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LKQ Corporation Announces $500 Million Increase in Stock Repurchase Program; Total Authorized Now $1 Billion
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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
In our cover story for
link hidden, please login to view, we asked distribution leaders to reflect on the successes and challenges of 2022 and share some of their insights for the industry in 2023. Here’s our Q&A with Bill Hanvey, president and CEO of the Auto Care Association.
AMN/CM: What did your organization accomplish in 2022 that you are most proud of?
BH: I am most proud of the work our communities have done to engage and develop the industry. AWDA celebrated its 75th anniversary this year and as I noted during their awards ceremony, AWDA is represented on every single Auto Care community and committee and is engaged in every aspect of the industry. Women in Auto Care drew the largest crowd at the AAPEX stage during their awards ceremony, their breakfast had a waitlist, they raised more than $100k for scholarships and the registration for their upcoming Leadership Conference is the highest ever. YANG (Young Auto Care Networking Group) had record-breaking attendance at their reception at AAPEX and donated more than $20k to the Automotive Aftermarket Charitable Foundation in 2022 through various fundraisers, including their Top Golf meetup that was attend by more than 160 young executives nationally. Automotive Content Professionals Network started off our Connect Conference in May with record attendees and continues to set the example for welcoming newcomers to the industry. Auto Care has invested in all our communities through increased staff representation and the creation of a community engagement department to facilitate the collaboration and growth of all Auto Care communities.
AMN/CM: How is the ongoing Right to Repair issue impacting your business?
BH: From an industry perspective we have seen ongoing awareness of Right to Repair in our sector as well as agriculture and consumer electronics. The more exposure this consumer issue receives, we gain increased mindshare of legislators and regulators. The Auto Care Association has been helping to vigorously support our position to implement the will of the voters in the Massachusetts court case, and after numerous delays we are hoping to have a ruling soon. We are also working with CARE to support a ballot initiative in Maine to further expand our state strategy. We are also working with AASA, SEMA and the CAR coalition to reintroduce our REPAIR Act in Congress, which would provide a nationwide/federal solution for the access of telematics data and are encouraged by the momentum around the issue that we see. The European Union, Australia, South Africa and our Canadian colleagues all have Right to Repair initiatives taking place and we are working hand-in-hand with them to provide support and guidance as needed. We are also working with other aftermarket associations around the globe to support their Right to Repair initiatives and are in the process of developing a global Right to Repair positioning statement that unifies our industry in our approach.
AMN/CM: What do you feel is the greatest threat facing the automotive aftermarket right now?
BH: The biggest threat is two-fold: meeting the challenges of today’s technology on the vehicle and finding young men and women to repair and maintain those vehicles. Our industry has always adapted to technology. However, the financial investment required by a shop to keep up with that technology has become increasingly difficult. ADAS calibration, for example, requires more than $100k in equipment, not to mention the amount of space required to conduct those calibrations. Attracting talent to our service bays requires an investment on all our parts by providing scholarships and apprenticeships. I firmly believe that a national apprentice program is long overdue, and such a program will help reduce student-loan debt while providing good-paying jobs. Our good friends and members at Dynamic Automotive in Frederick, Maryland, are a great example of a progressive shop working with state and local governments to provide meaningful apprenticeship programs that groom qualified technicians for the next generation of technology.
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By AutoZone
MEMPHIS, Tenn. , Feb. 28, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $3.7 billion for its second quarter (12 weeks) ended February 11, 2023 , an increase of 9.5% from the second quarter of fiscal 2022 (12 weeks). Domestic same store sales, or sales for stores
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