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Advance Reports 2022 Sales of $11.2 Billion

Counterman

By Counterman
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Advance Auto Parts reported net sales of $11.2 billion for 2022, up 1.4% from 2021, while comparable-store sales were flat.

Fourth-quarter net sales increased 3.2% to $2.5 billion, while comparable-store sales were up 2.1%.

“In 2022, our team members once again worked to serve our customers with relentless focus and dedication,” said Tom Greco, president and chief executive officer. “Despite challenges throughout 2022, we made progress on our strategic initiatives, including the expansion of our footprint, further strengthening of our DieHard brand and improved customer loyalty. However, we are not satisfied with our results in 2022 and are taking decisive actions to improve performance in 2023. Importantly, the disciplined inventory and pricing actions we discussed last quarter to adapt to an evolving competitive landscape contributed to stronger results in Q4 and we ended the year with positive momentum.

“We expect to see further improvements in inventory availability throughout 2023, which we view as the single most important driver to accelerate topline growth. After several years of significant investments in complex transformation initiatives and the majority of the integration behind us, we’re now able to focus more time and resources on leveraging our differentiated asset base and improving execution to drive long-term shareholder value.”

Advance’s 2023 guidance is for net sales between $11.4 billion and $11.6 billion, and year-over-year growth in comparable-store sales between 1% and 3%.

“In 2023 we are shifting to GAAP as our reporting method for annual guidance,” said Jeff Shepherd, executive vice president and chief financial officer. “As the GPI integration nears completion, we expect transformation costs to be less impactful, which reduces the need for non-GAAP adjustments. In addition, we believe that focusing on GAAP results will improve the understanding and comparability with our closest peers. In 2023 we are elevating our performance to improve topline growth and share gains while delivering operating income margin expansion.”

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