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AutoZone Vs. Advance Vs. O'Reilly
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By AutoZone
MEMPHIS, Tenn. , Sept. 19, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $5.7 billion for its fourth quarter (16 weeks) ended August 26, 2023 , an increase of 6.4% from the fourth quarter of fiscal 2022 (16 weeks). Same store sales, or sales for our domestic and
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By AutoZone
MEMPHIS, Tenn., Sept. 18, 2023 (GLOBE NEWSWIRE) -- AutoZone (NYSE: AZO), following its Leadership Transition Plan announced on June 26, 2023, today announced additional senior leadership changes. Tom Newbern, a 38-year AutoZoner, currently Executive Vice President, Operations, Sales and Technology, has been promoted to Chief Operating Officer (COO). Additionally, Jamere Jackson, current Chief Financial Officer and Executive Vice President, Finance and Store Development, has been promoted as Chief Financial Officer (CFO) where he will continue to lead the Finance and Store Development teams. Phil Daniele, our Chief Executive Officer-Elect (CEO-Elect), is positioning Tom and Jamere as equivalents and the senior most leaders of his leadership team.
Additionally, Bill Hackney, a 38-year AutoZoner, currently Senior Vice President, Merchandising, has been promoted to Executive Vice President, Merchandising, Marketing and Supply Chain replacing Phil Daniele who previously held the role.
“I’m very excited about these strategic moves which position us well for continued growth. Jamere and Tom are exceptional leaders and having them at my side will be an enormous benefit. Also, Bill Hackney’s promotion to Executive Vice President reflects the deep strength of our leadership team. All are proven leaders and poised to serve our customers and lead our company for many years to come,” said Phil Daniele, Chief Executive Officer-Elect.
Finally, three of AutoZone’s other Executive Committee members will be retiring around the end of the calendar year consistent with AutoZone’s long-standing Succession Plan. “I want to thank and congratulate Grant McGee, Senior Vice President, Commercial, Charlie Pleas, Senior Vice President, Finance and Accounting, and Al Saltiel, Senior Vice President, Marketing and E-Commerce on their stellar AutoZone careers and thank them for their exceptional service and leadership,” said Bill Rhodes, Chairman, President and CEO.
The company has active searches under way for Grant and Al’s replacements which will include internal and external candidates and Charlie’s role will be restructured.
About AutoZone:
As of May 6, 2023, the Company had 6,248 stores in the U.S., 713 in Mexico and 83 in Brazil for a total store count of 7,044.
AutoZone is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. We also have commercial programs in the majority of our stores in Mexico and Brazil. AutoZone also sells the ALLDATA brand automotive diagnostic, repair and shop management software through
link hidden, please login to view. Additionally, we sell automotive hard parts, maintenance items, accessories and non-automotive products through link hidden, please login to view, and our commercial customers can make purchases through link hidden, please login to view. We also provide product information on our Duralast branded products through link hidden, please login to view. AutoZone does not derive revenue from automotive repair or installation services. Contact Information:
Financial: Brian Campbell at (901) 495-7005,
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Media: David McKinney at (901) 495-7951, link hidden, please login to view
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By AutoZone
MEMPHIS, Tenn. , Aug. 25, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its fourth quarter ended Saturday, August 26, 2023 , before market open on Tuesday,
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By Counterman
Advance Auto Parts announced a shakeup of its leadership team on Aug. 23, as the company reported flat second-quarter sales and a steep drop in earnings and operating income.
Shane O’Kelly, who has served as the CEO of Home Depot subsidiary HD Supply since 2020, will take over as president and CEO effective Sept. 11.
Outgoing CEO Tom Greco, who announced his planned retirement in February, “will stay on as an advisor to ensure a seamless transition,” according to the company. Greco has served as president and CEO since April 2016.
Prior to joining Home Depot, O’Kelly was the CEO of PetroChoice, the nation’s largest distributor of lubricants and lubrication solutions. O’Kelly, 54, served as a captain in the U.S. Army in the 1990s and earned an MBA from Harvard Business School, along with a bachelor’s degree from the U.S. Military Academy at West Point.
link hidden, please login to viewShane O’Kelly (photo courtesy of the Home Depot) Gene Lee, interim executive chair for Advance, spoke highly of O’Kelly during the company’s second-quarter conference call.
