Advance Auto Parts Reports Record 2021 Results

Advance Auto Parts Reports Record 2021 Results

Comparable-store sales for 2021 were up 10.7%.

Advance Auto Parts reported a company-record $11 billion in net sales for full-year 2021, an 8.8% increase over 2020.

Comparable-store sales for 2021 were up 10.7%, according to the company.

Fourth-quarter 2021 net sales were up 1.3% to $2.4 billion. Excluding sales from the extra week in the fourth quarter of 2020, net sales in fourth-quarter 2021 increased 8.6%.

Comparable-store sales grew 8.2% in the fourth quarter.

“Advance had a strong fourth quarter and delivered a record year in 2021 across all key metrics,” CEO Tom Greco said in a news release. “We remained focused throughout the year on the execution of the strategy we outlined last April to deliver top-quartile total shareholder return. Thanks to the dedication of our team members and independent partners, our business is substantially stronger and better positioned today than it was prior to the pandemic.”

Greco noted that the company returned a record $1 billion in cash to shareholders through share repurchases and quarterly cash dividends. In addition, Advance has granted more than 24,000 stock awards to frontline team members, as part of its “Fuel the Frontline” program.

“This investment creates an ownership culture that helps enable Advance to remain an employer of choice for the long term,” Greco added.

For full-year 2022, Advance said it expects net sales in the range of $11.2 billion and $11.5 billion. The company expects to open as many as 150 new stores this year.

“We believe that we are well-positioned to deliver growth building off our record 2021 results and the ongoing execution of our strategic initiatives,” CFO Jeff Shepherd said in a news release. “We’re encouraged by the first four weeks of 2022, with comp sales trending above the top-end of our full-year guidance range as the growth drivers of our industry remain positive. However, our guide also takes into consideration macroeconomic uncertainty related to the acceleration of inflation across the economy and the impact it could have on our core customer.”

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