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Advance Auto Parts Appoints Seasoned Retail Executives to Its Board of Directors
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By Counterman
Advance Auto Parts, the “Official Auto Parts Retailer of NASCAR,” received the 2022 Marketing Achievement Award at the NASCAR Industry Awards Reception during NASCAR Champion’s Week in Nashville.
In its third season as an official partner, Advance has demonstrated its commitment to grassroots racing, supporting drivers and tracks in local communities across the United States and Canada. The entitlement partner of the Advance Auto Parts Weekly Series (NAAPWS), Advance most recently partnered with the NASCAR Drive for Diversity Driver Development Combine, developing new storytelling opportunities and helping to livestream the event for the first time in program history.
“Advance Auto Parts is very honored to receive this award,” said Jason McDonell, executive vice president of merchandising, marketing and e-commerce at Advance. “Since becoming a partner of NASCAR, our team has been focused on supporting grassroots racing through programs like Advance My Track Challenge and the Drive for Diversity Combine. As the official auto parts retailer of NASCAR, we look forward to our continued partnership, leading programs that advance local racing while serving as the auto parts provider of choice for race fans.”
For a second season, Advance promoted the “Advance My Track Challenge,” focusing on local racetracks and communities to raise awareness of and celebrate grassroots racing. Through a consumer voting program, the organization awarded Jennerstown Speedway a $50,000 prize, distributing 6,000 tickets to local Advance stores for free admission to the speedway’s celebration event. The program generated more than 220,000 impressions on NASCAR.com and NASCAR social media channels.
“Since becoming an official partner, Advance Auto Parts has been a big supporter of grassroots racing, raising awareness of local racing communities and providing young drivers with the opportunity to showcase their talent,” said Michelle Byron, vice president, partnership marketing at NASCAR. “After recently wrapping the 2022 Advance Auto Parts Drive for Diversity Combine, we’re thrilled to see what’s next as they continue to find creative ways to grow their presence in the sport.”
After introducing a new brand campaign in June with its No. 1 fan Ed Vance, Advance hosted Ed at the Coke Zero Sugar 400 at Daytona International Speedway and captured live content with him throughout the weekend. In a matter of months, Ed quickly began to be recognized at tracks, becoming a staple character among race fans.
Closing out the year, Advance served as the primary sponsor of the NASCAR Drive for Diversity Driver Development Combine, continuing to expand its presence in the sport. Advance was on-site throughout the event, capturing content as drivers prepared for and participated in the combine. Through its sponsorship, the company gave NASCAR the ability to evaluate additional drivers for the combine as the league also selected additional winners compared to previous years.
This is the first time Advance has been awarded the NASCAR Marketing Achievement Award. Previous winners include Anheuser-Busch, Comcast; Coca-Cola; Fox Sports and NBC Sports; Mars, Incorporated; Mobil 1; and Toyota.
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By Counterman
Advance Auto Parts reported third-quarter net sales of $2.6 billion, a 0.8% increase over third-quarter 2021.
Comparable-store sales decreased 0.7%, which Advance attributed to “increased owned-brand penetration, which has a lower price point than national brands.”
“I want to thank the entire family of Advance team members as well as our growing network of independent partners for their continued dedication,” Tom Greco, president and CEO, said in a news release. “We continue to execute our strategy to drive full year net sales growth and adjusted operating income margin expansion while returning excess cash to shareholders.”
Greco noted that Advance’s “deliberate move to increase owned-brand penetration, which carries a lower price point, reduced net sales by approximately 80 basis points and comp sales by approximately 90 basis points. We also continued to invest in our business while returning approximately $860 million in cash to our shareholders through the first three quarters of 2022.”
The company reiterated its full-year guidance of net sales between $11 billion and $11.2 billion.
“While we continue to execute against our long-term strategic plan, we’re not satisfied with our relative topline performance versus the industry this year and are taking measured, deliberate actions to accelerate growth,” Greco said.
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By Counterman
Women in Auto Care, a community of the Auto Care Association, is accepting applications for positions on its leadership committee in 2023.
Women in Auto Care provides opportunities, education and career leadership in the auto industry through conferences, networking, scholarships, education, data, awards and more.
The volunteers who comprise the Leadership Committee participate in awarding scholarships, help in planning an annual conference and auction, social media, awards, sponsorship, mentoring and engagement. These positions require a time commitment of 1-2 hours per week and participation in Women in Auto Care Events.
Each position is for a two-year term beginning Jan. 1, 2023. The deadline to apply is Dec. 16.
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Interested in volunteering, but not sure about taking on a leadership role?
Help support the community by becoming a Champion! Women in Auto Care Champions have exclusive opportunities to help support our key initiatives through “micro volunteering” efforts. Champions earn insight and exposure to the committee and meet volunteer requirements for certifications, such as ACP.
