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Advance Gives $25,000 To Tech School In Flood-Ravaged Kentucky
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By Counterman
Advance Auto Parts reported net sales of $11.2 billion for 2022, up 1.4% from 2021, while comparable-store sales were flat.
Fourth-quarter net sales increased 3.2% to $2.5 billion, while comparable-store sales were up 2.1%.
“In 2022, our team members once again worked to serve our customers with relentless focus and dedication,” said Tom Greco, president and chief executive officer. “Despite challenges throughout 2022, we made progress on our strategic initiatives, including the expansion of our footprint, further strengthening of our DieHard brand and improved customer loyalty. However, we are not satisfied with our results in 2022 and are taking decisive actions to improve performance in 2023. Importantly, the disciplined inventory and pricing actions we discussed last quarter to adapt to an evolving competitive landscape contributed to stronger results in Q4 and we ended the year with positive momentum.
“We expect to see further improvements in inventory availability throughout 2023, which we view as the single most important driver to accelerate topline growth. After several years of significant investments in complex transformation initiatives and the majority of the integration behind us, we’re now able to focus more time and resources on leveraging our differentiated asset base and improving execution to drive long-term shareholder value.”
Advance’s 2023 guidance is for net sales between $11.4 billion and $11.6 billion, and year-over-year growth in comparable-store sales between 1% and 3%.
“In 2023 we are shifting to GAAP as our reporting method for annual guidance,” said Jeff Shepherd, executive vice president and chief financial officer. “As the GPI integration nears completion, we expect transformation costs to be less impactful, which reduces the need for non-GAAP adjustments. In addition, we believe that focusing on GAAP results will improve the understanding and comparability with our closest peers. In 2023 we are elevating our performance to improve topline growth and share gains while delivering operating income margin expansion.”
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By Counterman
Advance Auto Parts announced a multiyear agreement to become the official sponsor of IndyCar’s checkered flag used at each NTT IndyCar Series race through the 2025 season.
The partnership connects Advance’s distinctive logo, which features the checkered-flag icon, with the iconic flag NTT IndyCar Series drivers aspire to see first at the end of each race. Through the agreement, Advance also becomes the official automotive aftermarket retail partner of IndyCar and Indianapolis Motor Speedway (IMS).
Advance’s marks will be displayed on the iconic IMS scoring pylon and other digital boards throughout the Racing Capital of the World for its signature events, including the Indianapolis 500 in May and the Brickyard Tripleheader race weekend in August.
Advance’s partnership with IndyCar will include a charitable component during the 2023 season. As race-winning drivers strategically use “advance” as a verb in their post-race interviews, Advance will gift winning drivers a cash prize to be donated to a charity of their choosing.
“It’s a privilege to associate the Advance brand and our checkered flag with those used at the Indianapolis 500 and every IndyCar race,” said Jason McDonell, Advance’s executive vice president of merchandising, marketing and eCommerce. “We know IndyCar fans are incredibly passionate about the sport, its heritage and future. Whether they’re road tripping to the next race or tackling their everyday commute, race fans know we’ll be ready with quality auto parts and expert advice to help them advance to their own checkered flag.”
Advance and IndyCar also will team up on a unique content series viewable on the NTT IndyCar Series’ Facebook, Twitter and Instagram. Leading into each race weekend, IndyCar will create a video highlight reel celebrating the most exciting wins and checkered-flag moments at that track, giving race fans an opportunity to witness some of auto racing’s most historic wins though archived footage.
“We’re honored to welcome Advance Auto Parts to both the IndyCar and Indianapolis Motor Speedway families,” said Mark Miles, president and CEO of Penske Entertainment Corp. “Advance is a world-class and highly respected brand, and the perfect partner emblem to display on the checkered flag welcoming our NTT IndyCar Series drivers to the finish line at the iconic Yard of Bricks and across all of our events.”
IndyCar kicks off the NTT IndyCar Series season with the Firestone Grand Prix of St. Petersburg (Florida) on Sunday, March 5 (noon Eastern time on NBC, Peacock). In 2023, the series will feature 17 high-speed and highly competitive races across the United States and Canada.
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