Advance Auto Parts Reports Preliminary Operating Results

Autoparts Report, Oct 19, 2001

Advance Auto Parts said sales for the eight weeks ended September 8, 2001 increased 9.5 percent to $406.7 million from $371.3 million reported last year. Retail sales rose approximately 11.0 percent to $394.5 million from $355.4 million. The increase in retail sales was partially offset by lower sales in the wholesale dealer business, as expected.

Comparable store sales increased 7.8 percent for the eight-week period. Both the "do-it-yourself" and "do-it-for-me" businesses showed continued sales growth. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the eight-week period rose 25.7 percent to $39.2 million from $31.2 million for the prior-year period.

Sales for the thirty-six weeks ended September 8, 2001 were $1,743.5 million, an increase of 8.5 percent over prior-year sales of $1,606.5 million. Retail sales for this period increased 10.2 percent to $1,670.1 million from $1,515.7 million. Comparable store sales increased 6.6 percent. EBITDA for the thirty-six weeks ended September 8, 2001 was $146.4 million, an increase of 23.6 percent over the $118.4 million for the same period last year.

The year-to-date results included two non-recurring items that increased EBITDA by $3.2 million. Excluding these non-recurring items, EBITDA increased 20.9 percent to $143.2 million for the thirty-six week, year-to-date period. Net debt at September 8, 2001 was $535.0 million, a reduction of $27.3 million from the same time last year.