Delivered Net Sales of $2.5 billion, Comparable
Store Sales increased by 7.5%
Operating Income Margin Increased 319 basis
points; Adjusted Operating Income Margin Increased 274 basis
points
Diluted EPS Increased 58.4% to $2.74; Adjusted
Diluted EPS Increased 46.0% to $2.92
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
11, 2020.
“Throughout our second quarter, people in the communities we
serve felt the significant impact of COVID-19. Our Advance team
responded with care and speed to these challenges as we continued
to prioritize the health and safety of our customers and team
members,” said Tom Greco, President and Chief Executive Officer.
“We delivered very strong comparable sales growth of 7.5% in the
quarter, our highest quarterly growth rate in nearly 10 years.
Adjusted operating income grew 42%, with margins expanding 274
basis points to 11.2%. Behind strong sales growth and margin
expansion, we also delivered a 60% increase in quarterly Free cash
flow. Without question, we benefited from a surge in industry
demand in the quarter fueled by the government stimulus,
unemployment benefits and the impact COVID-19 had on consumer
behavior in terms of how they repaired and maintained their
vehicles. With that said, we could not be prouder and more thankful
of how our AAP team members and Carquest Independent Partners
stepped up to serve our customers. To support them, we made further
investments in PPE as well as ongoing sanitation efforts to help
ensure our stores and DC’s are safe. We supported our professional
customers by providing contact free delivery options and virtual
instructor-led training which led to sequential improvements
throughout Q2. In DIY Omnichannel(a), investments in marketing,
Speed Perks and our digital platforms drove double digit growth.
Though we're living in a time of great uncertainty, we will
continue to prioritize health and safety while leveraging our
industry-leading portfolio, which now includes DieHard®. We believe
that this focus will continue to drive strong results in the back
half of the year."
Business Highlights(b)
Q2 2020 Highlights
- Net sales increased 7.3% to $2.5 billion; Comparable store
sales(c) increased 7.5%
- Operating income increased 53.9% to $262.8 million; Operating
income margin expanded 319 basis points to 10.5%
- Adjusted operating income(c) increased 42.2% to $279.3 million;
Adjusted operating income margin(c) expanded 274 basis points to
11.2%
- Diluted EPS increased 58.4% to $2.74; Adjusted Diluted EPS(c)
increased 46.0% to $2.92
- Declared $0.25 quarterly cash dividend
Third Quarter Observations to
Date(d)
- Through the first five weeks of the third quarter, the Company
continues to see strong growth in DIY Omnichannel and positive
comparable store sales in Professional
- While uncertainties remain around the continued impact of
COVID-19 during the balance of the year, the Company believes it is
well positioned to meet the demands of the business
(a) DIY Omnichannel includes sales from DIY retail, DIY buy
online/pick up in store and DIY buy online/ship to home. (b) All
comparisons are based on the same time period prior year. (c)
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.
(d) The information is based on preliminary internal sales data
available as of the date of this release and, given market
uncertainties, may not be representative of future periods or the
Company’s results for the third quarter of 2020.
Second Quarter 2020 Financial Results
Net sales for the second quarter of 2020 were $2.5 billion, a
7.3% increase versus the second quarter of the prior year.
Comparable store sales for the second quarter of 2020 increased
7.5%. The increase in Net sales was driven by an increase in
comparable store sales primarily contributed to the Company's DIY
Omnichannel business.
Adjusted gross profit increased 8.7% to $1.1 billion. Adjusted
gross profit margin was 43.9% of Net sales in the second quarter of
2020, a 57 basis point increase from the second quarter of 2019,
driven by improvements in channel mix and supply chain
efficiencies. The Company's GAAP Gross profit margin increased to
43.8% from 43.3% in the second quarter of 2019.
Adjusted SG&A increased $4.7 million to $817.7 million.
Adjusted SG&A was 32.7% of Net sales in the second quarter of
2020, which improved 217 basis points as compared to the second
quarter of 2019. The improvement was driven by reductions in labor
related costs as well as travel. The savings were partially offset
by investments in marketing expenses associated with the launch of
the Company's new marketing campaign and DieHard® brand. Savings
were also offset by approximately $15 million of costs related to
COVID-19. The Company's GAAP SG&A was 33.3% of Net sales in the
second quarter of 2020 compared to 36.0% in the second quarter of
2019.
