Advance Auto Parts Reports Strong First Quarter Results
Net sales increase 23.4% to $3.3 billion
Company continues to benefit from strong demand for automotive aftermarket parts
Raleigh, N.C. – August 23, 2023 – Advance Auto Parts, Inc. (AAP), a leading automotive aftermarket parts provider in North America, today reported financial results for the first quarter of 2023.
Net sales for the quarter were $3.3 billion, an increase of $638.9 million, or 23.4%, compared to $2.66 billion in the first quarter of 2022. The increase was driven by strong demand for automotive aftermarket parts, as well as the company's continued focus on expanding its product offerings and improving its customer service.
"We are pleased to report strong first quarter results, which reflect the continued strong demand for automotive aftermarket parts," said Tom Greco, President and CEO of Advance Auto Parts. "Our team's execution of our strategic initiatives, including our focus on expanding our product offerings and improving our customer service, is driving our success. We are confident in our ability to continue to deliver value to our customers and shareholders."
- Comparable store sales increased 10.7% in the first quarter, driven by strong demand for automotive aftermarket parts.
- The company opened 10 new stores in the first quarter, bringing its total store count to 4,825.
- Advance Auto Parts' online sales increased 20.3% in the first quarter, as the company continues to invest in its e-commerce platform.
Advance Auto Parts is a leading automotive aftermarket parts provider in North America, serving both professional installers and do-it-yourselfers. The company has over 4,800 stores in the United States, Canada, Puerto Rico, and the U.S. Virgin Islands. Advance Auto Parts also operates a number of e-commerce websites, including AdvanceAutoParts.com, CarParts.com, and WorldPac.com.
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