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By Counterman
Parts Authority, one of the largest distributors of automotive and truck parts to the aftermarket, held its vendor-appreciation reception and award ceremony on Wednesday, Nov. 2, during Industry Week in Las Vegas.
The event took place at the TAO Asian Bistro and Nightclub in the Venetian Hotel.
“Our vendor reception finally returned after a small hiatus,” said Randy Buller, president and CEO of Parts Authority. “We couldn’t be happier to have hosted such a spectacular ceremony honoring phenomenal companies and exceptional partners. We are lucky to work with great leaders in the industry who are dedicated and committed to the success of our company. Congratulations and thank you from all of us at Parts Authority.”
Parts Authority started the evening by recognizing Highline Warren (pictured) as its 2022 Supplier of the Year. Highline Warren, one of the nation’s premier suppliers of automotive chemicals and products, was recognized for its overall outstanding business practices, partnership and dedication to Parts Authority and its customers.
FCS Automotive and TrakMotive received the Partnership Award, recognizing their efforts and willingness to find innovative methods that fuel both Parts Authority’s and their own organizations’ growth.
Durago and Mevotech received Supply Chain Awards. These vendors maintained a strong and steady supply chain despite challenging circumstances, Parts Authority noted.
Parts Authority recognized Standard Motor Products with the Operational Performance Award. The recipient was measured on communication, organization, and the ability to adapt and grow alongside Parts Authority. Standard Motor Products truly delivered exceptional operational performance, Parts Authority said.
ACDelco received the Program Performance Award. ACDelco was recognized for going above and beyond the “call of duty” to grow and support its brand across multiple channels nationwide, in turn benefiting both Parts Authority and its customers.
URO Parts, which offers more than 8,000 high-quality spare parts for European, American and Asian vehicles, was named the organization’s 2022 Import Supplier of the Year. URO demonstrated its ability to be a market leader in the import segment.
Depo received the 2022 New Vendor Award. Depo offers aftermarket lighting and collision parts at competitive prices. Depo was recognized for its high-quality products and ability to move quickly and successfully through the challenging process of becoming a new vendor.
Bosch received the 2022 Marketing Excellence Award. Bosch consistently delivered successful marketing strategies and support throughout the year.
Parts Authority recognized Dorman Products with the 2022 Catalog and Data Award. From new-product data to ACES and PIES to images, videos and beyond, Dorman proved to be an industry leader in all aspects of cataloging and data, Parts Authority noted.
DRiV received the 2022 Brand Recognition Award. DRiV was recognized for maintaining strong brand awareness within its portfolio of products and its consistent support of Parts Authority’s business.
Bryan Moberly, national key account manager at Bosch, was named 2022 Factory Representative of the Year. Moberly delivered consistent and outstanding support throughout the year, resulting in significant growth for Bosch, Parts Authority and its customers.
Mike Glazier, president at Glazier Sales Associates, and Robbie Riefberg of NA Williams, were named 2022 Manufacturer Representatives of the Year. Glazier and Riefberg successfully managed multiple brands and inventory within Parts Authority, while educating team members and customers.
Parts Authority awarded five recipients with the Road Warrior Award. Justin Masseo from Glazier Sales Associates, Hector Garcia from NA Williams, Bill Wilson from KSW Enterprises, Mike Beam from Idemitsu Lubricants America and Kendell Smith from Standard Motor Products were recognized for their outstanding and ongoing efforts on the front lines. These “road warriors” trained customers, educated team members and solved problems with passion and precision.
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By Advance Auto Parts
Q3 Net Sales Increased 0.8% to $2.6 Billion; Year to Date Increased 1.0%
Returned $167 Million to Shareholders in Q3; Year to Date Returned $860 Million
Reiterates Net Sales, Comparable Store Sales and Adjusted Operating Income Margin Guidance
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 third quarter ended October 8, 2022.
"I want to thank the entire family of Advance team members as well as our growing network of independent partners for their continued dedication,” said Tom Greco, president and chief executive officer. “We continue to execute our strategy to drive full year net sales growth and adjusted operating income margin expansion while returning excess cash to shareholders. In the third quarter, net sales grew 0.8% which benefited from improvements in strategic pricing and new stores, while comparable store sales declined by 0.7% in-line with previous guidance. Our deliberate move to increase owned brand penetration, which carries a lower price point, reduced net sales by approximately 80 basis points and comp sales by approximately 90 basis points. We also continued to invest in our business while returning approximately $860 million in cash to our shareholders through the first three quarters of 2022.
“We’re reiterating our full year guidance that implies 20 to 40 basis points of adjusted operating income margin expansion, despite margins contracting in the third quarter. 2022 will be the second consecutive year that we have grown adjusted operating income margins in a highly inflationary environment. Our industry has proven to be resilient, and the fundamental drivers of demand remain positive. While we continue to execute against our long-term strategic plan, we’re not satisfied with our relative topline performance versus the industry this year and are taking measured, deliberate actions to accelerate growth.”