The Company's Adjusted operating income was $279.3 million in
the second quarter of 2020, an increase of 42.2% versus the second
quarter of the prior year. Adjusted operating income margin
increased 274 basis points to 11.2% of Net sales for the second
quarter compared to the second quarter of the prior year. On a GAAP
basis, the Company's Operating income was $262.8 million, or 10.5%
of Net sales, an increase of 319 basis points from the second
quarter of 2019.
The Company's effective tax rate in the second quarter of 2020
was 24.8%, compared to 24.9% in the second quarter of the prior
year. The Company's Adjusted Diluted EPS was $2.92 for the second
quarter of 2020, an increase of 46.0% compared to the second
quarter of the prior year. On a GAAP basis, the Company's Diluted
EPS increased 58.4% to $2.74.
Year to date Operating cash flow was $448.2 million through the
second quarter of 2020 versus $492.2 million in the same period of
the prior year, a decrease of 8.9%. The decrease was primarily
driven by a decrease in Net income, largely due to the impact of
the COVID-19 pandemic and a decrease in overall working capital.
Free cash flow through the second quarter of 2020 was $308.1
million, a decrease of 19.1% compared to the same period of the
prior year.
Capital Allocation
As previously disclosed, the Company temporarily discontinued
the use of its share repurchase program in the first quarter. Based
on current liquidity and overall financial position, the Company
has lifted its temporary suspension as of August 12, 2020. At the
end of the second quarter of 2020, the Company had $861.7 million
remaining under the share repurchase program.
On August 11, 2020 the Company declared a regular cash dividend
of $0.25 per share to be paid on October 02, 2020 to all common
stockholders of record as of September 18, 2020.
During the second quarter of 2020, the Company elected to repay
the $500.0 million outstanding under its revolving credit facility
that was borrowed during the first quarter of 2020. On August 17,
2020, the Company notified the trustee of its intent to redeem the
$300 million aggregate principal of its 4.50% Notes due 2022 using
available cash on hand.
2020 Full Year Guidance
The Company withdrew guidance on April 9, 2020, given
uncertainties related to the full impact of the COVID-19 pandemic.
At this time, the Company is not providing guidance, however,
remains committed to maintaining liquidity to meet the needs of the
business and return cash to shareholders.
Investor Conference Call
The Company will host a webcast to discuss its results for the
second quarter of 2020 and other business updates scheduled to
begin at 8 a.m. Eastern Time on Tuesday, August 18, 2020. The
webcast will be accessible via the Investor Relations page of the
Company's website (www.AdvanceAutoParts.com).
To join by phone, please pre-register online 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 Advance 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 11, 2020, Advance operated
4,819 stores and 167 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also
serves 1,262 independently owned Carquest branded stores across
these locations in addition to Mexico, the Bahamas, Turks and
Caicos and British Virgin Islands. Additional information about
Advance, including employment opportunities, customer services, and
online shopping for parts, accessories and other offerings can be
found at www.AdvanceAutoParts.com.
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,” “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 the
Company's strategic initiatives, operational plans and objectives,
and future business and financial performance, as well as
statements regarding underlying assumptions related thereto.
