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Oct 05, 2024
Advance Auto Parts Q3 2024 Earnings Report
Advance Auto Parts announced Q3 2024 financial results, completed the sale of Worldpac, and finished a comprehensive operational productivity review.
Key Takeaways
Advance Auto Parts reported net sales of $2.1 billion, a decrease compared to the prior year. Comparable store sales decreased by 2.3%. The company's gross profit increased, but operating income was minimal. The company is implementing a new three-year financial plan focused on core retail fundamentals.
Completed sale of Worldpac for approximately $1.5 billion.
Comparable store sales decreased by 2.3%.
Announced asset optimization program targeting reduction of 500 corporate stores.
Introduced new fiscal 2027 financial objectives.
Advance Auto Parts
Advance Auto Parts
Forward Guidance
For the balance of 2024, the company is providing guidance that includes expectations for continuing operations as well as adjusted metrics that take into account non-GAAP adjustments.