deemed repatriated earnings of foreign subsidiaries. The Company
is required to remeasure deferred income tax assets and liabilities
in the reporting period of enactment. The Company also recorded an
estimated charge to income tax expense primarily for the
nonrecurring repatriation tax on accumulated earnings of foreign
subsidiaries and it is the Company’s intention to bring back the
accumulated foreign earnings held as cash in the near term.
Reconciliation of
Adjusted Net Income and Adjusted EPS:
Twelve Week Periods Ended Fifty-Two Week Periods
Ended (in thousands, except per share data)
December 30,2017
December 31,2016
December 30,2017
December 31,2016
Net income (GAAP) $ 184,500 $ 62,365 $ 475,505 $ 459,622 SG&A
adjustments: GPI integration and store consolidation costs 2,862
10,084 26,207 72,828 GPI amortization of acquired intangible assets
8,983 9,393 39,477 40,940 Transformation expenses 14,699 — 50,425 —
Other income adjustment (a) — — (8,878 ) — Provision for income
taxes on adjustments (b) (10,087 ) (7,401 ) (40,748 ) (43,232 )
Impact of the Act, net (143,756 ) —
(143,756 ) — Adjusted net income (Non-GAAP) $ 57,201
$ 74,441 $ 398,232 $ 530,158
Diluted earnings per share (GAAP) $ 2.49 $ 0.84 $ 6.42 $ 6.20
Adjustments, net of tax (1.72 ) 0.16
(1.05 ) 0.95 Adjusted EPS (Non-GAAP) $ 0.77 $
1.00 $ 5.37 $ 7.15
Reconciliation of
Adjusted Selling, General and Administrative
Expenses:
Twelve Week Periods Ended Fifty-Two Week Periods
Ended (in thousands)
December 30,2017
December 31,2016
December 30,2017
December 31,2016
SG&A (GAAP) $ 786,417 $ 801,417 $ 3,514,837 $ 3,468,317
SG&A adjustments (26,544 ) (19,477 )
(116,109 ) (113,768 ) Adjusted SG&A (Non-GAAP) $ 759,873
$ 781,940 $ 3,398,728 $ 3,354,549
Reconciliation of
Adjusted Operating Income:
Twelve Week Periods Ended Fifty-Two Week Periods
Ended (in thousands)
December 30,2017
December 31,2016
December 30,2017
December 31,2016
Operating income (GAAP) $ 87,152 $ 106,147 $ 570,212 $ 787,598
SG&A adjustments 26,544 19,477
116,109 113,768 Adjusted operating
income (Non-GAAP) $ 113,696 $ 125,624 $ 686,321
$ 901,366
(a)
The adjustment to Other income for the
fifty-two weeks ended December 30, 2017 relates to income
recognized from an indemnification agreement associated with the
acquisition of General Parts.
(b)
The income tax impact of non-GAAP
adjustments is calculated using the estimated tax rate in effect
for the respective non-GAAP adjustments.
Reconciliation of
Free Cash Flow:
Fifty-Two Week Periods Ended (In thousands)
December 30,2017
December 31,2016
Cash flows from operating activities $ 600,805 $ 523,303 Purchases
of property and equipment (189,758 ) (259,559 ) Free
cash flow $ 411,047 $ 263,744
NOTE: Management uses free cash flow as a measure of our
liquidity and believes it is a useful indicator to stockholders of
our ability to implement our growth strategies and service our
debt. Free cash flow is a non-GAAP measure and should be considered
in addition to, but not as a substitute for, information contained
in our condensed consolidated statement of cash flows.
Adjusted Debt to
Adjusted EBITDAR:
Fifty-Two Week Periods Ended (In thousands, except adjusted
debt to adjusted EBITDAR ratio)
December 30,2017
December 31,2016
Total debt $ 1,044,677 $ 1,043,255 Add: Capitalized lease
obligations (six times rent expense) 3,189,756
3,221,202 Adjusted debt 4,234,433 4,264,457 Operating income
570,212 787,598 Add: Adjustments (a) 76,632 72,828 Depreciation and
amortization 249,260 258,387 Adjusted EBITDA 896,104
1,118,813 Rent expense (less favorable lease amortization of $1,864
and $3,498) 531,626 536,867 Share-based compensation 35,267
20,452 Adjusted EBITDAR $ 1,462,997 $ 1,676,132
Adjusted Debt to Adjusted EBITDAR 2.9 2.5
(a)
The adjustments to the fifty-two weeks
ended December 30, 2017 include General Parts integration, store
consolidation costs and transformation expenses of $76.6 million.
The adjustments to fifty-two weeks ended December 31, 2016 include
General Parts integration and store consolidation costs of $72.8
million.
NOTE: Management believes its Adjusted Debt to Adjusted EBITDAR
ratio (“leverage ratio”) is a key financial metric for debt
securities, as reviewed by rating agencies, and believes its debt
levels are best analyzed using this measure. The Company’s goal is
to maintain a 2.5 times leverage ratio and investment grade rating.
The Company's credit rating directly impacts the interest rates on
borrowings under its existing credit facility and could impact the
Company's ability to obtain additional funding. If the Company was
unable to maintain its investment grade rating this could
negatively impact future performance and limit growth
opportunities. Similar measures are utilized in the calculation of
the financial covenants and ratios contained in the Company's
financing arrangements. The leverage ratio calculated by the
Company is a non-GAAP measure and should not be considered a
substitute for debt to net earnings, net earnings or debt as
determined in accordance with GAAP. The Company adjusts the
calculation to remove rent expense and capitalize the Company’s
existing operating leases to provide a more meaningful comparison
with the Company’s peers and to account for differences in debt
structures and leasing arrangements. The use of a multiple of rent
expense to calculate the adjustment for capitalized operating lease
obligations is a commonly used method of estimating the debt the
Company would record for its leases that are classified as
operating if they had met the criteria for a capital lease or the
Company had purchased the property. The Company’s calculation of
its leverage ratio might not be calculated in the same manner as,
and thus might not be comparable to, similarly titled measures by
other companies.
Store Information:
As of December 30, 2017, the Company operated 5,054 stores and
129 Worldpac branches and served 1,218 independently owned Carquest
stores. The below table summarizes the changes in the number of the
company-operated stores and branches during the twelve and
fifty-two weeks ended December 30, 2017.
AAP AI CARQUEST WORLDPAC
Total October 7, 2017 4,426 185
463 129 5,203 New 11 — 1 1 13 Closed (13 ) —
(18 ) (1 ) (32 ) Consolidated — — (1 ) — (1 ) Converted 8 —
(8 ) — —
December 30, 2017 4,432
185 437 129
5,183 December 31, 2016 4,273
181 608 127 5,189 New 42 5 8 5 60
Closed (20 ) (1 ) (26 ) (3 ) (50 ) Consolidated (3 ) — (13 ) — (16
) Converted 140 — (140 ) — —
December 30, 2017 4,432 185
437 129 5,183
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221005248/en/
Advance Auto Parts, Inc.Investor Relations
Contact:Elisabeth Eisleben,
919-227-5466invrelations@advanceautoparts.comorMedia
Contact:Kevin Nash, 866-463-4512kevin.nash@advance-auto.com
Advance Auto Parts (NYSE:AAP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Advance Auto Parts (NYSE:AAP)
Historical Stock Chart
From Sep 2023 to Sep 2024