ROANOKE, Va. (May 19, 2014) — Advance Auto Parts Inc.’s net income jumped 21.3 percent to $147.7 million as sales surged 47.3 percent to $2.97 billion for the first quarter ended April 19, compared with the year-ago period.
The sales increase was largely attributed to the company’s acquisition in January of General Parts International Inc., a distributor and supplier of OE and aftermarket replacement products under the Carquest and Worldpac brands.
“The General Parts acquisition coupled with strong execution from our team members delivered comparable cash EPS growth of approximately 36 percent and an increase in comparable store sales of 2.4 percent in the quarter,” said CEO Darren R. Jackson.
“We are off to an encouraging start to the year and remain focused on our core business outcomes while making positive progress with our integration of General Parts. Together, our operational and integration momentum position our business for a strong 2014.”
As of April 19, Advance Auto operated 5,276 company-operated stores and 105 Worldpac branches, and served about 1,400 independently-owned Carquest stores.
How have tire prices been in the last few months?
|They've gone up 1-5%||
|They've increased 6-10%||
|They've stayed flat||
|They've gone down between 1 and 5%||
|They've gone down 6-10%||
|They've dropped more than 10%||