Financials
Advance Q2 Sales Jump 6% As DIFM Business Rebounds
Overall, Advance saw year-over-year double-digit growth in its DIFM business, “and a slight decline” in its DIY sales.
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Overall, Advance saw year-over-year double-digit growth in its DIFM business, “and a slight decline” in its DIY sales.
As a third round of checks started going out in mid-March, “sales volumes accelerated meaningfully."
CEO Bill Rhodes said the same-store sales growth “was a record for any quarter since we became a publicly traded company in 1991.”
The company said it now expects full-year net sales between $10.2 billion and $10.4 billion.
Domestic same-store sales increased 15.2% for the quarter, which ended Feb. 13.
Comparable-store sales for the year were up 2.4%.
Full-year 2020 revenue was $11.6 billion, up $1.45 billion (14%) from full-year 2019.
The second quarter featured “the most dramatic swing in demand our business has ever seen,” CEO Greg Johnson said.
However, same-store sales picked up over the last four weeks of the quarter as consumers began receiving their stimulus checks.
However, sales have picked up since early April.
