Delivered Net Sales of $2.5 billion, Comparable
Store Sales Increased by 10.2%
Operating Income Margin Increased 265 basis
points; Adjusted Operating Income Margin Increased 183 basis
points
Diluted EPS Increased 21.7% to $2.13; Adjusted
Diluted EPS Increased 33.8% to $2.81
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 third quarter ended October
3, 2020.
“Never has it been more important for us to put the health and
safety of our customers and team members first as COVID-19
continues to impact our communities and ongoing operations. As a
result, we continue to adapt and take the steps necessary to
prioritize the well-being of our customers and team members" said
Tom Greco, President and Chief Executive Officer. "Our third
quarter comparable sales growth of 10.2% is the strongest in 15
years, and was led by our DIY Omnichannel performance. Double digit
comp sales combined with disciplined cost control resulted in 183
basis points of adjusted operating income margin expansion and a
95% increase in quarterly free cash flow. Industry demand remained
strong in the quarter, however our performance is also a testament
to the resilience of our team members and independent partners
during the COVID-19 pandemic. While we cannot predict the direction
of the pandemic from here, we remain laser focused on the execution
of our long-term plans. This includes the introduction of our
#DieHardisBack marketing campaign on October 18. The energy and
excitement surrounding this integrated campaign has driven
widespread coverage and recognition not only for DieHard®, but for
the Advance and Carquest brands. Including DieHard, we’re building
an increasingly differentiated assortment to complement our strong
digital presence and a comprehensive suite of fulfillment options
including over 6000 conveniently located stores and Advance Same
Day™ delivery. We believe that these capabilities, combined with a
strong balance sheet and talented team, position us well to
continue to drive growth and margin expansion in the years
ahead.”
Business Highlights(a)
Q3 2020 Highlights
- Net sales increased 9.9% to $2.5 billion; Comparable store
sales(b) increased 10.2%
- Operating income increased 49.0% to $256.8 million; Operating
income margin expanded 265 basis points to 10.1%
- Adjusted operating income(b) increased 32.6% to $271.9 million;
Adjusted operating income margin(b) expanded 183 basis points to
10.7%
- Diluted EPS increased 21.7% to $2.13; Adjusted Diluted EPS(b)
increased 33.8% to $2.81
- Declared $0.25 quarterly cash dividend
- Used proceeds from 7-year 1.75% senior notes offering to
partially repurchase existing 4.50% senior notes due 2023
(a) All comparisons are based on the same time period prior
year. (b) 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.
Third Quarter 2020 Financial Results
Net sales for the third quarter of 2020 were $2.5 billion, a
9.9% increase versus the third quarter of the prior year.
Comparable store sales for the third quarter of 2020 increased
10.2%. The increase in Net sales was led by the Company's DIY
Omnichannel business.
Adjusted gross profit increased 11.2% to $1.1 billion. Adjusted
gross profit margin was 44.4% of Net sales in the third quarter of
2020, a 50 basis point increase from the third quarter of 2019,
driven by improvements in pricing actions and supply chain
efficiencies as well as favorable channel mix. These improvements
were slightly offset by unfavorable product mix and headwinds
associated with shrink and defectives. The Company's GAAP Gross
profit margin increased to 44.4% from 43.8% in the third quarter of
2019.
Adjusted SG&A increased $46.8 million to $856.7 million.
Adjusted SG&A was 33.7% of Net sales in the third quarter of
2020, which improved 133 basis points as compared to the third
quarter of 2019. The improvement was driven by improved payroll and
rent leverage, reductions in travel and a continued focus on safety
which has lowered claim-related expenses. The savings were
partially offset by an increase in support contracts as well as
approximately $9 million of costs related to COVID-19. The
Company's GAAP SG&A was 34.3% of Net sales in the third quarter
of 2020 compared to 36.3% in the third quarter of 2019.
