Net Sales Increased 2.8% to $2.3B; Comparable
Store Sales Increased 2.8%
Operating Income Increased 14.2% to $167.5M;
Adjusted Operating Income Increased 5.0% to $205.3M
Diluted EPS Increased 35.9% to $1.59; Adjusted
EPS Increased 24.7% to $1.97
Announces New $600 Million Share Repurchase
Authorization
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider in North America, that serves both
professional installer and do-it-yourself customers, today
announced its financial results for the second-quarter ended
July 14, 2018.
Second Quarter Performance Summary ($ in
millions, except per share data)
Twelve Weeks Ended
Twenty-Eight Weeks Ended Favorable/(Unfavorable)
July 14, 2018 July 15, 2017 July 14,
2018 July 15, 2017 Net sales $ 2,326.7 $
2,263.7 $ 5,200.5 $ 5,154.6 change in Net sales 2.8 % 0.9 %
Comparable store sales % 2.8 % 0.0 % 0.8 % (1.5 %)
Gross profit $ 1,011.6 $ 993.1 $ 2,283.8 $ 2,263.8 Gross
profit margin (% net sales) 43.5 % 43.9 % 43.9 % 43.9 % change in
Gross profit margin (39 ) bps — bps
Adjusted gross
profit (a) $ 1,016.9 $ 993.1 $ 2,289.2 $ 2,263.8 Adjusted gross
profit margin (% net sales) 43.7 % 43.9 % 44.0 % 43.9 % change in
Adjusted gross profit margin (16 ) bps 10 bps
SG&A $ 844.0 $ 846.4 $ 1,918.1 $ 1,937.3 SG&A (% net
sales) 36.3 % 37.4 % 36.9 % 37.6 % change in SG&A (% net sales)
111 bps 70 bps
Adjusted SG&A (a) $ 811.6 $ 797.6
$ 1,859.8 $ 1,863.3 Adjusted SG&A (% net sales) 34.9 % 35.2 %
35.8 % 36.1 % change in Adjusted SG&A (% net sales) 35 bps 39
bps
Operating income $ 167.5 $ 146.7 $ 365.8 $ 326.5
Operating income margin (% net sales) 7.2 % 6.5 % 7.0 % 6.3 %
change in Operating income margin 72 bps 70 bps
Adjusted
operating income (a) $ 205.3 $ 195.5 $ 429.4 $ 400.4 Adjusted
operating income margin (% net sales) 8.8 % 8.6 % 8.3 % 7.8 %
change in Adjusted operating income margin 19 bps 49 bps
Diluted EPS $ 1.59 $ 1.17 $ 3.43 $ 2.63
Adjusted EPS
(a) $ 1.97 $ 1.58 $ 4.07 $ 3.18
Average diluted
shares (in thousands) 74,244 74,093 74,222 74,093
(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.
Second Quarter 2018 Highlights
“Our relentless focus on strengthening our Customer Value
Proposition while embracing an owner’s mindset on cost and cash
resulted in improved sales and profit performance in the second
quarter. I am encouraged by the progress our team made during the
first half of 2018 and confident in our ability to drive growth
throughout the balance of 2018,” said Tom Greco, President and
Chief Executive Officer.
Total Net sales for the second quarter of 2018 were $2.3
billion, a 2.8% increase versus the second quarter of the prior
year. Comparable store sales for the second quarter of 2018
increased 2.8%.
Adjusted gross margin was 43.7% of Net sales in the second
quarter of 2018, a 16 basis point decrease from the second quarter
of 2017. The decline was primarily driven by an increase in supply
chain costs, including higher transportation and fuel expenses. The
Company's GAAP Gross profit margin decreased to 43.5% from 43.9% in
the second quarter of the prior year.
Adjusted SG&A was 34.9% of Net sales in the second quarter
of 2018, a 35 basis point improvement as compared to the second
quarter of 2017. This was primarily driven by savings in labor and
insurance costs, partially offset by higher bonus. The Company's
GAAP SG&A of 36.3% of Net sales decreased compared to 37.4% in
the same quarter of the prior year.
