ROANOKE, Va. (Feb. 10, 2014) — Advance Auto Parts Inc.'s fiscal 2013 sales grew 4.7 percent to $6.49 billion, as comparable net income climbed 7.7 percent to $417.5 million.
For the fourth quarter, sales increased 6 percent to $1.41 billion, driven by the net addition of 151 stores, the acquisition of BWP Distributors Inc. and a comparable same store sales increase of 0.1 percent, the firm said. Comparable net income increased 5.7 percent to $68.8 million, compared with the year-ago period.
With the net addition of 255 stores over the year, the company's store count was 4,049, including 217 Autopart International stores, in 39 states, Puerto Rico and the Virgin Islands as of Dec. 28.
The company's capital investments for 2014 are expected to reach $325 million to $350 million, including about $50 million to $60 million related to the acquisition of General Parts International Inc. (GPI) in January with an enterprise value of $2.04 billion. GPI is a distributor and supplier of OE and aftermarket replacement products under the Carquest and Worldpac brands.
The acquisition will add to Advance Auto Parts' operations 38 General Parts distribution centers, 1,248 company-owned Carquest auto parts store locations in the U.S. and Canada, about 1,400 independently owned Carquest locations primarily in the U.S. and Canada, and Worldpac operations involved in the importing and distribution of OE and aftermarket parts to import specialists.
"The acquisition of General Parts was another strategic step forward for our great company positioning Advance as the largest parts provider in North America with considerable sales growth and earnings opportunities," said CEO Darren R. Jackson.
"Operationally, we were very encouraged with the progress we made in 2013 which resulted in improved fourth quarter sales performance and record operating profits in 2013. We look forward to 2014 with excitement as we begin the integration of General Parts and build on our performance from 2013."
How will the Obama administration’s proposed expansion of overtime pay affect your business?
|Not much if at all.||
|It will force me to demote my assistant managers and recalculate pay and benefits scales.||
|It will put me out of business.||
|It’s way too soon to tell.||
|Total votes: 100|