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Oct 07, 2023
Advance Auto Parts Q3 2023 Earnings Report
Advance Auto Parts reported Q3 2023 results with a net sales increase and strategic updates.
Key Takeaways
Advance Auto Parts reported a 2.9% increase in net sales to $2.7 billion for Q3 2023. Comparable store sales increased by 1.2%. The company is initiating sale processes for Worldpac and its Canadian business and launching a new cost reduction program.
Net sales increased by 2.9% to $2.7 billion.
Comparable store sales increased by 1.2%.
Initiated sale processes for Worldpac and Canadian business.
Launched a new cost reduction program expected to generate at least $150 million in savings annually.
Advance Auto Parts
Advance Auto Parts
Forward Guidance
Advance Auto Parts is adjusting its full-year outlook ranges to reflect year-to-date results and current business trends, including the impact of non-recurring expenses in Q3 and continued pressure in Q4 from higher product costs.