Forward-looking statements reflect the Company's views based on
historical results, current information and assumptions related to
future developments. Except as may be required by law, the Company
undertakes 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
timing and implementation of strategic initiatives, the highly
competitive nature of the Company's industry, demand for the
Company's products and services, complexities in its inventory and
supply chain, challenges with transforming and growing its business
and factors related to the current global pandemic. Please refer to
“Item 1A. Risk Factors.” of the Company's most recent Annual Report
on Form 10-K, as updated by its Quarterly Report on Form 10-Q and
other filings made by the Company with the Securities and Exchange
Commission 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 11, 2020 (a)
December 28, 2019 (b)
Assets
Current assets:
Cash and cash equivalents
$
1,141,502
$
418,665
Receivables, net
742,346
689,469
Inventories
4,358,489
4,432,168
Other current assets
153,188
155,241
Total current assets
6,395,525
5,695,543
Property and equipment, net
1,436,485
1,433,213
Operating lease right-of-use
assets
2,367,527
2,365,325
Goodwill
990,396
992,240
Intangible assets, net
692,482
709,756
Other assets
48,250
52,448
$
11,930,665
$
11,248,525
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
3,310,073
$
3,421,987
Accrued expenses
659,642
535,863
Other current liabilities
467,844
519,852
Total current liabilities
4,437,559
4,477,702
Long-term debt
1,240,340
747,320
Noncurrent operating lease
liabilities
2,041,400
2,017,159
Deferred income taxes
338,086
334,013
Other long-term liabilities
146,761
123,250
Total stockholders' equity
3,726,519
3,549,081
$
11,930,665
$
11,248,525
(a) This preliminary condensed consolidated balance sheet has
been prepared on a basis consistent with the Company's previously
prepared 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”). (b) The balance sheet at December 28, 2019 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 11, 2020 (a)
July 13, 2019 (a)
July 11, 2020 (a)
July 13, 2019 (a)
Net sales
$
2,501,380
$
2,332,246
$
5,199,262
$
5,284,283
Cost of sales, including purchasing and
warehousing costs
1,404,666
1,322,808
2,929,815
2,970,233
Gross profit
1,096,714
1,009,438
2,269,447
2,314,050
Selling, general and administrative
expenses
833,869
838,666
1,928,177
1,935,338
Operating income
262,845
170,772
341,270
378,712
Other, net:
Interest expense
(13,422
)
(8,675
)
(25,665
)
(23,619
)
Other income (expense), net
3,117
4,113
(2,872
)
1,874
Total other, net
(10,305
)
(4,562
)
(28,537
)
(21,745
)
Income before provision for income
taxes
252,540
166,210
312,733
356,967
Provision for income taxes
62,580
41,390
79,185
89,647
Net income
$
189,960
$
124,820
$
233,548
$
267,320
Basic earnings per common share
$
2.75
$
1.74
$
3.38
$
3.73
Weighted average common shares
outstanding
69,118
71,738
69,154
71,767
Diluted earnings per common share
$
2.74
$
1.73
$
3.37
$
3.71
Weighted average common shares
outstanding
69,294
72,008
69,350
72,063
(a) These preliminary condensed consolidated statements of
operations have been prepared on a basis consistent with the
Company's previously prepared statements of operations filed with
the SEC, but do not include the footnotes required by GAAP.
Advance Auto Parts, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Twenty-Eight Weeks
Ended
July 11, 2020 (a)
July 13, 2019 (a)
Net income
$
233,548
$
267,320
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
135,221
123,257
Share-based compensation
23,838
19,425
Provision for deferred income taxes
4,581
2,930
Other, net
2,741
14,016
Net change in:
Receivables, net
(55,055
)
(85,941
)
Inventories
67,894
(5,685
)
Accounts payable
(108,860
)
142,002
Accrued expenses
145,228
(21,272
)
Other assets and liabilities, net
(926
)
36,109
Net cash provided by operating
activities
448,210
492,161
Cash flows from investing
activities:
Purchases of property and equipment
(140,105
)
(111,425
)
Purchase of an indefinite-lived intangible
asset
(230
)
—
Proceeds from sales of property and
equipment
305
8,566
Net cash used in investing activities
(140,030
)
(102,859
)
Cash flows from financing
activities:
Decrease in bank overdrafts
—
(70,265
)
Proceeds from borrowings on credit
facility
500,000
—
Payment on revolving credit facility
(500,000
)
—
Proceeds from issuance of senior unsecured
notes
498,240
—
Redemption of senior unsecured notes
—
(310,047
)
Dividends paid
(39,017
)
(13,028
)
Proceeds from the issuance of common
stock
1,518
1,648
Repurchases of common stock
(37,203
)
(146,638
)
Other, net
(5,815
)
(236
)
Net cash provided by (used in) financing
activities
417,723
(538,566
)
Effect of exchange rate changes on
cash
(3,066
)
456
Net increase (decrease) in cash and
cash equivalents
722,837
(148,808
)
Cash and cash equivalents,
beginning of period
418,665
896,527
Cash and cash equivalents, end of
period
$
1,141,502
$
747,719
(a) 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
Measures
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”).
