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Advance Auto Parts, Inc.
Type
Public
Traded as NYSE: AAP
S&P 500 Component
Industry Auto Parts Retail
Founded April 29, 1932; 85 years ago (1932-04-29)
Headquarters Roanoke, Virginia, U.S.
Number of locations
5,372 (as of 12/31/2015)
Area served
United States, Puerto Rico, U.S. Virgin Islands, Canada
Key people
John C. Brouillard
Executive Chairman
Tom Greco (CEO, President)
Products Replacement automotive parts & accessories
Revenue Decrease US$9.74 Billion (FY 2015)
Operating income
Decrease US$825 Million (FY 2015)
Net income
Decrease US$473 Million (FY 2015)
Total assets Increase US$8.13 Billion (FY 2015)
Total equity Increase US$2.46 Billion (FY 2015)
Owner Institutional Owners[1]
Vanguard Group Inc [2] (8.54%)
Wellington Management Group LLP [3] (8.29%)
State Street Corp [4] (4.50%)
Starboard Value LP [5] (3.77%)
Lazzard Asset Management LLC [6] (3.18%)
Number of employees
74,000 - January 2015
Subsidiaries
  • Autopart International
  • Carquest
    • Carquest Canada
  • WorldPac
    • WorldPac Canada
    • WorldPac Redline
Website AdvanceAutoParts.com

Advance Auto Parts is headquartered in Roanoke, Virginia and is now the largest retailer of automotive replacement parts and accessories in the United States by store count after acquiring General Parts Incorporated in October 2013. AAP was founded in 1932 and had 2015 sales of approximately $9.74 billion. The combined enterprise of AAP (including Carquest branded stores) operates over 5,200 company-owned and 1,300 independently owned stores covering every U.S. state, the Virgin Islands, Puerto Rico, and Canada with more than 70,000 employees.

In 2005, Advance Auto Parts purchased AutoPart International, Inc. which operates 202 stores along the Atlantic Seaboard. As of 2014, Autopart International still operates as a separate division within Advance Auto.

In 2013, AAP purchased General Parts Inc. including Carquest, Carquest Canada and WorldPac for $2.04 billion.

In April 1932, Arthur Taubman purchased the Advance Stores from Pep Boys, with two stores in Roanoke, Virginia and one in Lynchburg, Virginia.

The first major expansion of Advance Auto Parts was in 1998 when the company acquired the remaining operations of Western Auto, an auto parts and general store retailer. Most of the Western Auto operations had been taken over by Sears, Roebuck and Co. in 1987.

In April 2001, Advance Auto Parts acquired Carport Auto Parts, a regional retail chain with 29 stores in Alabama and Mississippi. On November 28, Advance acquired 671 Discount Auto Parts, Inc., a regional auto parts chain in Florida, Alabama, Georgia, South Carolina, and Louisiana. Upon completion of this merger, Advance Auto Parts became a publicly traded company, listed as a common stock on the New York Stock Exchange under the symbol AAP. The year ended with 2,484 stores in 38 states.

In July 2002, Advance Auto Parts received bankruptcy court approval to acquire 57 Trak Auto stores in northern Virginia, Washington, DC, and eastern Maryland.

In September 2006, Advance Auto Parts (NYSE:AAP) announced an agreement with ADMMicro, a VA-based company, to retrofit certain existing stores and equip new stores with an Energy Management System (EMS).

From 2010 to 2013, Advance Auto Parts was a title sponsor of Monster Jam and sponsored a truck on the circuit called the Advance Auto Parts Grinder. Advance Auto Parts has also served as a sponsor in NASCAR, including Alex Bowman's cars in 2015 and 2016 with Tommy Baldwin Racing and JR Motorsports, respectively. In 2017, Advance Auto Parts became the title sponsor of the Advance Auto Parts Clash exhibition race at Daytona International Speedway.

In December 2012, Advance Auto Parts acquired BWP Distributors, a Carquest franchise for the New England region that included the transfer of 124 company owned retail locations plus 2 distribution centers. The responsibility for 92 independently owned location that were service by BWP were transferred to General Parts, Inc., the largest Carquest franchise along with one distribution center for servicing those locations.

On October 16, 2013, Advance Auto Parts entered into a definitive agreement to acquire General Parts International, Inc. (GPI), a leading privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the CARQUEST and WORLDPAC brands. The deal created the largest automotive aftermarket parts provider in North America.

General Parts International, with corporate headquarters in Raleigh, NC, has seen a significant rise in personnel since being acquired by Advance. Most of these added jobs are personnel from Roanoke, Minnesota or between the now redundant GPI positions being transferred to Raleigh.

In 2014 Advance Auto Parts began a Loyalty Program for "Do-It-Yourself" retail customers, named SpeedPerks. By enrolling in the loyalty program, the member will receive discounts off of purchases without the need of a card or point system. When a customer spends $30 in store before tax, a $5 off coupon will be sent in their email, for a $100 purchase before tax a $20 off coupon will be emailed to the member.

On September 30, 2015, Starboard Value LP, an activist investment firm disclosed a 3.7 percent stake in Advance Auto Parts. Through a letter to Chief Executive Darren Jackson and a keynote presentation published on Starboard's website, Starboard Values believes that Advance Auto Parts shares have the potential to reach $350 each if the company takes steps to improve profit margins. The presentation also stated that "Advance Auto Parts has substantially underperformed compared to peers on almost any measure, including operating margins, revenue growth, and total shareholder return." Roanoke, Virginia-based Advance Auto's sales have missed market expectations in four of the past six quarters. Starboard Value LP was behind the ouster of the entire board of restaurant operator Darden Restaurants Inc last year, owners of the Red Lobster/Olive Garden restaurants. Under market pressure in November 2015, Darren Jackson elected to resign his position as CEO effective January 2, 2016. On April 4, 2016, Advance announced Frito-Lay North America CEO Tom Greco would succeed Jackson as CEO. In the 16 months following Greco's appointment, Advance Auto stock has plummeted (45%).