“We talked to a lot of people, and by far Shane was the best person for this role,” Lee said. “ … I think that he is a car enthusiast. He has sold into the channel before. He loves the business, and I think his leadership style is perfect for where we are in our journey and what we need.”
Lee noted that a number of good candidates were bound by non-compete agreements.
“But even so, when it was all said and done, Shane O’ Kelly was by far our best candidate for this role in the current situation,” Lee said. “He is well-educated, [has a] strong, disciplined background, and he’s a thoughtful human being with a real focus on customers.”
Advance also named Tony Iskander as interim chief financial officer, effective Aug. 18. Iskander succeeds Jeff Shepherd, who departed from Advance, effective Aug. 18.
Iskander has more than 25 years of finance and accounting experience and served as the company’s senior vice president, finance and treasurer since 2020. Prior to joining Advance in 2017, he spent more than a decade at Hillrom, where he held various finance roles of increasing responsibility.
Advance said a search for a permanent CFO is underway, with the help of a leading executive-search firm.
“We thank Jeff for his contributions and wish him the best in his future endeavors,” Lee said in a news release. “Advance is fortunate to have a seasoned executive in Tony to assume the CFO role on an interim basis. I am very confident that Tony will lead the finance team through a seamless transition and work closely with Advance’s new CEO when Shane officially joins in September.”
Coinciding with the leadership shakeup, Advance announced that the company is launching “a comprehensive operational and strategic review.”
“We’re executing a number of operational improvements including inventory-optimization initiatives, improving asset productivity across the enterprise, investments in our front-line organization to reduce turnover and disciplined cost controls, which we expect to benefit the cost structure and working capital while strengthening Advance for the long term,” Lee said during the conference call. “However, we know there’s more work to be done, and the team is focused on building on these actions and looking for ways to drive even stronger performance and enhanced value.”
On Aug. 23, Advance reported second-quarter net sales of $2.7 billion, up 0.8% over second-quarter 2023. Comparable-store sales ticked 0.6% lower on a year-over-year basis.
Second-quarter diluted earnings per common share were $1.43, down from $2.38 in second-quarter 2022. Operating income was $134.4 million, down from $201.7 million in second-quarter 2022.
“Coming into the quarter, we knew Q2 was going to be challenging and that the investments we’re making in both inventory to help improve availability and strategic pricing to maintain competitive price targets would build through the year,” Greco said during the conference call. “ … We delivered net sales growth in the quarter. However, the balance of our Q2 financial metrics remain challenged. As [Lee] noted, while we’re executing some operational improvements, there are further actions that need to be taken to accelerate profitable growth.”
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By Advance Auto Parts
ADVANCE AUTO PARTS REPORTS SECOND QUARTER 2023 RESULTS
Q2 Net Sales Increased 0.8% to $2.7 Billion; Comparable Store Sales Decreased 0.6%
Operating Income of $134.4 Million; Operating Income Margin of 5.0%
Separately Announces Leadership Appointments
Initiated Comprehensive Operational and Strategic Review
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 second quarter ended July 15, 2023. The company also announced that it has initiated a comprehensive operational and strategic review.
Tom Greco, president and chief executive officer, said, “I want to thank the entire Advance family for their dedication and focus on serving our customers in the second quarter while we continued to execute against our priorities to improve operational performance. Profitability in the quarter was below expectations, primarily related to our inability to price to cover inflation. However, we began to see early signs that the strategic investments we are making are beginning to drive an improvement in topline sales and transactions. This is evidenced by positive comparable store sales growth in the final four weeks of the second quarter, which has continued into the third quarter.”
Gene Lee, interim executive chair, continued, “Since expanding my role to serve as interim executive chair and partnering more closely with Tom and the leadership team, I have taken a deeper dive into the business and our strategy. As we look to the balance of 2023, we are updating our full-year guidance. We recognize that there is significant work to be done to improve execution across the business and are conducting a comprehensive operational and strategic review to position Advance for long-term success and increase shareholder value. Importantly, as announced separately today, we have identified Advance’s next CEO and look forward to welcoming Shane O’Kelly, an accomplished executive with extensive operational and supply chain experience. The board will work with Shane and the management team to ensure Advance is taking the right steps to build a stronger, more resilient business for the benefit of all stakeholders.”
