Advance Auto Parts Annual Sales Top $10 Billion

Advance Auto Parts: Annual Sales Top $10 Billion For First Time

Comparable-store sales for the year were up 2.4%.

Advance Auto Parts reported fourth-quarter net sales of $2.4 billion, a 12% increase over fourth-quarter 2019.

Comparable-store sales increased 4.7%.

For the full year, Advance reported net sales of $10.1 billion, a 4.1% increase over full-year 2019. Comparable-store sales for the year were up 2.4%.

In a news release, CEO Tom Greco praised Advance team members and its independent partners “for their dedication and perseverance.”

“They were an inspiration to all of us as they cared for each other and our customers while balancing numerous obstacles both at work and at home. This enabled us to do our part to keep America moving,” Greco said. “As a result, Advance delivered another quarter of growth in comp sales, margin expansion and free-cash flow as we crossed $10 billion in annual net sales for the first time ever. We believe our DIY omnichannel net sales continued to benefit from the impact COVID-19 had on the economy and resulting consumer behaviors.

“Meanwhile, we leveraged our scale to differentiate Advance and gain market share in the quarter. This was highlighted by the successful launch of the DieHard brand, the expansion of our Carquest brand and continued success from our Advance Same Day suite of fulfillment options. We also ramped up execution on our primary initiatives to expand gross margin in the quarter including strategic pricing, owned brand expansion and the streamlining of our supply chain. We believe our actions in the fourth quarter position us well to drive additional top-line growth and further margin expansion in 2021.”

Through the first four weeks of 2021, Greco said Advance was experiencing comparable-store sales growth in the “low double digits, with strength across both DIY omnichannel and professional.”

“We are also encouraged by improving trends in the Northeast and Mid-Atlantic Regions, which are still lagging the country, but closing the gap,” Greco added. “In addition, we remain laser-focused on the execution of our long-term plan to drive growth at or above industry growth rates, deliver meaningful margin expansion, and return excess cash to shareholders. We look forward to sharing more details in our March release of our third-annual Sustainability and Social Responsibility Report, as well as an update on our strategic business plan, which we will share with investors on April 20.”

You May Also Like

NAPA Auto Parts Parent GPC Reports Record Q1 Sales

Global sales for the Automotive Parts Group were $3.5 billion, up 7% over first-quarter 2022.

Genuine Parts Co. (GPC) reported record first-quarter sales of $5.8 billion, up nearly 9% over first-quarter 2022.

Net income was $304 million, up from $246 million in first-quarter 2022.

“We are pleased with the continued strength and momentum in our business and excited to report results that exceeded our expectations for the quarter,” said Paul Donahue, chairman and CEO. “Our performance was a clear example of how our multi-year strategic transformation to a global automotive and industrial company is a competitive advantage that distinguishes GPC in the marketplace. We benefited from our business mix and the geographic diversity of our operations with continued strong performances in our international automotive businesses and in the industrial segment. We are extremely proud of the outstanding work by all our GPC teammates.”

Advance Reports 2022 Sales of $11.2 Billion

Fourth-quarter net sales increased 3.2% to $2.5 billion, while comparable-store sales were up 2.1%.

Genuine Parts Co. Reports Record 2022 Sales

Full-year net sales for the Global Automotive Parts group were $13.7 billion, up from $12.5 billion in 2021.

O’Reilly Reports Record 2022, Q4 Revenue

Comparable-store sales were up 6.4% for the full year.

Advance Auto Parts Reports Q3 Net Sales Of $2.6 Billion

Comparable-store sales decreased 0.7%.

Other Posts

Advance Announces Merchandising Leadership Changes

Bruce Starnes, new executive vice president, chief merchant, takes over for the retiring Ken Bush.

Advance Auto Parts Celebrates ‘National Road Trip Day’

“Check Your Battery, Not Your Bag” campaign offers free gift cards for road trip essentials and curbside services.

Lauren Beaulieu’s Rise in the Automotive Aftermarket

Advance VP says education and training in the aftermarket for pros and students is a topic close to her heart.

Advance Auto Parts, Worldpac Wrap Up STX 2024

Nearly 3,400 registrants attended STX in Nashville’s Gaylord Opryland Resort & Convention Center.