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Advance Receives 2022 NASCAR Marketing Achievement Award
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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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By Counterman
“The GPC team capped off a record-setting year with a strong fourth quarter highlighted by double-digit sales and earnings growth and continued margin expansion,” said Paul Donahue, chairman and CEO. “We are incredibly proud of our progress throughout the year and thankful to our teammates across the globe for their ongoing commitment to excellence. Working together, we have been agile in navigating the dynamics of the macro-economy and continue to deliver market share gains and drive positive momentum in our top and bottom-line results.”
Full-year net sales for the Global Automotive Parts group were $13.7 billion, up from $12.5 billion in 2021.
In the fourth quarter, net sales for the Global Automotive Parts group were $3.4 billion, up 7.6% from fourth-quarter 2021. Comparable-store sales were up 8.2% in the auto parts segment.
Industrial sales were $2.1 billion, up 29.6% fourth-quarter 2021, and reflecting a 16.7% increase in comparable sales and a 14.3% contribution from the KDG acquisition.
“The strength in Automotive sales was broad-based, with double-digit total sales growth in local currency in each of our global operations,” said Will Stengel, president and chief operating officer. “In addition, Industrial generated its seventh consecutive quarter of double-digit sales comps and 10th consecutive quarter of margin expansion, while continuing to execute well and create value with the accelerated integration of KDG. Our strong fourth quarter and record financial performance in 2022 are testaments to our teams’ hard work and dedication to serve our customers.”
For full-year 2023, GPC is projecting total year-over-year sales growth between 4% and 6%, according to its guidance. GPC is estimating year-over-year sales growth between 4% and 6% for both the Automotive Parts Group and the Industrial Parts Group.
“We had an exceptional 2022, which included celebrating our 95th year of operations,” Donahue said. “We have quickly turned our attention to the year ahead and, while the macro environment remains uncertain, we are confident in our strategic plans to drive sustained sales and earnings growth, continued margin expansion and strong cash flow. We believe our progress in these key areas, combined with a strong balance sheet, position GPC with the financial strength and flexibility to pursue strategic growth opportunities while also returning capital to shareholders
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