Second Quarter 2023 Results (1)
Second quarter of 2023 Net sales totaled $2.7 billion, a 0.8% increase compared with the second quarter of the prior year, primarily driven by new store openings. This was partially offset by a decline of comparable store sales of 0.6%.
Gross profit decreased 3.2% to $1.1 billion. Gross profit margin was 42.7% of Net sales compared with 44.5% of Net sales in the second quarter of the prior year. This was primarily driven by higher product costs and supply chain deleverage that were not fully covered by pricing actions, partially offset by a reduction in LIFO-related expenses.
SG&A expenses were $1.0 billion, which were 37.7% of Net sales compared with 36.9% in the second quarter of the prior year. This was primarily driven by inflation within labor and benefit-related expenses.
The company's Operating income was $134.4 million, or 5.0% of Net sales, compared with 7.6% in the second quarter of the prior year.
The company's effective tax rate was 25.9%, compared with 24.3% in the second quarter of the prior year. The company's Diluted EPS was $1.43, compared with $2.38 in the second quarter of the prior year.
Net cash used in operating activities was $164.6 million through the second quarter of 2023 versus $308.5 million provided by operating activities in the same period of the prior year. The decrease was primarily driven by lower Net income and an increase in cash used in working capital, primarily in Accounts payable. Free cash flow through the second quarter of 2023 was an outflow of $309.4 million compared with an inflow of $97.3 million in the same period of the prior year.
(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 excludes sales to independently owned Carquest locations.
Capital Allocation
On August 7, 2023, the company declared a regular cash dividend of $0.25 per share to be paid on October 27, 2023 to all common stockholders of record as of October 13, 2023.
Full Year 2023 Guidance
Tony Iskander, interim chief financial officer, said, “We are updating our full-year guidance, which considers a modest step up in net and comparable store sales growth driven by strengthening of our professional business. However, we are reducing our outlook for operating income margin rate, diluted earnings per share and free cash flow. This reflects additional headwinds anticipated in the back half of the year driven by our ongoing commitment to maintain competitive price targets, impacts from a shift in channel mix and investments in our team to help retain top talent.”
Prior FY 2023 Outlook
Updated FY 2023 Outlook
As of May 31, 2023
As of August 23, 2023
($ in millions, except per share data)
Low
High
Low
High
Net sales
$
11,200
$
11,300
$
11,250
$
11,350
Comparable store sales (1)
(1.0
)%
—
%
(0.5
)%
0.5
%
Operating income margin
5.0
%
5.3
%
4.0
%
4.3
%
Income tax rate
24.0
%
25.0
%
25.0
%
25.0
%
Diluted EPS
$
6.00
$
6.50
$
4.50
$
5.10
Capital expenditures
$
250
$
300
$
200
$
250
Free cash flow (2)
$
200
$
300
$
150
$
250
New store and branch openings
40
60
40
60
(1)
Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.
(2)
Free cash flow is a non-GAAP measure. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables included herein.
Investor Conference Call
The company will detail its results for the second quarter ended July 15, 2023 via a webcast scheduled to begin at 8 a.m. Eastern Time on Wednesday, August 23, 2023. The webcast will be accessible via the Investor Relations page of the company's website (
link hidden, please login to view). To join by phone, please
link hidden, please login to view for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the company's Investor Relations website for one year. About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of July 15, 2023 Advance operated 4,790 stores and 319 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,307 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at
link hidden, please login to view. Forward-Looking Statements
Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our leadership transition, strategic initiatives, operational plans and objectives, our planned strategic and operational review and expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, we undertake no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, factors related to the company’s leadership transition, the timing and implementation of strategic initiatives, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands) (unaudited)
July 15,
2023 (1)
December 31, 2022 (2)
Assets
Current assets:
Cash and cash equivalents
$
277,064
$
269,282
Receivables, net
793,772
698,613
Inventories, net
5,067,467
4,915,262
Other current assets
188,169
163,695
Total current assets
6,326,472
6,046,852
Property and equipment, net
1,688,891
1,690,139
Operating lease right-of-use assets
2,618,822
2,607,690
Goodwill
991,871
990,471
Other intangible assets, net
606,450
620,901
Other assets
71,870
62,429
Total assets
$
12,304,376
$
12,018,482
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
3,780,215
$
4,123,462
Accrued expenses
685,191
634,447
Current portion of long-term debt
95,000
185,000
Other current liabilities
465,972
427,480
Total current liabilities
5,026,378
5,370,389
Long-term debt
1,785,074
1,188,283
Noncurrent operating lease liabilities
2,249,994
2,278,318
Deferred income taxes
432,680
415,997
Other long-term liabilities
87,063
87,214
Total stockholders' equity
2,723,187
2,678,281
Total liabilities and stockholders’ equity
$
12,304,376
$
12,018,482
(1)
This preliminary condensed consolidated balance sheet has been prepared on a basis consistent with the company's previously prepared consolidated balance sheets filed with the Securities and Exchange Commission (“SEC”), but does not include the footnotes required by accounting principles generally accepted in the United States of America (“GAAP”).
