Advance Auto Parts closing hundreds of locations following sluggish performance [Yahoo! Finance]
Advance Auto Parts Inc. (AAP)
Last advance auto parts inc. earnings: 2/18 06:30 am
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Source: Yahoo! Finance
The company announced it plans to close 523 corporate stores as well as 204 independently-owned locations and four distribution centers by the middle of 2025. It also flagged that it will reduce its headcount, but didn't provide details. That news comes as it revealed its quarterly earnings on Thursday, which showed that Advance's comparable store sales decreased by 2.3% in the third quarter and faces rising expenses "due to wage investments in frontline team members that were partially offset by a reduction in marketing expenses." Advance Auto Parts is aiming to boost its operating income margin by over 500 basis points through fiscal 2027 and expects to incur between $350 million and $750 million in total costs related to the restructuring. Tesla Issues Sixth Recall This Year For Cybertrucks In the third quarter, Advance reported an adjusted loss of 4 cents per share — down from a loss of $1.19 a year ago. For the full 2024 year, it said it expects earnings to be between a
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News
- Advance Auto Parts to close hundreds of stores, shut down West Coast operations [Yahoo! Finance]Yahoo! Finance
- Advance Auto Parts to close hundreds of stores, shut down West Coast operations [Los Angeles Times (CA)]Los Angeles Times
- More layoffs hit freight-related companies across US [Yahoo! Finance]Yahoo! Finance
- Bay Area stores among Advance Auto Parts closures: WARN notices [Yahoo! Finance]Yahoo! Finance
- Advance Auto Parts issues 'employee separations,' distribution center to close March 2025 [Yahoo! Finance]Yahoo! Finance
AAP
Earnings
- 11/14/24 - Miss
AAP
Sec Filings
- 11/21/24 - Form 4
- 11/19/24 - Form 4
- 11/14/24 - Form 10-Q
- AAP's page on the SEC website