Third Quarter 2022 Results (1)
Net sales increased 0.8% to $2.6 billion Comparable store sales (2) decreased 0.7% Gross profit decreased 0.2% to $1.2 billion; Adjusted gross profit (3) increased 2.9% to $1.2 billion Gross profit margin decreased 44 basis points to 44.7% of Net sales; Adjusted gross profit margin (3) increased 98 basis points to 47.2% of Net sales SG&A increased 5.2% to $1.0 billion; Adjusted SG&A (3) increased 5.4% to $989.3 million SG&A was 38.0% of Net sales compared with 36.4% of Net sales; Adjusted SG&A (3) was 37.5% of Net sales compared with 35.8% of Net sales Operating income decreased 22.7% to $177.2 million; Adjusted operating income (3) decreased 5.8% to $258.0 million Operating income margin was 6.7% of Net sales compared with 8.7% of Net sales; Adjusted operating income margin (3) was 9.8% of Net sales compared with 10.4% of Net sales Diluted EPS decreased 31.3% to $1.84; Adjusted diluted EPS (3) decreased 11.5% to $2.84 Net cash provided by operating activities through the third quarter was $483.1 million; Free cash flow (3) through the third quarter was an inflow of $149.5 million Opened 37 new store and branch locations in the third quarter Third quarter of 2022 Net sales totaled $2.6 billion, a 0.8% increase compared with the third quarter of the prior year, primarily driven by strategic pricing and new store openings. Comparable store sales for the third quarter of 2022 decreased 0.7%, which was impacted by increased owned brand penetration, which has a lower price point than national brands.
The company's GAAP Gross profit decreased 0.2% to $1.2 billion. Adjusted gross profit increased 2.9% to $1.2 billion. The company's GAAP Gross profit margin of 44.7% of Net sales decreased 44 basis points compared with the third quarter of the prior year. Adjusted gross profit margin increased 98 basis points to 47.2% of Net sales, compared with 46.2% in the third quarter of 2021. This was primarily driven by improvements in strategic pricing and product mix as well as owned brand expansion. These headwinds were partially offset by continued inflationary product costs and unfavorable channel mix.
The company's GAAP SG&A was 38.0% of Net sales compared with 36.4% in the third quarter of 2021. Adjusted SG&A increased to $989.3 million from $938.2 million in the third quarter of the prior year. On an adjusted basis, SG&A was 37.5% of Net sales, which deleveraged 166 basis points compared with the third quarter of 2021. This was primarily driven by inflation in store labor, medical and fuel costs.
On a GAAP basis, the company's Operating income was $177.2 million, or 6.7% of Net sales, compared with 8.7% in the third quarter of 2021. The company's Adjusted operating income was $258.0 million, a decrease of 5.8% versus the third quarter of the prior year. Adjusted operating income margin decreased 68 basis points to 9.8% of Net sales compared with 10.4% of Net sales in the third quarter of the prior year.
The company's effective tax rate was 24.7%, compared with 23.7% in the third quarter of 2021. On a GAAP basis, the company's Diluted EPS was $1.84, a decrease of 31.3% from $2.68 in the third quarter of 2021. The company's Adjusted Diluted EPS was $2.84, a decrease of 11.5% from $3.21 in the third quarter of the prior year. On both a GAAP and adjusted basis, the company’s diluted EPS was negatively affected by approximately $0.20 as a result of foreign currency impact in the quarter.
Net cash provided by operating activities was $483.1 million through the third quarter of 2022 versus $924.9 million in the same period of the prior year. The decrease was primarily driven by lower Net income and working capital. Free cash flow through the third quarter of 2022 was $149.5 million compared with $734.0 million in the same period of the prior year.
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(1) All comparisons are based on the same time period in the prior year.
(2) Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.
(3) For a better understanding of the company's adjusted results, refer to the reconciliation of non-GAAP adjustments in the accompanying financial tables included herein.
Capital Allocation
During the third quarter of 2022, the company repurchased 0.4 million shares of its common stock at an aggregate cost of $75.0 million, or an average price of $168.93 per share, in connection with its share repurchase program. At the end of the third quarter of 2022, the company had $1.0 billion remaining under the share repurchase program.
On November 7, 2022, the company declared a regular cash dividend of $1.50 per share to be paid on January 3, 2023 to all common stockholders of record as of December 16, 2022.
Full Year 2022 Guidance
Jeff Shepherd, executive vice president and chief financial officer, commented, “As we begin the final quarter of 2022, we’re reiterating our full year guidance for net sales growth, comparable store sales and adjusted operating income margin expansion. In addition, we’re updating our adjusted diluted EPS guidance range to reflect the impact of foreign currency. Finally, getting more parts closer to our customers is a top priority. Therefore, we’re making strategic inventory investments to improve our availability, which is an important step to accelerate growth in 2023. Inventory is the primary driver of our reduced free cash flow guidance.”
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