The Company's Adjusted operating income was $271.9 million in
the third quarter of 2020, an increase of 32.6% versus the third
quarter of the prior year. Adjusted operating income margin
increased 183 basis points to 10.7% of Net sales for the third
quarter compared to the third quarter of the prior year. On a GAAP
basis, the Company's Operating income was $256.8 million, or 10.1%
of Net sales, an increase of 265 basis points from the third
quarter of 2019.
The Company's effective tax rate in the third quarter of 2020
was 25.3%, compared to 23.1% in the third quarter of the prior
year. The Company's Adjusted diluted EPS was $2.81 for the third
quarter of 2020, an increase of 33.8% compared to the third quarter
of the prior year. On a GAAP basis, the Company's Diluted EPS
increased 21.7% to $2.13.
Year to date Operating cash flow was $809.2 million through the
third quarter of 2020 versus $708.5 million in the same period of
the prior year, an increase of 14.2%. The increase was primarily
driven by the increased cash generated from operations and other
working capital improvements. Free cash flow through the third
quarter of 2020 was $616.6 million, an increase of 14.3% compared
to the same period of the prior year.
Capital Allocation
During the twelve weeks ended October 3, 2020, the Company
repurchased 0.7 million shares of its common stock at an aggregate
cost of $109.6 million, or an average price of $153.06 per share,
in connection with its share repurchase program. At the end of the
third quarter of 2020, the Company had $752.2 million remaining
under the share repurchase program.
On October 26, 2020 the Company declared a regular cash dividend
of $0.25 per share to be paid on January 4, 2021 to all common
stockholders of record as of December 18, 2020.
On September 16, 2020, the Company redeemed all $300.0 million
aggregate principal amount of its outstanding 4.50% Notes due 2022.
In connection with this early redemption, the Company incurred
charges relating to a make-whole provision and debt issuance costs
of $15.8 million and $0.3 million.
On September 29, 2020, the Company issued $350.0 million
aggregate principal amount 1.75% Notes due 2027. Using the net
proceeds from this issuance and pursuant to a cash tender offer
that was completed on the same date, the Company repurchased $256.3
million of its 4.50% Notes due 2023. In connection with this tender
offer, the Company incurred charges relating to tender premiums and
debt issuance costs of $30.5 million and $1.4 million.
2020 Full Year Guidance
The Company withdrew guidance on April 9, 2020, given
uncertainties related to the full impact of the COVID-19 pandemic.
Due to continued volatility, the Company is not providing guidance
at this time.
Investor Conference Call
The Company will host a webcast to discuss its results for the
third quarter of 2020 and other business updates scheduled to begin
at 8 a.m. Eastern Time on Tuesday, November 10, 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 October 3, 2020, Advance operated
4,811 stores and 168 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also
serves 1,269 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
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 Reports 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)
October 3, 2020 (a)
December 28, 2019 (b)
Assets
Current assets:
Cash and cash equivalents
$
1,068,205
$
418,665
Receivables, net
843,054
689,469
Inventories
4,367,272
4,432,168
Other current assets
158,819
155,241
Total current assets
6,437,350
5,695,543
Property and equipment, net
1,444,889
1,433,213
Operating lease right-of-use
assets
2,362,437
2,365,325
Goodwill
991,398
992,240
Intangible assets, net
686,315
709,756
Other assets
50,374
52,448
$
11,972,763
$
11,248,525
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
3,527,324
$
3,421,987
Accrued expenses
632,670
535,863
Other current liabilities
488,894
519,852
