Advance Auto Parts Stock News

RALEIGH, N.C.--(BUSINESS WIRE)--Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, today announced that it has appointed Michael Beland as senior vice president, controller and chief accounting officer, effective January 5, 2025. In this role, Mr. Beland will be responsible...

The sale of Worldpac for $1.5 billion significantly strengthens AAP's balance sheet, eliminating solvency risk and providing a cash cushion worth nearly half its total market cap. AAP's restructuring plan includes closing 727 stores and reducing headcount, a difficult but necessary move to create a stronger, more profitable foundation. Management aims for 7% operating margins by FY2027, achieve...

Advance Auto Parts has lagged behind its winning peers for years.

Advance Auto Parts plans to close 523 corporate stores, exit 204 independently owned locations and close four distribution centers in the United States by mid-2025 as it works to boost its operational productivity.

Advance Auto Parts, a leading automotive aftermarket-parts provider in North America that serves both professional installers and do-it-yourself customers, said it will close more than 700 of its 5,000 stores in a “strategic plan to improve business performance.” Of those closing, it said 523 will be corporate stores, 204 will be independent locations, and four will be distribution centers.

Advance Auto Parts, Inc. (NYSE:AAP ) Q3 2024 Earnings Call Transcript November 14, 2024 8:00 AM ET Company Participants Lavesh Hemnani - VP of IR Shane O'Kelly - President and CEO Ryan Grimsland - EVP and CFO Conference Call Participants Michael Lasser - UBS Chris Horvers - JPMorgan Scot Ciccarelli - Truist Seth Basham - Wedbush Steven Zaccone - Citigroup Seth Sigman - Barclays Zach Fadem - Wel...

The company warned it could incur up to $750 million of total costs related to the restructuring.

The car-parts retailer announces plans to close hundreds of stores as part of a financial plan to refresh the business.