Advance Auto Parts (AAP) Financial Report Summaries

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Removed: activity, Autopart, effectively, International, noncompliance, opened, pause, resumption

From filing 10-Q 2024 Q3

Financial report summary

Competition

MAM Software • AutoZone • O'Reilly Automotive • CarParts.com • Metalpha Technology Holding • PARTS iD

Management Discussion

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
•Net sales during the third quarter of 2024 were $2.15 billion, a decrease of 3.2% compared with the third quarter of 2023. Comparable store sales declined 2.3%.
•Gross profit margin for the third quarter of 2024 was 42.3% of net sales, an increase of 541 basis points compared with the third quarter of 2023. Gross profit margin was positively impacted due to lapping the one-time impact in the change for inventory reserves in the prior year coupled with stabilizing product costs in the current year. This was offset by strategic pricing investments.