The Company's Adjusted operating income was $205.3 million in
the second quarter of 2018, an increase of 5.0% versus the second
quarter of the prior year. Adjusted operating income margin
improved versus the same quarter of the prior year by 19 basis
points to 8.8% of Net sales for the second quarter of 2018. On a
GAAP basis, the Company's Operating income was $167.5 million, 7.2%
of Net sales, an increase of 72 basis points from the second
quarter of 2017.
The Company's effective tax rate in the second quarter of 2018
was 25.2%, compared to 36.0% in the second quarter of the prior
year. The Company's Adjusted EPS was $1.97 for the second quarter
of 2018, an increase of 24.7% compared to the second quarter of the
prior year. On a GAAP basis, the Company's Diluted EPS increased
35.9% to $1.59.
Operating cash flow was $444.0 million through the second
quarter of 2018 versus $267.3 million in the same period of the
prior year, an increase of 66.1%. Free cash flow through the second
quarter of 2018 was $382.2 million, an increase of 163.6% compared
to the same period of the prior year.
2018 Full Year Guidance
Mr. Greco commented “Following a stronger start to the year and
our expectation that the improving demand environment continues, we
are updating our full year 2018 guidance. Our increased revenue
outlook is reflective of the improving industry trends, coupled
with our top-line growth, better operational execution and our
robust SKU assortment. Our team remains dedicated to cost control
to enable further margin improvement.”
The Company provided the following update to its full year 2018
outlook:
Full Year 2018 ($ in millions)
Low
High Total Net Sales $ 9,300 $ 9,500 Comparable Store
Sales (1) 0.0% 1.5% Adjusted Operating Income Margin (2) 7.5% 7.8%
Income Tax Rate 24% 26% Integration & Transformation Expenses
(2) $ 140 $ 180 Capital Expenditures $ 180 $ 220 Free Cash Flow
Minimum $ 500
(1)
Comparable store sales estimate excludes
sales to independently owned Carquest locations.
(2)
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.
Share Repurchase Authorization
“I am pleased with our ability to manage working capital and
build cash balances that provide enhanced value for our
shareholders. In line with our financial priorities, we are
delighted to announce our target to return $100 - $200 million to
our shareholders through the new share repurchase program during
the second half of 2018. This reinforces our confidence in the
strength of our balance sheet and the level of liquidity achieved
through the disciplined execution of our strategic plan.” said Mr.
Greco.
On August 8, 2018, the Company's Board of Directors authorized a
$600 million share repurchase program. This new authorization
replaces the Company's $500 million share repurchase program
authorized in May 2012, which had $415 million remaining.
Dividend
On August 8, 2018, the Company's Board of Directors
declared a regular quarterly cash dividend of $0.06 per share to be
paid on October 5, 2018 to all common shareholders of record
as of September 21, 2018.
Investor Conference Call
The Company will detail its results for the second quarter of
2018 via a webcast scheduled to begin at 8 a.m. Eastern Time on
Tuesday, August 14, 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 1687557. 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 July 14, 2018, Advance
operated 5,026 stores and 133 Worldpac branches in the United
States, Canada, Puerto Rico and the U.S. Virgin Islands. The
Company also serves 1,219 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 year ended December 30, 2017, 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)
July 14, 2018 December 30,
2017
Assets
Current assets: Cash and cash equivalents $ 902,249 $
546,937 Receivables, net 664,149 606,357 Inventories 4,159,756
4,168,492 Other current assets 151,662 105,106 Total current
assets 5,877,816 5,426,892
Property and equipment,
net 1,338,931 1,394,138
Goodwill 991,934 994,293
Intangible assets, net 571,953 597,674
