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Advance Named Sponsor of Checkered Flag for NTT IndyCar
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By Counterman
The
link hidden, please login to view, a community of the Auto Care Association announced Dayco as the title sponsor for the link hidden, please login to view This is the third year Dayco has served as the title sponsor of the annual business event, which brings together the aftermarket industry’s premier companies for high-level, private, one-on-one business meetings Nov. 3-7, 2024, in Las Vegas, Nevada, during Industry Week. “We have valued our partnership with Dayco over the last two years and are grateful that they have once again committed to being our title sponsor for 2024 – it shows significant commitment to the industry and our organization,” said Ted Hughes, executive director, AWDA. “The buzz around this year’s AWDA conference is at a fever pitch already and we are thrilled to not only have Dayco onboard, but strong commitments from The Automotive Parts Services Group (APSG). Both distributors and suppliers are bound to have their highest participation levels in years, making this a memorable week for all channel partners.”
Dayco has been an active member of the automotive industry for more than a century. “One of the company’s core operating principles is activating a customer-first approach: knowing its strategic partners intimately so the Dayco team can deliver solutions that help customers move their business forward,” AWDA said.
“We are proud to sponsor the annual AWDA Business Conference again this year,” said Tom Tecklenburg, vice president, North America, aftermarket, Dayco. “These meetings provide so many benefits as they create a platform for growth with our channel partners. They give us an opportunity to build on our relationships, launch new products that meet the needs of customers, and advance key R&D and supply chain initiatives. We have found such value in our relationship with AWDA and are committed to a one-team, one-industry effort that safeguards and advocates for the distribution channel.”
Tecklenburg will be joined at the AWDA conference by other executive team members from Dayco, including Managing Director of North American Aftermarket Audrey Harling, who will unveil some of the ways Dayco is working to bolster the company’s market position.
“We’re excited to share some of the operational and strategic changes we’ve been implementing this past year to bring positive change to the customer experience,” said Harling.
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By Counterman
link hidden, please login to viewannounced that Ken Bush, senior vice president, chief merchant, will retire from the company after nearly 20 years and be succeeded by Bruce Starnes, who has been named executive vice president, chief merchant, effective June 24, 2024. The 48-year-old Starnes will lead all aspects of merchandising strategy. He joins
link hidden, please login to view from the Target Corporation where he spent nearly 20 years in a variety of product management roles. According to the company, he most recently served as senior vice president, merchandising capabilities and operations. Previously, he served as president of Target India and vice president, digital solutions and partnerships. “We are very grateful for the many contributions Ken has made to our industry over the past 37 years. He has helped strengthen our merchandising operations and built a talented team within the merchandising organization, making it an optimum time to make a leadership transition. We wish him all the best in his upcoming, well-deserved retirement,” said Shane O’Kelly, Advance’s president and CEO. “I’m excited to welcome Bruce to the Advance family. As a seasoned and accomplished merchandising executive with more than 25 years of experience, Bruce brings a deep understanding of successful merchandising operations and vendor partnerships as well as a proven track record of results at one of the world’s leading retail organizations. I look forward to working closely with him to take our merchandising operations to the next level.”
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By Advance Auto Parts
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, today announced that Ken Bush, senior vice president, chief merchant, will retire from the company after nearly 20 years and be succeeded by Bruce Starnes, who has been named executive vice president, chief merchant, effective June 24, 2024.
Mr. Starnes, 48, who will lead all aspects of merchandising strategy, joins Advance from the Target Corporation where he spent nearly 20 years in a variety of product management roles of increasing responsibility. Most recently, he served as senior vice president, merchandising capabilities and operations, where he was responsible for the strategy, capability and execution of Target’s merchandising operations, including price and promotions, in-store presentation, sales plans, negotiations, partnerships and vendor experience. Previously, he served as president of Target India and vice president, digital solutions and partnerships.
“We are very grateful for the many contributions Ken has made to our industry over the past 37 years. He has helped strengthen our merchandising operations and built a talented team within the merchandising organization, making it an optimum time to make a leadership transition. We wish him all the best in his upcoming, well-deserved retirement,” said Shane O’Kelly, Advance’s president and CEO. “I’m excited to welcome Bruce to the Advance family. As a seasoned and accomplished merchandising executive with more than 25 years of experience, Bruce brings a deep understanding of successful merchandising operations and vendor partnerships as well as a proven track record of results at one of the world’s leading retail organizations. I look forward to working closely with him to take our merchandising operations to the next level.”
