Financial Performance - Fourth quarter 2023 net sales totaled $2.5 billion, a 0.4% decrease compared to the prior year, while full year net sales reached $11.3 billion, a 1.2% increase from 2022[4] - Comparable store sales for the fourth quarter decreased by 1.4%, and for the full year, they decreased by 0.3%[4] - Gross profit for the fourth quarter was $950.8 million, representing 38.6% of net sales, down from 43.6% in the prior year quarter, primarily due to inventory-related items and elevated supply chain costs[4] - Net income for the twelve weeks ended December 30, 2023, was $29.735 million, a significant decrease from $464.402 million in the same period last year[22] - Operating income for the year was reported at $670,253, reflecting a decrease from $714,151 in the previous year[25] - The company reported a gross profit of $4,932,235 for the year, down from $4,962,100 in the previous year[25] - Basic earnings per share decreased to $7.70 from $8.32, representing a decline of 7.5%[25] - Net income for the year ended December 30, 2023, was reported at $464,402, a decrease of 7.4% from the previously reported $501,872[26] Expenses and Losses - The company's SG&A expenses were $999.4 million in the fourth quarter, or 40.6% of net sales, compared to 38.8% in the prior year quarter[5] - The fourth quarter operating loss was $48.6 million, or (2.0)% of net sales, compared to an operating income of $119.3 million, or 4.8% of net sales in the prior year[7] - Diluted loss per share for the fourth quarter was $0.59, compared to diluted earnings per share of $1.39 in the prior year[7] - Free cash flow for the full year 2023 was $43.7 million, down from $312.5 million in the prior year[8] - The company achieved a Free cash flow of $43,653 for the year, down from $312,510 in the previous year[28] Cash Flow and Assets - Operating cash flow for the fifty-two weeks ended December 30, 2023, was $286.064 million, down from $736.571 million in the previous year[22] - Cash and cash equivalents at the end of the period increased to $503.471 million from $270.805 million year-over-year[22] - The net cash provided by operating activities was $736,571, an increase from $722,222 in the previous year[26] - The company reported a net cash increase of $232.666 million for the fifty-two weeks ended December 30, 2023, compared to a decrease of $317.245 million in the prior year[22] Strategic Initiatives - The company plans to implement an additional $50 million in annualized cost reductions related to indirect spending, building on $150 million in SG&A reductions executed in the fourth quarter[3] - The company is undergoing a strategic review, including potential divestitures of Worldpac and its Canadian business, and has made key leadership appointments to strengthen its operational focus[3] Adjustments and Corrections - Total assets as of December 31, 2022, were corrected to $11.986 billion after adjustments[24] - Total liabilities were adjusted to $9.387 billion as of December 31, 2022, reflecting a correction of $47.054 million[24] - The company identified errors impacting cost of sales and administrative costs, which were not material to prior financial statements[23] Debt and Leverage - Total GAAP debt increased to $1,786,361 as of December 30, 2023, compared to $1,373,283 at the end of the previous year[29] - The adjusted debt to adjusted EBITDAR ratio improved to 4.0 from 2.5, indicating a stronger leverage position[28] Store Operations - The company opened 61 new stores and branches while closing 40, resulting in a total of 5,107 stores as of December 30, 2023[30]

Advance Auto Parts (AAP) is slated to release fourth-quarter 2023 results on Feb 28, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share (EPS) and revenues is pegged at 24 cents and $2.47 billion, respectively.For the fourth quarter, the consensus estimate for AAP’s EPS has moved down 11 cents in the past 90 days. The bottom-line estimate implies a deterioration of 91.7% from the year-ago reported number. The Zacks Consensus Estimate for its quarterly revenue ...

In its upcoming report, Advance Auto Parts (AAP) is predicted by Wall Street analysts to post quarterly earnings of $0.24 per share, reflecting a decline of 91.7% compared to the same period last year. Revenues are forecasted to be $2.47 billion, representing a year-over-year decrease of 0.2%.The consensus EPS estimate for the quarter has undergone a downward revision of 11.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their ...

