Advance Auto drives up earnings, raises outlook

ROANOKE, Va. — Advance Auto Parts is raising its full year EPS outlook following an impressive 37% increase in third quarter earnings. According to Mike Norona, EVP and CFO, the company now expects its annual 2011 EPS outlook to be $4.90 to $4.95. For the third quarter, the cmpany reported that earnings per diluted share were $1.41 compared with $1.03 for the same period last year.

“I would like to thank our team for delivering strong third quarter results that include solid top line sales and accelerated earnings results,” said Darren Jackson, CEO. “As a company, we will continue to be focused on customer service and executing the business with consistency and excellence.”

The company reported that total sales for the third quarter increased 4.2% to $1.46 billion, compared with total sales of $1.41 billion during the third quarter of fiscal 2010. According to the company, the sales grwoth was helped by the net addition of 105 new stores during the past 12 months and a comparable-store sales gain of 2.2% on top of a 9.9% comparable-store sales gain during the third quarter of fiscal 2010.