Other assets,
net 54,922 69,304 $ 8,835,556 $ 8,482,301
Liabilities and
Stockholders' Equity
Current liabilities: Accounts payable $ 2,909,990 $
2,894,582 Accrued expenses 635,896 533,548 Other current
liabilities 52,331 51,967 Total current liabilities
3,598,217 3,480,097
Long-term debt 1,045,077
1,044,327
Deferred income taxes 314,091 303,620
Other
long-term liabilities 220,222 239,061
Total stockholders'
equity 3,657,949 3,415,196 $ 8,835,556 $
8,482,301
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 Weeks Ended Twenty-Eight Weeks Ended
July 14, 2018 July 15, 2017 July 14,
2018 July 15, 2017 Net sales $ 2,326,652 $
2,263,727 $ 5,200,500 $ 5,154,565 Cost of sales 1,315,093
1,270,639 2,916,658 2,890,793 Gross profit
1,011,559 993,088 2,283,842 2,263,772 Selling, general and
administrative expenses 844,018 846,377 1,918,061
1,937,281 Operating income 167,541 146,711
365,781 326,491 Other, net: Interest expense
(12,855 ) (13,921 ) (30,537 ) (32,351 )
Other income, net
2,785 3,169 3,243 7,982 Total other,
net (10,070 ) (10,752 ) (27,294 ) (24,369 ) Income before provision
for income taxes 157,471 135,959 338,487 302,122 Provision for
income taxes 39,635 48,910 83,925 107,113
Net income $ 117,836 $ 87,049 $ 254,562
$ 195,009 Basic earnings per share $ 1.59 $ 1.18 $
3.44 $ 2.64 Average shares outstanding 74,054 73,848 74,011 73,810
Diluted earnings per share $ 1.59 $ 1.17 $ 3.43 $ 2.63
Average diluted shares outstanding 74,244 74,093 74,222 74,093
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)
Twenty-Eight Weeks Ended
July 14, 2018 July 15, 2017 Cash
flows from operating activities:
Net income
$ 254,562 $ 195,009 Depreciation and amortization 128,244 135,200
Share-based compensation 12,413 19,938 Provision (benefit) for
deferred income taxes 11,195 (16,006 ) Other non-cash adjustments
to net income 5,937 6,212 Net change in: Receivables, net (59,995 )
(37,012 ) Inventories 2,140 41,923 Accounts payable 19,083 (153,750
) Accrued expenses 112,214 91,333 Other assets and liabilities, net
(41,825 ) (15,498 ) Net cash provided by operating activities
443,968 267,349
Cash flows from investing
activities: Purchases of property and equipment (61,815 )
(122,364 ) Proceeds from sales of property and equipment 578 1,311
Other, net — 20 Net cash used in investing activities
(61,237 ) (121,033 )
Cash flows from financing activities:
Decrease in bank overdrafts (8,362 ) (4,202 ) Net payments on
credit facilities — — Dividends paid (13,398 ) (13,363 ) Proceeds
from the issuance of common stock 1,697 2,281 Tax withholdings
related to the exercise of stock appreciation rights (304 ) (6,230
) Repurchase of common stock (5,657 ) (3,303 ) Other, net 784
(2,027 ) Net cash used in financing activities (25,240 )
(26,844 ) Effect of exchange rate changes on cash (2,179 ) 2,580
Net increase in cash and cash equivalents
355,312 122,052
Cash and cash equivalents, beginning of
period 546,937 135,178
Cash and cash
equivalents, end of period $ 902,249 $ 257,230
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.
Reconciliation of Non-GAAP Financial
Measures
The Company's financial results include certain financial
measures not derived in accordance with accounting principles
generally accepted in the United States of America
(“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; and (3) transformation expenses
under our strategic business plan, 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 - We
acquired GPI for $2.08 billion in 2014 and are 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. Our
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 July 14, 2018, 352 Carquest stores
acquired from GPI had been consolidated into existing Advance Auto
Parts (“AAP”) stores and 423 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, including Worldpac and Autopart International
("AI"). 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 are focused on several areas
throughout Advance, such as supply chain and information
technology.