(2)
The balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include the footnotes required by GAAP.
Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data) (unaudited)
Twelve Weeks Ended
Twenty-Eight Weeks Ended
July 15, 2023 (1)
July 16, 2022 (1)
July 15, 2023 (1)
July 16, 2022 (1)
Net sales
$
2,686,066
$
2,665,426
$
6,103,659
$
6,039,636
Cost of sales, including purchasing and warehousing costs
1,537,997
1,479,707
3,484,927
3,347,397
Gross profit
1,148,069
1,185,719
2,618,732
2,692,239
Selling, general and administrative expenses (2)
1,013,701
984,037
2,394,365
2,287,287
Operating income
134,368
201,682
224,367
404,952
Other, net:
Interest expense
(20,869
)
(10,207
)
(50,587
)
(23,075
)
Loss on early redemption of senior unsecured notes
—
—
—
(7,408
)
Other income (expense), net
1,684
(711
)
1,009
(575
)
Total other, net
(19,185
)
(10,918
)
(49,578
)
(31,058
)
Income before provision for income taxes
115,183
190,764
174,789
373,894
Provision for income taxes
29,821
46,362
46,776
89,701
Net income
$
85,362
$
144,402
$
128,013
$
284,193
Basic earnings per common share
$
1.44
$
2.39
$
2.16
$
4.67
Weighted-average common shares outstanding
59,451
60,452
59,384
60,914
Diluted earnings per common share
$
1.43
$
2.38
$
2.15
$
4.63
Weighted-average common shares outstanding
59,604
60,782
59,570
61,328
(1)
These preliminary condensed consolidated statements of operations have been prepared on a basis consistent with the company's previously prepared consolidated statements of operations filed with the SEC, but do not include the footnotes required by GAAP.
(2)
The twenty-eight weeks ended July 15, 2023 included an out-of-period charge of approximately $17 million related to costs incurred in prior years but not expensed in the corresponding periods. The company determined the cumulative impact was not material to the current period or any previously issued financial statements.
Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands) (unaudited)
Twenty-Eight Weeks Ended
July 15, 2023 (1)
July 16, 2022 (1)
Cash flows from operating activities:
Net income
$
128,013
$
284,193
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization
162,974
148,691
Share-based compensation
26,791
29,345
Loss and impairment on property and equipment, net
859
2,970
Loss on early redemption of senior unsecured notes
—
7,408
Provision for deferred income taxes
16,249
8,779
Other, net
1,170
1,575
Net change in:
Receivables, net
(93,539
)
(149,255
)
Inventories, net
(145,148
)
(176,300
)
Accounts payable
(346,808
)
168,219
Accrued expenses
120,888
(46,887
)
Other assets and liabilities, net
(36,008
)
29,805
Net cash (used in) provided by operating activities
(164,559
)
308,543
Cash flows from investing activities:
Purchases of property and equipment
(144,874
)
(211,212
)
Proceeds from sales of property and equipment
1,532
830
Net cash used in investing activities
(143,342
)
(210,382
)
Cash flows from financing activities:
Borrowings under credit facilities
4,327,000
743,000
Payments on credit facilities
(4,417,000
)
(643,000
)
Borrowings on senior unsecured notes
599,571
348,618
Payments on senior unsecured notes
—
(201,081
)
Dividends paid
(179,347
)
(245,599
)
Repurchases of common stock
(13,808
)
(466,169
)
Other, net
(2,013
)
(1,329
)
Net cash provided by (used in) financing activities
314,403
(465,560
)
Effect of exchange rate changes on cash
1,280
6,522
Net increase (decrease) in cash and cash equivalents
7,782
(360,877
)
Cash and cash equivalents, beginning of period
269,282
601,428
Cash and cash equivalents, end of period
$
277,064
$
240,551
(1)
These preliminary condensed consolidated statements of cash flows have been prepared on a consistent basis with the company's previously prepared statements of cash flows filed with the SEC, but do not include the footnotes required by GAAP.
