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Apr 18, 2020
Advance Auto Parts Q1 2020 Earnings Report
Advance Auto Parts was significantly impacted by COVID-19, resulting in decreased net sales and comparable store sales. The company prioritized initiatives and increased on balance sheet liquidity.
Key Takeaways
Advance Auto Parts reported a decrease in net sales and comparable store sales for the first quarter of 2020, primarily due to the impact of COVID-19. Despite the challenges, the company focused on protecting P&L, preserving cash, and increasing liquidity.
Net sales for the first quarter of 2020 were $2.7 billion, an 8.6% decrease versus the first quarter of the prior year.
Comparable store sales for the first quarter of 2020 decreased 9.3%.
Adjusted operating income was $104.3 million in the first quarter of 2020, a decrease of 57.2% versus the first quarter of the prior year.
The Company's Adjusted Diluted EPS was $0.91 for the first quarter of 2020, a decrease of 63.0% compared to the first quarter of the prior year.
Advance Auto Parts
Advance Auto Parts
Forward Guidance
The Company withdrew guidance on April 9th, 2020 and given uncertainties related to the full impact of the COVID-19 pandemic, the Company is not providing guidance at this time.