Advance Auto Parts Inc. has announced its financial results for the fourth quarter ended Dec. 31, 2016. Fourth quarter GAAP earnings per diluted share (Diluted EPS) were 84 cents. Fourth quarter Adjusted earnings per diluted share (Adjusted EPS) were $1, which exclude 8 cents of amortization of acquired intangible assets and integration and restructuring costs of 8 cents primarily associated with the acquisition of General Parts International Inc.
“We are pleased with the sequential improvement in our sales performance and positive comparable sales for the quarter. Our top line progress is a direct reflection of sustained investment in the customer. Our stronger sales execution and improved availability enabled us to serve our customers better,” said Tom Greco, president and CEO.
Greco continued, “Our bottom line in the quarter reflects a planned inventory reduction along with sustained investments in the customer to accelerate top line growth. Our first priority is to deliver an outstanding experience for our customers and deliver consistent top line performance. We fully expect to balance our top and bottom line performance over time as we offset investments with a robust productivity agenda.”
Total sales for the fourth quarter increased 2.4 percent to $2.08 billion, as compared with total sales during the fourth quarter of fiscal 2015 of $2.03 billion. The company said this sales increase was driven by the comparable store sales growth of 3.1 percent, inclusive of the positive impact of the year-over-year comparable benefit from holiday timing and new store and Worldpac branch openings partially offset by the store closures and Carquest store consolidations. Total sales for fiscal 2016 were $9.57 billion compared to fiscal 2015 of $9.74 billion.