Non-GAAP financial measures should not be used as a substitute for
GAAP financial measures, or considered in isolation, for the
purpose of analyzing the Company's operating performance, financial
position or cash flows. The Company has presented these non-GAAP
financial measures as it believes that the presentation of its
financial results that exclude (1) transformation expenses under
the Company's strategic business plan; (2) non-cash amortization
related to the acquired General Parts International, Inc. (“GPI”)
intangible assets; and (3) other non-recurring adjustments is
useful and indicative of the Company's base operations because the
expenses vary from period to period in terms of size, nature and
significance and/or relate to the integration of GPI and store
closure and consolidation activity in excess of historical levels.
These measures assist in comparing the Company's current operating
results with past periods and with the operational performance of
other companies in its industry. The disclosure of these measures
allows investors to evaluate the Company's performance using the
same measures management uses in developing internal budgets and
forecasts and in evaluating management’s compensation. Included
below is a description of the expenses that the Company has
determined are not normal, recurring cash operating expenses
necessary to operate its business and the rationale for why
providing these measures is useful to investors as a supplement to
the GAAP measures.
Transformation Expenses — Costs
incurred in connection with the Company's business plan that
focuses on specific transformative activities that relate to the
integration and streamlining of its operating structure across the
enterprise, that the Company does not view to be normal cash
operating expenses. These expenses will include, but not be limited
to the following:
- Restructuring costs - Costs primarily relating to the early
termination of lease obligations, asset impairment charges, other
facility closure costs and Team Member severance in connection with
the Company's 2018 Store Rationalization plan and 2017 Store and
Supply Chain and Rationalization plan.
- Third-party professional services - Costs primarily relating to
services rendered by vendors for assisting the Company with the
development of various information technology and supply chain
projects in connection with the Company's enterprise integration
initiatives.
- Other significant costs - Costs primarily relating to
accelerated depreciation of various legacy information technology
and supply chain systems in connection with the Company's
enterprise integration initiatives and temporary off-site workspace
for project teams who are primarily working on the development of
specific transformative activities that relate to the integration
and streamlining of the Company's operating structure across the
enterprise.
GPI Amortization of Acquired Intangible
Assets — As part of the Company's acquisition of GPI, they
obtained various intangible assets, including customer
relationships, non-compete contracts and favorable leases
agreements, which they expect to be subject to amortization through
2025.
Reconciliation of
Adjusted Net Income and Adjusted EPS:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands, except per share
data)
July 11, 2020
July 13, 2019
July 11, 2020
July 13, 2019
Net income (GAAP)
$
189,960
$
124,820
$
233,548
$
267,320
Cost of sales adjustments:
Transformation expenses:
Restructuring costs
—
—
—
281
Other significant costs
295
—
1,548
—
Other adjustment (a)
—
—
—
13,010
SG&A adjustments:
GPI amortization of acquired intangible
assets
6,319
6,336
14,762
14,795
Transformation expenses:
Restructuring costs
5,577
4,963
9,641
10,513
Third-party professional services
1,281
12,461
4,264
19,316
Other significant costs
2,962
1,892
12,122
3,418
Other income adjustment (b)
—
—
—
10,756
Provision for income taxes on adjustments
(c)
(4,109
)
(6,413
)
(10,585
)
(18,022
)
Adjusted net income (Non-GAAP)
$
202,285
$
144,059
$
265,300
$
321,387
Diluted earnings per share (GAAP)
$
2.74
$
1.73
$
3.37
$
3.71
Adjustments, net of tax
0.18
0.27
0.46
0.75
Adjusted EPS (Non-GAAP)
$
2.92
$
2.00
$
3.83
$
4.46
(a) During the sixteen weeks ended April 20, 2019, the Company
made an out-of-period correction, which increased Cost of sales by
$13.0 million, related to received not invoiced inventory.
(b) During the sixteen weeks ended April 20, 2019, the Company
incurred charges relating to a make-whole provision and debt
issuance costs of $10.1 million and $0.7 million resulting from the
early redemption of its 2020 senior unsecured notes.
(c) The income tax impact of non-GAAP adjustments is calculated
using the estimated tax rate in effect for the respective non-GAAP
adjustments.
