Advance Auto reports increase in profits
- February 16, 2012
Roanoke-based Advance Auto Parts reported that its fourth-quarter earnings per share rose nearly 58 percent from the same three-month period during the previous fiscal year.
The auto parts retailer said comparable earnings per diluted share for the quarter was 90 cents, up from 57 cents per share during over the fourth quarter of fiscal 2010.
For fiscal 2011, earnings per share increased 29.4 percent to $5.11 on top of a 31.7 percent increase in EPS during fiscal 2010.
For the entire year, Advance Auto sales totaled $6.17 billion, up from $5.93 billion the year before.
Total sales for the fourth quarter increased 4.5 percent to $1.33 billion, compared with total sales of $1.27 billion during the fourth quarter of fiscal 2010.
The 4.5 percent sales increase reflects the net addition of 99 stores during the past 12 months and a comparable-store sales gain of 2.9 percent. Comparable-store sales rose 8.9 percent during the fourth quarter of fiscal 2010.
Fiscal 2011 comparable-store sales increased 2.2 percent on top of an 8 percent increase in fiscal 2010.
The company’s gross profit rate was 49 percent of sales during the fourth quarter, down slightly from 49.4 percent during the fourth quarter of fiscal 2010. The decline in the gross profit rate was driven by increased supply chain expenses because of investments in hub stores and increased shrink expense.
For fiscal 2011, the company’s gross profit rate was 49.7 percent.