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Advance Auto Parts

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business1 year ago

Advance Auto Parts to Close Over 700 Stores Amid Industry Shifts

The auto parts retail landscape is shifting as over 700 Advance Auto Parts stores are set to close, highlighting the challenges faced by brick-and-mortar stores in the online era. While DIY customers contribute to sales, the bulk of revenue comes from selling to repair shops and fleets. The industry is highly competitive with thin margins, and online retailers add pressure. Successful stores focus on inventory, quick delivery, and customer service to compete. Advance Auto Parts' acquisition of CarQuest aimed to boost wholesale sales but may have strained their finances.

via The Autopian|
#advance-auto-parts#auto-parts#business
business1 year ago

Advance Auto Parts to Close Over 700 Stores Nationwide Amid Financial Struggles

Advance Auto Parts is closing over 700 locations, including 523 corporate stores and 204 independent locations, as part of a restructuring plan to improve financial performance. The company has been struggling with losses, reporting a significant drop in earnings per share. Factors contributing to these challenges include a shift towards online shopping for auto parts, supply chain issues, and previous capital expenditures. The sale of its WorldPac subsidiary to Carlyle Group for $1.5 billion offers a potential lifeline, but the closures will result in job losses and impact local access to auto parts.

via The Autopian|
#advance-auto-parts#automotive-industry#business
business1 year ago

Advance Auto Parts to Close Over 500 Stores Amid Retail Struggles

Advance Auto Parts announced plans to close about 500 stores and cut jobs by mid-2025 as part of a restructuring effort due to decreased demand for vehicle parts, attributed to fewer consumers opting to repair their cars. The automotive industry faces challenges from inflation and competition from affordable Chinese vehicles. The company aims to improve its operating income margin and expects significant restructuring costs. Advance Auto Parts reported a slight improvement in quarterly losses but anticipates potential losses in 2024.

via New York Post |
#advance-auto-parts#automotive-industry#business
business1 year ago

Advance Auto Parts to Close Over 700 Stores Amid Strategic Shift

Advance Auto Parts announced plans to close over 700 locations by mid-2025 as part of a strategy to enhance business performance and focus on core retail improvements. This includes shutting down approximately 500 corporate and 200 independently-owned stores. The company, which operates nearly 4,800 stores primarily in the U.S., did not specify which locations will be affected. This move aligns with a broader trend of major chain store closures expected to peak in 2024.

via WDBJ|
#advance-auto-parts#business#business-strategy
business2 years ago

Advance Auto Parts Implements Major Overhaul, Cuts Costs and Sells Business Units

Advance Auto Parts plans to cut costs by $150 million through a new cost reduction program, which includes the sale of two business units and the elimination of the top ecommerce spot. The company reported a third-quarter loss of $48.6 million and has seen its shares fall 60% this year. The CEO stated that these actions are part of a comprehensive review to position the company for long-term success and create value for shareholders. Advance Auto Parts also announced the appointment of a new CFO, Ryan Grimsland.

via WRAL TechWire|
#advance-auto-parts#business#business-units
stock-market2 years ago

Stock Market Update: Target, JD, and Goodyear Surge; TJX and Advance Auto Parts Decline

Target's stock soared over 13% after beating earnings estimates, while Advance Auto Parts' stock fell 1.5% due to mixed Q3 results and lowered guidance. TJX disappointed with holiday quarter guidance despite beating Q3 expectations, and Goodyear's stock rose 6.2% after announcing a transformation plan. JD's stock rose 4.9% as the Chinese e-commerce giant posted a surge in quarterly profit.

via Investing.com|
#advance-auto-parts#goodyear#jd
business2 years ago

"Market Movers: Oracle, Apple, WestRock, and More Stocks on the Move"

Oracle's shares dipped after the company reported disappointing earnings and revenue guidance for its fiscal second quarter. WestRock's stock rose following news of a merger with Smurfit Kappa, while Apple's shares declined ahead of its iPhone launch event. Casey's General Stores saw a boost in its stock after beating earnings expectations and providing positive forward guidance. Beauty Health's shares surged after announcing a cost-cutting program, and Advance Auto Parts' shares fell to a 12-year low after a credit rating downgrade. CVS climbed after receiving an upgrade, and Block's shares advanced after a positive rating from Baird. Cintas gained after being upgraded by Bank of America, and Geron's stock rose following an upgrade from Goldman Sachs. Exxon Mobil's shares rose as oil prices continued to climb.

via CNBC|
#advance-auto-parts#apple#business
business2 years ago

"Advance Auto Parts Plummets After Disappointing Q1 Results and Guidance Cut"

Advance Auto Parts reported disappointing Q1 results, with sales growth of 1.3% YoY and earnings of 72 cents per share, missing analyst estimates. The company also reduced its full-year guidance and decided to reduce its quarterly dividend. As a result, several analysts have downgraded the stock and slashed their price targets, with shares dropping 35% and losing 2.4% in pre-market trading.

via Benzinga|
#advance-auto-parts#analyst-downgrades#business