Advance Auto Parts Provides Select First Quarter 2021 Estimated Results Ahead of Virtual Strategy Presentation
April 20 2021 - 7:00AM
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, has released
select first quarter 2021 estimated results ahead of its virtual
strategy presentation scheduled for today, April 20, 2021 at 10
a.m. Eastern Time.
“We continue to see strong demand from both DIY omnichannel and
professional customers, with robust sales growth to start 2021,”
said Tom Greco, president and chief executive officer. “Without
question, the current external environment is benefiting our
industry. This includes a positive impact from government stimulus,
favorable weather and a gradual recovery in miles driven as the
economy reopens. In addition, the focused effort of our team
members to execute key initiatives is helping to accelerate top and
bottom-line performance. I am confident that our strategic actions
and investments over the past several years will further deliver on
our transformation objectives throughout 2021. We look forward to
discussing our long-term plans to increase total shareholder
returns during our investor presentation later today.”
Based on actual results through March 27, 2021 and current
estimates for the balance of the first quarter, the company
provided the following:1
- Comparable store sales2 growth expected to range from 22% to
24%; On a two-year stack basis, Comparable store sales2 growth
expected to range from 13% to 15%; and
- Adjusted operating income margin rate2 expected to range from
8.5% to 8.7%; GAAP Operating income margin rate expected to range
from 7.0% to 7.2%.
In addition, the company has returned approximately $170 million
through the repurchase of approximately 1.1 million shares, quarter
to date through April 19, 2021.
Registration is required for today’s presentation. Participants
can register online at ir.advanceautoparts.com and submit questions
to be answered during the webcast. Following the event, a replay
will be available on the company’s investor relations website.
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 January 2, 2021, Advance operated
4,806 stores and 170 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The company also
serves 1,277 independently owned Carquest branded stores across
these locations in addition to Mexico, Grand Cayman, 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,” "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 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 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.
_________________ 1 The estimated financial results included
herein are subject to completion of financial and operating closing
procedures for the first fiscal quarter. Final results may differ
materially from estimated results, including as a result of
quarter-end closing procedures and other developments that may
arise before results are finalized. Management believes it is
useful to provide the following non-GAAP measures to evaluate the
company’s operating performance across periods. Please refer to the
company’s press release issued February 16, 2021 and Annual Report
on Form 10-K filed on February 22, 2021 for additional historical
information about these measures. Because of the forward-looking
nature of the 2021 non-GAAP financial measure, specific
quantification of the amounts that would be required to reconcile
these non-GAAP financial measures to their most directly comparable
GAAP financial measures are not available at this time.
2 Comparable store sales exclude sales to independently owned
Carquest locations. Adjusted operating income margin rate is
calculated by dividing Adjusted operating income by Net sales.
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version on businesswire.com: https://www.businesswire.com/news/home/20210420005625/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (984) 389-7207 E:
AAPCommunications@advance-auto.com
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