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Advance Auto Parts Reports Second Quarter 2014 Results

Total sales for the second quarter increased 51.5 percent to $2.35 billion, as compared with total sales during the second quarter of fiscal 2013 of $1.55 billion.

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ROANOKE, Va. – Advance Auto Parts has announced its financial results for the second quarter ended July 12, 2014. Second quarter comparable cash earnings per diluted share (EPS) were $2.08, an increase of 30 percent versus the second quarter last year. The company said the second quarter comparable results exclude 8 cents of amortization of acquired intangible assets, integration costs of 8 cents associated with the acquisition of General Parts International Inc. (General Parts) and 2 cents of integration costs associated with the integration of B.W.P. Distributors Inc. (BWP).
 
"We are pleased with our second quarter performance led by strong execution from our team members delivering comparable cash EPS growth of 30 percent and an increase in comparable store sales of 2.6 percent in the quarter," said Darren Jackson, CEO. "We remain on pace against our base business expectations, integration milestones and with our financial performance.”
 
Total sales for the second quarter increased 51.5 percent to $2.35 billion, as compared with total sales during the second quarter of fiscal 2013 of $1.55 billion. The sales increase was driven by the acquisition of General Parts, a comparable store sales increase of 2.6 percent and the addition of new stores over the past 12 months. Year-to-date, total sales increased 49.2 percent to $5.32 billion, compared with total sales of $3.56 billion over the same period last year.
 
The company’s gross profit rate was 45.2 percent of sales during the second quarter as compared to 50.3 percent during the second quarter last year.
 
“We are pleased with the continued progress made during our second quarter delivering positive sales performance and approximately 34 percent growth in comparable operating income dollars,” said Mike Norona, executive vice president and CFO. “We continue to stay focused on our base business while meeting our integration milestones to date and remain confident in achieving our full year synergy estimates. Given our performance in the first half of the year and the execution and integration momentum we continue to build, we are raising our full year guidance for comparable cash EPS to be in the range of $7.50 to $7.60.”

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