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Jul 16, 2022
Advance Auto Parts Q2 2022 Earnings Report
Advance Auto Parts' Q2 2022 financial performance saw a slight increase in net sales, but a decrease in comparable store sales. Adjusted operating income margin reached a seven-year high, driving record adjusted diluted earnings per share.
Key Takeaways
Advance Auto Parts reported a 0.6% increase in net sales to $2.7 billion, driven by growth in the professional business, while comparable store sales decreased by 0.6%. Adjusted operating income margin expanded to 11.7%, the highest in seven years, contributing to a record adjusted diluted EPS of $3.74. The company returned $291 million to shareholders through share repurchases and dividends.
Net sales increased 0.6% to $2.7 billion.
Comparable store sales decreased 0.6%.
Adjusted operating income margin reached 11.7%, the highest in seven years.
Adjusted diluted EPS increased 10.0% to $3.74.
Forward Guidance
Advance Auto Parts updated its full year 2022 guidance, anticipating net sales between $11.0 and $11.2 billion, and comparable store sales to range from -1.0% to 0.0%. They expect adjusted operating income margin between 9.8% and 10.0% and adjusted diluted EPS between $12.75 and $13.25.
Positive Outlook
- Well positioned to create long-term value for shareholders
- Delivering on long-term goals shared in strategic update
- Remain relentlessly focused on customer service
- Confident this will help enable sustainable sales growth
- Confident this will help enable margin expansion and strong cash returns
Challenges Ahead
- External environment has changed significantly since 2021 strategic update
- Volatility remains
- Industry is not immune to the inflationary pressures consumers and broader retail have been experiencing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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