Reconciliation of
Adjusted Net Income and Adjusted EPS:
Twelve Weeks Ended Twenty-Eight Weeks
Ended (in thousands, except per share data)
July 14,
2018 July 15, 2017 July 14, 2018
July 15, 2017 Net income (GAAP) $ 117,836 $ 87,049 $ 254,562
$ 195,009 Cost of sales adjustments:
Transformation expenses
5,327 — 5,327 — SG&A adjustments: GPI integration and store
consolidation costs 716 6,919 2,938 19,783 GPI amortization of
acquired intangible assets 8,750 9,124 20,466 21,403 Transformation
expenses 22,974 32,753 34,853 32,753 Other income adjustment (a) —
(502 ) — (8,878 ) Provision for income taxes on adjustments (b)
(9,442 ) (18,351 ) (15,896 ) (24,723 ) Adjusted net income
(Non-GAAP) $ 146,161 $ 116,992 $ 302,250 $
235,347 Diluted earnings per share (GAAP) $ 1.59 $
1.17 $ 3.43 $ 2.63 Adjustments, net of tax 0.38 0.41
0.64 0.55 Adjusted EPS (Non-GAAP) $ 1.97 $
1.58 $ 4.07 $ 3.18
Note: Table amounts may not foot due to
rounding.
(a)
The adjustment to Other income for the
twelve and twenty-eight weeks ended July 15, 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
Adjusted Gross Profit
Twelve Weeks Ended Twenty-Eight
Weeks Ended (in thousands)
July 14, 2018 July
15, 2017 July 14, 2018 July 15, 2017 Gross
Profit (GAAP) $ 1,011,559 $ 993,088 $ 2,283,842 $ 2,263,772 Gross
Profit adjustments 5,327 — 5,327 — Adjusted
Gross Profit (Non-GAAP) $ 1,016,886 $ 993,088 $
2,289,169 $ 2,263,772
Reconciliation of
Adjusted Selling, General and Administrative
Expenses:
Twelve Weeks Ended Twenty-Eight Weeks
Ended (in thousands)
July 14, 2018 July 15,
2017 July 14, 2018 July 15, 2017 SG&A
(GAAP) $ 844,018 $ 846,377 $ 1,918,061 $ 1,937,281 SG&A
adjustments (32,440 ) (48,795 ) (58,257 ) (73,939 ) Adjusted
SG&A (Non-GAAP) $ 811,578 $ 797,582 $ 1,859,804
$ 1,863,342
Reconciliation of
Adjusted Operating Income:
Twelve Weeks Ended Twenty-Eight
Weeks Ended (in thousands)
July 14, 2018 July
15, 2017 July 14, 2018 July 15, 2017
Operating income (GAAP) $ 167,541 $ 146,711 $ 365,781 $ 326,491
Cost of sales and SG&A Adjustments 37,767 48,795
63,584 73,939 Adjusted operating income (Non-GAAP) $ 205,308
$ 195,506 $ 429,365 $ 400,430
NOTE: 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 (refer to the reconciliation of non-GAAP adjustments above).
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.
Reconciliation of
Free Cash Flow:
Twenty-Eight Weeks Ended (In thousands)
July 14, 2018 July 15, 2017 Cash flows from
operating activities $ 443,968 $ 267,349 Purchases of property and
equipment (61,815 ) (122,364 ) Free cash flow $ 382,153 $
144,985
NOTE: Management uses free cash flow as a measure of our
liquidity and believes it is a useful indicator to investors or
potential investors 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:
Four Quarters Ended (In thousands, except
adjusted debt to adjusted EBITDAR ratio)
July 14, 2018
December 30, 2017 Total debt $ 1,045,258 $ 1,044,677
Add: Capitalized lease obligations (six times rent expense)
3,230,118 3,189,756 Adjusted debt 4,275,376 4,234,433
Operating income 609,502 570,212 Add: Adjustments (a) 67,214 76,632
Depreciation and amortization 242,304 249,260 Adjusted
EBITDA 919,020 896,104 Rent expense (less favorable lease
amortization of $202 and $1,864) 538,353 531,626 Share-based
compensation 27,742 35,267 Adjusted EBITDAR $ 1,485,115
$ 1,462,997
Adjusted Debt to Adjusted EBITDAR
2.9 2.9
(a)
The adjustments to the four quarters ended
July 14, 2018 and December 30, 2017 include General Parts
integration, store consolidation costs and transformation
expenses.
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:
During the twenty-eight weeks ended July 14, 2018, 11
stores and branches were opened and 35 were closed or consolidated,
resulting in a total of 5,159 stores and branches as of
July 14, 2018, compared to a total of 5,183 stores and
branches as of December 30, 2017.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180814005123/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
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