Total current liabilities
4,648,888
4,477,702
Long-term debt
1,031,872
747,320
Noncurrent operating lease
liabilities
2,014,898
2,017,159
Deferred income taxes
342,730
334,013
Other long-term liabilities
171,711
123,250
Total stockholders' equity
3,762,664
3,549,081
$
11,972,763
$
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
Forty Weeks Ended
October 3, 2020 (a)
October 5, 2019 (a)
October 3, 2020 (a)
October 5, 2019 (a)
Net sales
$
2,541,928
$
2,312,106
$
7,741,190
$
7,596,389
Cost of sales, including purchasing and
warehousing costs
1,413,457
1,300,180
4,343,272
4,270,412
Gross profit
1,128,471
1,011,926
3,397,918
3,325,977
Selling, general and administrative
expenses
871,660
839,598
2,799,837
2,774,936
Operating income
256,811
172,328
598,081
551,041
Other, net:
Interest expense
(11,925
)
(8,443
)
(37,590
)
(32,062
)
Loss on early redemptions of senior
unsecured notes
(48,022
)
—
(48,022
)
(10,756
)
Other income (expense), net
674
(3,145
)
(2,198
)
9,484
Total other, net
(59,273
)
(11,588
)
(87,810
)
(33,334
)
Income before provision for income
taxes
197,538
160,740
510,271
517,707
Provision for income taxes
50,062
37,071
129,247
126,718
Net income
$
147,476
$
123,669
$
381,024
$
390,989
Basic earnings per common share
$
2.14
$
1.76
$
5.51
$
5.48
Weighted average common shares
outstanding
68,965
70,381
69,097
71,351
Diluted earnings per common share
$
2.13
$
1.75
$
5.50
$
5.46
Weighted average common shares
outstanding
69,267
70,664
69,325
71,643
(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)
Forty Weeks Ended
October 3, 2020 (a)
October 5, 2019 (a)
Net income
$
381,024
$
390,989
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
192,911
179,565
Share-based compensation
34,927
28,038
Loss on early redemptions of senior
unsecured notes
48,022
10,756
Provision for deferred income taxes
8,975
7,653
Other
2,794
5,741
Net change in:
Receivables, net
(154,888
)
(95,280
)
Inventories
62,181
(24,985
)
Accounts payable
106,831
227,822
Accrued expenses
111,136
(29,672
)
Other assets and liabilities, net
15,305
7,919
Net cash provided by operating
activities
809,218
708,546
Cash flows from investing
activities:
Purchases of property and equipment
(192,632
)
(169,224
)
Purchase of an indefinite-lived intangible
asset
(230
)
—
Proceeds from sales of property and
equipment
914
8,714
Net cash used in investing activities
(191,948
)
(160,510
)
Cash flows from financing
activities:
Decrease in bank overdrafts
—
(59,351
)
Proceeds from borrowing on revolving
credit facility
500,000
—
Payment on revolving credit facility
(500,000
)
—
Proceeds from issuances of senior
unsecured notes, net
847,092
—
Early redemptions of senior unsecured
notes
(602,568
)
(310,047
)
Dividends paid
(56,210
)
(17,185
)
Proceeds from the issuance of common
stock
2,211
2,358
Repurchases of common stock
(148,330
)
(486,381
)
Other, net
(8,735
)
(258
)
Net cash provided by (used in) financing
activities
33,460
(870,864
)
Effect of exchange rate changes on
cash
(1,190
)
27
Net increase (decrease) in cash and
cash equivalents
649,540
(322,801
)
Cash and cash equivalents,
beginning of period
418,665
896,527
Cash and cash equivalents, end of
period
$
1,068,205
$
573,726
(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 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
Forty Weeks Ended
(in thousands, except per share
data)
October 3, 2020
October 5, 2019
October 3, 2020
October 5, 2019
Net income (GAAP)
$
147,476
$
123,669
$
381,024
$
390,989
Cost of sales adjustments:
Transformation expenses:
Restructuring costs
—
2,991
—
3,272
Other significant costs
79
—
1,627
—
Other adjustment (a)
—
—
—
13,010
SG&A adjustments:
GPI amortization of acquired intangible
assets
6,324
6,362
21,086
21,157
Transformation expenses:
Restructuring costs
2,581
4,082
12,221
14,595
Third-party professional services
4,660
11,966
8,924
31,282
Other significant costs
1,438
7,338
13,560
10,756
Other income adjustment (b)
48,022
—
