Advance Auto Parts Reports Second Quarter 2019 Results
Second Quarter Net Sales Increased 0.2% to $2.3B; Comparable Store Sales Flat
Diluted EPS Increased 8.8% to $1.73; Adjusted Diluted EPS Increased 1.5% to $2.00
Announces New $400M Share Repurchase Authorization
RALEIGH, N.C., August 13, 2019 - 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 its financial results for the second quarter ended July 13, 2019.
"As we begin the second half of 2019, I want to recognize the relentless focus and commitment of our entire team, including our network of Independent partners, as we work every day to execute our Strategic Plan," said Tom Greco, President and Chief Executive Officer. "While the second quarter was challenging, we continue to make progress, including building a differentiated Customer Value Proposition in both Professional and DIY Omnichannel in addition to driving productivity for the long term. We remain committed to our disciplined approach to increasing comparable store sales, expanding margins and delivering significant cash flow in the back half of 2019. This, combined with a strong industry backdrop, gives us confidence that our transformation plan is on track. Importantly, we continue to make meaningful improvements in working capital and free cash flow and are pleased to announce a new $400 million share repurchase authorization. In line with our financial priorities, coupled with the strength of our balance sheet, we expect to deliver significant shareholder value throughout the remainder of 2019 and for several years to come."
Year to Date Highlights
Net sales increased 1.6% to $5.3B; Comparable store sales (a) increased 1.5%
Operating income increased 3.5% to $378.7M; Adjusted operating income (a) increased 2.5% to $440.0M
Operating cash flow increased 10.9% to $492.2M
Diluted EPS Increased 8.2% to $3.71; Adjusted Diluted EPS (a) Increased 9.6% to $4.46
(a) Comparable store sales exclude sales to independently owned Carquest locations. 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.
The following information was filed by Advance Auto Parts Inc (AAP) on Tuesday, August 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0001158449-19-000165 Submitted to the SEC: Tue Aug 13 2019 12:03:47 PM EST Accepted by the SEC: Tue Aug 13 2019 Period: Saturday, July 13, 2019 Industry: Retail Auto And Home Supply Stores