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Advance Auto Parts Reports First Quarter 2015 Results

Resource from:  After Market News Likes:184
May 25,2015
Advance Auto Parts - LogoAdvance Auto Parts has announced its financial results for the first quarter ended April 25, 2015. Total sales for the first quarter increased 2.3 percent to $3.04 billion, as compared with total sales during the first quarter of fiscal year 2014 of $2.97 billion. Advance said the sales increase was driven by the addition of new stores over the past 12 months and a comparable store sales increase of 0.7 percent. Sales were unfavorably impacted primarily from integration activities and unfavorable weather. First quarter comparable cash earnings per diluted share were $2.39, an increase of 6.2 percent versus the first quarter last year. These first quarter comparable results exclude 11 cents of amortization of acquired intangible assets and integration costs of 28 cents primarily associated with the acquisition of General Parts International Inc. (General Parts). “I would like to thank all our team members for their hard work during the first quarter of 2015,” said Darren Jackson, CEO. “As we enter our second year of the General Parts integration, we remain very confident with the growth, service and earnings potential of the combined companies. We have undertaken the industry’s largest acquisition and just completed our heaviest quarter of integration activities to-date. Our first quarter comparable store sales increased 0.7 percent and Comparable Cash EPS grew 6.2 percent to $2.39. While these results did not meet our high expectations, we remain confident in our integration plan and are focused on executing the foundational work necessary to deliver the full potential of the combination.”
(After Market News)
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