48,022
10,756
Provision for income taxes on adjustments
(c)
(15,776
)
(8,185
)
(26,360
)
(26,207
)
Adjusted net income (Non-GAAP)
$
194,804
$
148,223
460,104
$
469,610
Diluted earnings per share (GAAP)
$
2.13
$
1.75
$
5.50
$
5.46
Adjustments, net of tax
0.68
0.35
1.14
1.09
Adjusted EPS (Non-GAAP)
$
2.81
$
2.10
$
6.64
$
6.55
(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 twelve weeks ended
October 3, 2020, we incurred charges relating to a make-whole
provision or tender premiums and debt issuance costs of $46.3
million and $1.7 million resulting from the early redemption of our
2022 and 2023 senior unsecured notes. During the sixteen weeks
ended April 20, 2019, we 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 our 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
Forty Weeks Ended
(in thousands)
October 3, 2020
October 5, 2019
October 3, 2020
October 5, 2019
Gross profit (GAAP)
$
1,128,471
$
1,011,926
$
3,397,918
$
3,325,977
Gross profit adjustments
79
2,991
1,627
16,282
Adjusted gross profit (Non-GAAP)
$
1,128,550
$
1,014,917
$
3,399,545
$
3,342,259
Reconciliation of
Adjusted Selling, General and Administrative
Expenses:
Twelve Weeks Ended
Forty Weeks Ended
(in thousands)
October 3, 2020
October 5, 2019
October 3, 2020
October 5, 2019
SG&A (GAAP)
$
871,660
$
839,598
$
2,799,837
$
2,774,936
SG&A adjustments
(15,003
)
(29,748
)
(55,791
)
(77,790
)
Adjusted SG&A (Non-GAAP)
$
856,657
$
809,850
$
2,744,046
$
2,697,146
Reconciliation of
Adjusted Operating Income:
Twelve Weeks Ended
Forty Weeks Ended
(in thousands)
October 3, 2020
October 5, 2019
October 3, 2020
October 5, 2019
Operating income (GAAP)
$
256,811
$
172,328
$
598,081
$
551,041
Cost of sales and SG&A adjustments
15,082
32,739
57,418
94,072
Adjusted operating income (Non-GAAP)
$
271,893
$
205,067
$
655,499
$
645,113
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:
Forty Weeks Ended
(In thousands)
October 3, 2020
October 5, 2019
Cash flows from operating activities
$
809,218
$
708,546
Purchases of property and equipment
(192,632
)
(169,224
)
Free cash flow
$
616,586
$
539,322
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)
October 3, 2020
December 28, 2019
Total GAAP debt
$
1,031,872
$
747,320
Add: Operating lease liabilities
2,458,607
2,495,141
Adjusted debt
3,490,479
3,242,461
GAAP Net income
476,931
486,896
Depreciation and amortization
251,717
238,371
Interest expense
45,426
39,898
Loss on early redemptions of senior
unsecured notes
48,022
10,756
Other income (expense), net
462
(11,220
)
Provision for income taxes
153,379
150,850
Restructuring costs
19,809
22,181
Third-party professional services
13,227
35,585
Other significant costs
20,693
19,537
Transformation expenses
53,729
77,303
Other adjustments (a)
48,022
23,936
Total net adjustments
600,757
529,894
Adjusted EBITDA
1,077,688
1,016,790
Rent expense
546,191
552,027
Share-based compensation
44,327
37,438
Adjusted EBITDAR
$
1,668,206
$
1,606,255
Adjusted Debt to Adjusted
EBITDAR
2.1
2.0
(a)
The adjustments to the four
quarters ended October 3, 2020 represent charges incurred resulting
from the early redemption of the Company's 2022 and 2023 senior
unsecured notes. The adjustments to the four quarters ended
December 28, 2019 represent an out-of-period correction related to
received not invoiced inventory and charges incurred resulting from
the early redemption of the Company's 2020 senior unsecured
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 forty weeks ended October 3, 2020, 10 stores and
branches were opened and 68 were closed or consolidated, resulting
in a total of 4,979 stores and branches as of October 3, 2020,
compared to a total of 5,037 stores and branches as of December 28,
2019.
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version on businesswire.com: https://www.businesswire.com/news/home/20201110005602/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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