ADVANCE AUTO PARTS INC
For the period ended Dec 28, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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Item 6. Selected Quarterly Financial Data
The following table sets forth the Company’s selected quarterly financial data. This data should be read along with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Company’s consolidated financial statements and the related notes included elsewhere in this report.
On August 22, 2024, the Company entered into a definitive purchase agreement to sell Worldpac for $1.5 billion, with customary purchase price adjustments for working capital and other items. The Company’s sale of Worldpac was progress towards the changing landscape of the business with increased focus on the Advance blended-box model. The transaction closed on November 1, 2024. Net proceeds from the transaction after paying transaction fees and excluding the impact of taxes was approximately $1.47 billion. This was a strategic shift in the Company’s business, and as such, beginning in third quarter of 2024, Worldpac was presented as discontinued operations in the Company’s Consolidated Financial Statements. As a result, the Company has recast its quarterly results for 2024 and 2023.
For the year ended December 28, 2024, the decline in operating results was primarily due to inventory-related charges attributable to liquidation sales as a result of store closures and streamlining inventory assortment resulting from the Board-approved restructuring and asset optimization plan (“2024 Restructuring Plan”). Refer to Note 3. Restructuring of the Notes to the Consolidated Financial Statements included herein for further details.
| For the quarters ended | ||||
|---|---|---|---|---|
| (in thousands, except per share data) | December 28, 2024 | October 5, 2024 | July 13, 2024 | April 20, 2024 |
| Net sales | $1,996,025 | $2,147,991 | $2,177,836 | $2,772,475 |
| Gross profit | 347,117 | 907,898 | 949,465 | 1,204,041 |
| Net (loss) income from continuing operations | (609,531) | (25,363) | 30,506 | 17,433 |
| Net income from discontinued operations | 194,754 | 19,349 | 14,485 | 22,579 |
| Net (loss) income | $(414,777) | $(6,014) | $44,991 | $40,012 |
| Basic (loss) earnings per common share from continuing operations | $(10.20) | $(0.42) | $0.51 | $0.29 |
| Basic earnings per common share from discontinued operations | 3.26 | 0.32 | 0.24 | 0.38 |
| Basic (loss) earnings per share | $(6.94) | $(0.10) | $0.75 | $0.67 |
| Diluted (loss) earnings per common share from continuing operations | $(10.16) | $(0.42) | $0.51 | $0.29 |
| Diluted earnings per common share from discontinued operations | 3.24 | 0.32 | 0.24 | 0.38 |
| Diluted (loss) earnings per share | $(6.92) | $(0.10) | $0.75 | $0.67 |
| For the quarters ended | ||||
|---|---|---|---|---|
| (in thousands, except per share data) | December 30, 2023 | October 7, 2023 | July 15, 2023 | April 22, 2023 |
| Net sales | $2,014,405 | $2,218,205 | $2,190,407 | $2,786,058 |
| Gross profit | 819,629 | 817,567 | 969,795 | 1,253,118 |
| Net (loss) income from continuing operations | (35,190) | (74,186) | 55,838 | 23,514 |
| Net income from discontinued operations | 62 | 12,149 | 22,739 | 24,809 |
| Net (loss) income | $(35,128) | $(62,037) | $78,577 | $48,323 |
| Basic (loss) earnings per common share from continuing operations | $(0.59) | $(1.25) | $0.94 | $0.40 |
| Basic earnings per common share from discontinued operations | — | 0.20 | 0.38 | 0.41 |
| Basic (loss) earnings per share | $(0.59) | $(1.05) | $1.32 | $0.81 |
| Diluted (loss) earnings per common share from continuing operations | $(0.59) | $(1.24) | $0.94 | $0.39 |
| Diluted earnings per common share from discontinued operations | — | 0.20 | 0.38 | 0.42 |
| Diluted (loss) earnings per share | $(0.59) | $(1.04) | $1.32 | $0.81 |
Note: Quarterly balances presented may not add up to the totals disclosed on the Consolidated Statements of Operations due to rounding.
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