Advance Auto Parts saw a 35.5% rise in adjusted comparable earnings
to $2.25 per share in the first quarter of fiscal 2014 (ended April
19, 2014). Earnings also exceeded the Zacks Consensus Estimate by
$0.09 per share. Revenues went up 47.3% year over year to $2.97
billion, marginally missing the Zacks Consensus Estimate of $2.99
billion. Sales benefited from the acquisition of General Parts,
increase in comparable same-store sales and the net addition of new
stores in the last 12 months. Advance Auto Parts increased its
earnings expectation to $7.30 $7.50 per share for 2014. We have
maintained a outperform recommendation on the company.
Advance Auto Parts, Inc. operates in the U.S. automotive
aftermarket industry and is primarily engaged in selling
replacement parts (excluding tires), accessories, maintenance
items, batteries and maintenance items for cars, vans, sport
utility vehicles and light trucks. It is the second leading
retailer catering to the "do-it-yourself" or DIY and "do-it-for me"
or DIFM (or Commercial) customers.
Advance Auto Parts operates under two reportable segments:
Advance Auto Parts (AAP) and Autopart International (AI). The AAP
segment consists of stores in the U.S., Puerto Rico, and the Virgin
Islands under the trade names Advance Auto Parts and Advance
Discount Auto Parts. The AI segment, an acquired business, operates
as an independent and wholly owned subsidiary of the company. It
provides automotive replacement parts to the DIFM market as well as
to warehouse distributors and jobbers in the North American
As of Dec 28, 2013, Advance Auto Parts' total store count stood
at 4,049, including 217 Autopart International stores.
More details will be provided following the release of 10K
filing of Advance Auto Parts.
Advance Auto Parts Inc. (AAP): Read the Full
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