Reconciliation of
Adjusted Gross Profit:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 11, 2020
July 13, 2019
July 11, 2020
July 13, 2019
Gross profit (GAAP)
$
1,096,714
$
1,009,438
$
2,269,447
$
2,314,050
Gross profit adjustments
295
—
1,548
13,291
Adjusted gross profit (Non-GAAP)
$
1,097,009
$
1,009,438
$
2,270,995
$
2,327,341
Reconciliation of
Adjusted Selling, General and Administrative
Expenses:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 11, 2020
July 13, 2019
July 11, 2020
July 13, 2019
SG&A (GAAP)
$
833,869
$
838,666
$
1,928,177
$
1,935,338
SG&A adjustments
(16,139
)
(25,652
)
(40,789
)
(48,042
)
Adjusted SG&A (Non-GAAP)
$
817,730
$
813,014
$
1,887,388
$
1,887,296
Reconciliation of
Adjusted Operating Income:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands)
July 11, 2020
July 13, 2019
July 11, 2020
July 13, 2019
Operating income (GAAP)
$
262,845
$
170,772
$
341,270
$
378,712
Cost of sales and SG&A adjustments
16,434
25,652
42,337
61,333
Adjusted operating income (Non-GAAP)
$
279,279
$
196,424
$
383,607
$
440,045
NOTE: Adjusted gross profit, Adjusted gross profit margin
(calculated by dividing Adjusted gross profit by Net sales),
Adjusted SG&A, Adjusted SG&A as a percentage of Net sales,
Adjusted operating income and Adjusted operating income margin
(calculated by dividing Adjusted operating income by Net sales) are
non-GAAP measures. Management believes these non-GAAP measures are
important metrics in assessing the overall performance of the
business and utilizes these metrics in its ongoing reporting. On
that basis, management believes it is useful to provide these
metrics to investors and prospective investors to evaluate the
Company’s operating performance across periods adjusting for these
items (refer to the reconciliations of non-GAAP adjustments above).
These non-GAAP measures might not be calculated in the same manner
as, and thus might not be comparable to, similarly titled measures
reported by other companies. Non-GAAP measures should not be used
by investors or third parties as the sole basis for formulating
investment decisions, as they may exclude a number of important
cash and non-cash recurring items.
Reconciliation of
Free Cash Flow:
Twenty-Eight Weeks
Ended
(In thousands)
July 11, 2020
July 13, 2019
Cash flows from operating activities
$
448,210
$
492,161
Purchases of property and equipment
(140,105
)
(111,425
)
Free cash flow
$
308,105
$
380,736
NOTE: 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.
Adjusted Debt to
Adjusted EBITDAR:
Four Quarters Ended
(In thousands, except adjusted
debt to adjusted EBITDAR ratio)
July 11, 2020
December 28, 2019
Total GAAP debt
$
1,240,340
$
747,320
Add: Operating lease liabilities
2,472,467
2,495,141
Adjusted debt
3,712,807
3,242,461
GAAP Net income
453,124
486,896
Depreciation and amortization
250,065
238,371
Interest expense
41,944
39,898
Other (expense) income, net
4,282
(464
)
Provision for income taxes
140,388
150,850
Restructuring costs
21,030
22,181
Third-party professional services
20,533
35,585
Other significant costs
29,786
19,537
Transformation expenses
71,349
77,303
Other adjustments (a)
—
23,936
Total net adjustments
508,028
529,894
Adjusted EBITDA
961,152
1,016,790
Rent expense
548,029
552,027
Share-based compensation
41,851
37,438
Adjusted EBITDAR
$
1,551,032
$
1,606,255
Adjusted Debt to Adjusted
EBITDAR
2.4
2.0
(a) The adjustments to the four quarters ended December 28, 2019
primarily represent an out-of-period correction related to received
not invoiced inventory and charges incurred relating to a
make-whole provision and debt issuance costs resulting from the
early redemption of the Company's 2020 Notes.
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 a 2.5 times leverage ratio and 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 11, 2020, 4 stores and
branches were opened and 55 were closed or consolidated, resulting
in a total of 4,986 stores and branches as of July 11, 2020,
compared to a total of 5,037 stores and branches as of December 28,
2019.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200818005404/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (984) 389-7207 E:
darryl.carr@advance-auto.com
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