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By Advance Auto Parts
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the first quarter ended April 20, 2024.
“Our team continues to execute against our decisive actions, including commencing our supply chain consolidation and making meaningful progress toward the potential sale of Worldpac,” said Shane O’Kelly, president and chief executive officer. “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction. As previously announced, we are reinvesting a portion of the savings back into the foundation of our business, including frontline compensation and training. We also made progress on our other decisive actions, including beginning three of our DC to market hub conversions.
“We continue to work on improving our overall performance by removing complexities and distractions to increase our value proposition and deliver shareholder value. We recognize we still have significant work ahead of us, however the actions we're taking will put us on the path to delivering improved results. I want to thank all our team members for their continued commitment to serving our customers as we navigate through this pivotal year for Advance.”
First Quarter 2024 Results (1,2)
First quarter 2024 net sales totaled $3.4 billion, a 0.3% decrease compared with the first quarter of the prior year. Comparable store sales decreased 0.2%.
The company's gross profit decreased 2.2% to $1.4 billion. Gross profit margin of 42.0% decreased 82 basis points compared with the first quarter of the prior year. This was primarily driven by increased costs that were not fully covered by pricing actions. These were partially offset by supply chain productivity.
SG&A expenses were $1.3 billion, which improved to 39.4% of net sales compared with 39.9% in the first quarter of 2023. This was primarily driven by the cost control efforts initiated at the end of 2023, including reduced corporate expenditures from the decrease in headcount and significant reduction of marketing expenses as well as a net gain on asset sales. These were partially offset by the reinvestment in field wages and training as well as typical expense inflationary pressure.
The company's operating income was $86.0 million, or 2.5% of net sales, compared with 2.9% in the first quarter of 2023.
The company's effective tax rate was 33.2%, compared with 28.5% in the first quarter of 2023. The higher effective income tax rate was due to a discrete charge for share-based compensation. The company's diluted EPS was $0.67 compared with $0.81 in the first quarter of 2023.
Net cash provided by operating activities was $2.7 million through the first quarter of 2024 versus $382.5 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2024 was an outflow of $46.3 million compared with an outflow of $472.5 million in the same period of the prior year.
Capital Allocation
On May 21, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
__________________________________ (1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and exclude sales fulfilled by distribution centers to independently owned Carquest locations.
(2) As reported in the company’s fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company’s prior earnings release dated February 29, 2024.
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By Counterman
Americans seem to be hitting a breaking point with air travel, with 67 percent saying they’ve had a trip negatively impacted or ruined because of problems with air travel during the last 12 months, according to new data from Atomik Research, released by
link hidden, please login to view. From losing precious time – 44 percent citing that delays and other problems traveling by air has cost them vacation time – to safety concerns – 32 percent feeling less safe flying compared to a year ago, Americans are saying “enough!” This summer they’re trading wings for wheels: 70 percent say they are more likely compared to a year ago to choose traveling by automobile over flying due to the current state of air travel, the survey said.
The “baggage” that comes with air travel continues to stack up and now outweighs the benefit of faster travel time for many Americans, according to the survey. 66% say the number of hours they’re willing to drive before choosing to fly has increased in the past 12 months and 24% say they would drive 10 or more hours for summer vacation before choosing to fly.
Heeding consumers’ preference for summer vacation by automobile, Advance is encouraging travelers to “Check Your Battery, Not Your Bag” so they can achieve what matters most – enjoying their well-deserved summer vacation.
Beginning National Road Trip Day tomorrow, Friday, May 24 through Monday, May 27, participating
link hidden, please login to viewstores nationwide will surprise randomly selected customers with free Advance gift cards to purchase DieHard batteries, wiper blades or other road trip essentials, no previous purchase necessary. Complimentary curbside services are available every day throughout the year to customers at all participating Advance stores, including battery checks and installation, wiper blade installation and check engine light scanning. “With all the concern about air travel and more people planning to travel by automobile – including willing to drive longer for their summer vacations – it’s critical they prepare their vehicles, and we want to make that as easy as possible,” said Junior Word, Advance’s executive vice president, U.S. stores. “Safety and reliability are at the center of ease, so our team of automotive experts are offering travelers a one-stop preparation shop – from car care essentials to curbside battery checks and installs on us.”
The great majority (85%) of survey respondents indicate they will prepare a pre-road trip checklist for their vacation.
To further support motorists, Advance said it is providing “Rules of the Road (Trip)” – a free checklist outlining car preparation basics designed to help both light DIYers and gearheads alike – available on
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