Core Viewpoint - Advance Auto Parts (AAP) is experiencing a decline in stock price and is expected to report significantly lower earnings in the upcoming earnings release, indicating potential challenges ahead for the company [1][2]. Company Performance - The stock closed at $61.17, reflecting a -1.04% change from the previous trading day, which is less than the S&P 500's daily gain of 0.13% [1]. - Over the past month, shares of Advance Auto Parts have decreased by 6.46%, underperforming the Retail-Wholesale sector's gain of 4.57% and the S&P 500's gain of 2.99% [1]. Upcoming Earnings - The earnings report is expected on February 28, 2024, with analysts predicting earnings of $0.24 per share, representing a year-over-year decline of 91.67% [1]. - Revenue is estimated to be $2.47 billion, indicating a 0.2% decrease compared to the same quarter of the previous year [1]. Analyst Estimates - Recent changes to analyst estimates for Advance Auto Parts indicate a decrease of 2.98% in the Zacks Consensus EPS estimate over the last 30 days [2]. - The company currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook from analysts [2]. Valuation Metrics - Advance Auto Parts has a Forward P/E ratio of 16.46, which is lower than the industry average of 24.56, indicating it is trading at a discount [3]. - The company has a PEG ratio of 1.18, compared to the industry average PEG ratio of 1.49, suggesting a more favorable valuation relative to expected earnings growth [3]. Industry Context - The Automotive - Retail and Wholesale - Parts industry is ranked 185 in the Zacks Industry Rank, placing it within the bottom 27% of over 250 industries [3]. - The top 50% rated industries outperform the bottom half by a factor of 2 to 1, highlighting the competitive landscape within the sector [4].

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, will report its fourth quarter and full year 2023 results before the market opens on Wednesday, February 28, 2024. Interested parties can listen to the event via a webcast scheduled to begin at 8:00 a.m. Eastern Time on Wednesday, February 28, 2024. The webcast will be accessible via the company’s Investor ...

Customers who visit their local Advance Auto Parts store on National Battery Day, Sunday, February 18, may be randomly selected to receive a free DieHard auto battery. (Photo: Business Wire)Customers who visit their local Advance Auto Parts store on National Battery Day, Sunday, February 18, may be randomly selected to receive a free DieHard auto battery. (Photo: Business Wire)RALEIGH, N.C.--(BUSINESS WIRE)--Advance Auto Parts (NYSE: AAP), a leading automotive aftermarket parts provider, is jump-starting mo ...

Advance Auto Parts (AAP) closed the latest trading day at $66.37, indicating a +1.9% change from the previous session's end. This change outpaced the S&P 500's 0.23% gain on the day. On the other hand, the Dow registered a gain of 0.37%, and the technology-centric Nasdaq increased by 0.07%.Coming into today, shares of the auto parts retailer had gained 5.2% in the past month. In that same time, the Retail-Wholesale sector gained 6.9%, while the S&P 500 gained 5.3%.The upcoming earnings release of Advance Au ...

RALEIGH, N.C.--(BUSINESS WIRE)--Nonprofit organizations providing employment support for women veterans, custom designed homes for injured veterans and frontline support for veterans at risk for suicide are among the recent recipients of gifts announced by the Advance Auto Parts Foundation (AAPF). Totaling $1.75 million, the gifts were made possible by donations to the foundation by more than 100 Advance Auto Parts supplier partners. This is the second year AAPF has made gifts to Hire Heroes USA of Alphare ...

The most recent trading session ended with Advance Auto Parts (AAP) standing at $67.25, reflecting a +0.43% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily loss of 0.06%. On the other hand, the Dow registered a gain of 0.35%, and the technology-centric Nasdaq decreased by 0.76%.The auto parts retailer's shares have seen an increase of 9.72% over the last month, surpassing the Retail-Wholesale sector's gain of 1.86% and the S&P 500's gain of 3.36%. ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Advance Auto Parts, Inc. (AAP) is an auto parts company. The Zacks Consensus Estimate for its current year earnings has been revised 21.3% downward over the last 60 days.Algoma Steel Group Inc. (ASTL) is a steel manufacturing company. The Zacks Consensus Estimate for its current year earnings has been revised 6.3% downward over the last 60 days.Banner Corporation (BANR) is a bank holding company for Banner Bank. The Zacks Consensus Es ...