Advance Auto revs up quarterly earnings
ROANOKE, Va. — Advance Auto Parts saw its second-quarter earnings per share jump 26% to $1.46 from $1.16 for the same period last year, as the company looks to further invest in commercial, e-commerce and DIY businesses.
The company reported that total sales for the second quarter increased 4.4% to $1.48 billion, compared with total sales of $1.42 billion during the second quarter of fiscal 2010. The sales increase reflects the net addition of 130 new stores during the past 12 months and a comparable-store sales gain of 2.5% on top of a 5.8% comparable store sales gain during the second quarter of fiscal 2010, the company reported.
“We are very pleased with our second quarter results that include double-digit comparable store sales growth in commercial and incremental improvements in DIY,” said Darren Jackson, CEO “Our teams have done a terrific job retooling our operations and financial plans without compromising our core strategic investments to adapt to the reality of the current business environment. We are pleased with the solid start to our third quarter and we remain on track to deliver our financial and strategic objectives for the year.”
During the second quarter, the company opened 28 stores, and closed 1 store. As of July 16, the company’s total store count was 3,627 including 203 Autopart International stores.