Reconciliation of Non-GAAP Financial Measure
The company's financial results include certain financial measures not derived in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses Free cash flow as a measure of its liquidity and believes it is a useful indicator to investors or potential investors of the company's ability to implement growth strategies and service debt. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in the company's condensed consolidated statement of cash flows as a measure of liquidity.
Reconciliation of Free Cash Flow:
Twenty-Eight Weeks Ended
(in thousands)
July 15, 2023
July 16, 2022
Cash flows (used in) provided by operating activities
$
(164,559
)
$
308,543
Purchases of property and equipment
(144,874
)
(211,212
)
Free cash flow
$
(309,433
)
$
97,331
Adjusted Debt to Adjusted EBITDAR: (1)
Four Quarters Ended
(In thousands, except adjusted debt to adjusted EBITDAR ratio)
July 15,
2023
December 31, 2022
Total GAAP debt
$
1,880,074
$
1,373,283
Add: Operating lease liabilities
2,705,388
2,692,861
Adjusted debt
$
4,585,462
$
4,066,144
GAAP Net income
$
345,692
$
501,872
Depreciation and amortization
298,083
283,800
Interest expense
78,572
51,060
Other expense, net
5,412
6,996
Provision for income taxes
103,890
146,815
Rent expense
596,537
594,838
Share-based compensation
48,424
50,978
Other non-cash charges
17,725
—
Adjusted EBITDAR
$
1,494,335
$
1,636,359
Adjusted Debt to Adjusted EBITDAR
3.1
2.5
(1)
Beginning in first quarter 2023, the company no longer excludes transformation-related activities in non-GAAP measures. Prior period has been recast to conform to current year presentation.
NOTE: Management believes its Adjusted Debt to Adjusted EBITDAR ratio (“leverage ratio”) is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The company’s goal is to maintain an investment grade rating. The company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the company's ability to obtain additional funding. If the company was unable to maintain its investment grade rating this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the company's financing arrangements. The leverage ratio calculated by the company is a non-GAAP measure and should not be considered a substitute for debt to net earnings, net earnings or debt as determined in accordance with GAAP. The company adjusts the calculation to remove rent expense and to add back the company’s existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the company’s peers and to account for differences in debt structures and leasing arrangements. The company’s calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures by other companies.
Store Information
During the twenty-eight weeks ended July 15, 2023, 39 stores and branches were opened and 16 were closed or consolidated, resulting in a total of 5,109 stores and branches as of July 15, 2023, compared with a total of 5,086 stores and branches as of December 31, 2022.
The below table summarizes the changes in the number of company-operated store and branch locations during the twelve and twenty-eight weeks ended July 15, 2023:
Twelve Weeks Ended
AAP
CARQUEST
WORLDPAC (1)
Total
April 22, 2023
4,456
322
318
5,096
New
17
—
1
18
Closed
(2)
(3)
—
(5)
July 15, 2023
4,471
319
319
5,109
Twenty-Eight Weeks Ended
AAP
CARQUEST
WORLDPAC (1)
Total
December 31, 2022
4,440
330
316
5,086
New
36
—
3
39
Closed
(5)
(11)
—
(16)
July 15, 2023
4,471
319
319
5,109
There were no consolidated, converted or relocated stores during the twelve and twenty-eight weeks ended July 15, 2023. (1) Certain converted Autopart International ("AI") locations will remain branded as AI going forward.
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Investor Relations Contact:
Elisabeth Eisleben
T: (919) 227-5466
E: [email protected]
Media Contact:
Darryl Carr
T: (984) 389-7207
E: [email protected]
Source: Advance Auto Parts, Inc.
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