Advance Auto Parts reported third-quarter net sales of $2.6 billion, a 0.8% increase over third-quarter 2021.
Comparable-store sales decreased 0.7%, which Advance attributed to “increased owned-brand penetration, which has a lower price point than national brands.”
“I want to thank the entire family of Advance team members as well as our growing network of independent partners for their continued dedication,” Tom Greco, president and CEO, said in a news release. “We continue to execute our strategy to drive full year net sales growth and adjusted operating income margin expansion while returning excess cash to shareholders.”
Greco noted that Advance’s “deliberate move to increase owned-brand penetration, which carries a lower price point, reduced net sales by approximately 80 basis points and comp sales by approximately 90 basis points. We also continued to invest in our business while returning approximately $860 million in cash to our shareholders through the first three quarters of 2022.”
The company reiterated its full-year guidance of net sales between $11 billion and $11.2 billion.
“While we continue to execute against our long-term strategic plan, we’re not satisfied with our relative topline performance versus the industry this year and are taking measured, deliberate actions to accelerate growth,” Greco said.