As of 2017 Advance Auto Parts shares are mainly held by institutional investors (The Vanguard Group, Wellington Management Group, BlackRock, State Street Corporation, Lazard and others).

Advance Auto Parts is the largest automotive aftermarket retailer in the United States based on sales and store count. The company premiered on the Fortune 500 list of companies in 2003 at No. 466 and has remained on the list since that time. As of June 2014, it was ranked at No. 1,412 on the Forbes magazine "World's Biggest Public Companies" list.

Advance has received recognition for charitable contributions. The company has been named an "elite partner" for its fundraising for the Juvenile Diabetes Research Foundation (JDRF), having donated more than $42 million since 1994. Advance acts as an aggregator for the largest portion of the donations for JDRF, collecting monies from both walk-in customers and commercial business through the sale of paper sneakers, that once purchased by the customer are displayed on the store windows.

News

Advance Auto Parts, Inc. -0.27% (consumer cyclical)

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-16 Future report Set alerts
Q3 2020 2020-11-10 Future report Set alerts
Q2 2020 2020-08-18 2.92 2.74
Q1 2020 2020-05-19 0.91 0.63
Q4 2019 2020-02-18 1.64 1.38
Q3 2019 2019-11-12 2.10 1.75
Q2 2019 2019-08-13 2.00 1.73
Q1 2019 2019-05-22 2.46 1.98
Q4 2018 2019-02-19 1.17 0.74
Q3 2018 2018-11-13 1.89 1.56

Ratings

2016-07-10 Reiterated Rating Deutsche Bank AG Buy
2016-06-21 Reiterated Rating Argus Buy $200.00 to $185.00
2016-06-15 Reiterated Rating Wedbush Outperform $160.00
2016-06-15 Reiterated Rating Deutsche Bank Buy $175.00
2016-06-15 Reiterated Rating Deutsche Bank AG Buy $175.00
2016-06-14 Reiterated Rating Bank of America Buy
2016-06-14 Reiterated Rating Bank of America Corp. Buy
2016-06-01 Initiated Coverage BTIG Research Sell $120.00
2016-05-25 Reiterated Rating Sterne Agee CRT Neutral
2016-05-23 Reiterated Rating Barclays Underweight $130.00
2016-05-23 Reiterated Rating Barclays PLC Underweight $130.00
2016-05-22 Reiterated Rating Morgan Stanley Buy
2016-05-22 Reiterated Rating RBC Capital Buy
2016-05-22 Reiterated Rating Credit Suisse Buy
2016-05-22 Reiterated Rating Royal Bank Of Canada Buy
2016-05-22 Reiterated Rating Credit Suisse Group AG Buy
2016-05-20 Lower Price Target Citigroup Inc. Neutral $155.00 to $145.00
2016-05-20 Lower Price Target RBC Capital Outperform $170.00 to $157.00
2016-05-20 Lower Price Target Morgan Stanley Overweight $195.00 to $180.00
2016-05-17 Reiterated Rating Cleveland Research Neutral
2016-05-17 Reiterated Rating JPMorgan Chase & Co. Overweight
2016-05-06 Upgrade Goldman Sachs Neutral to Buy $181.00
2016-05-06 Upgrade Goldman Sachs Group Inc. Neutral to Buy $181.00
2016-05-05 Downgrade Raymond James Strong-Buy to Market Perform
2016-05-05 Downgrade Raymond James Financial Inc. Strong-Buy to Market Perform
2016-04-15 Initiated Coverage Gabelli Hold $192.00
2016-04-14 Reiterated Rating Deutsche Bank Buy $175.00
2016-04-06 Boost Price Target Goldman Sachs Neutral $173.00 to $181.00
2016-04-05 Reiterated Rating Morgan Stanley Positive
2016-04-04 Reiterated Rating Wedbush Outperform $160.00
2016-03-30 Initiated Coverage Barclays Underweight $130.00
2016-03-27 Reiterated Rating Deutsche Bank Buy
2016-02-13 Reiterated Rating William Blair Buy
2016-02-13 Reiterated Rating Wedbush Buy
2016-02-13 Reiterated Rating RBC Capital Buy
2016-02-12 Lower Price Target RBC Capital Outperform $176.00 to $170.00
2016-02-12 Boost Price Target Deutsche Bank Buy $175.00 to $190.00
2016-02-12 Lower Price Target Wedbush Outperform $175.00 to $160.00
2016-02-09 Reiterated Rating Credit Suisse Outperform $185.00
2015-12-16 Reiterated Rating Sterne Agee CRT Hold
2015-12-16 Reiterated Rating Deutsche Bank Buy $190.00
2015-12-15 Downgrade BB&T Corp. Buy to Hold $150.00
2015-11-13 Lower Price Target Wedbush Outperform $207.00 to $190.00
2015-11-13 Lower Price Target JPMorgan Chase & Co. Overweight $219.00 to $210.00
2015-11-13 Lower Price Target Jefferies Group Hold $170.00 to $158.00
2015-11-13 Lower Price Target Deutsche Bank Buy $200.00 to $190.00
2015-11-13 Lower Price Target Credit Suisse Outperform $195.00 to $185.00
2015-11-13 Downgrade Sterne Agee CRT Buy to Neutral
2015-11-13 Lower Price Target RBC Capital Outperform $210.00 to $194.00
2015-11-13 Reiterated Rating BB&T Corp. Not Applicable to Hold
2015-11-09 Reiterated Rating RBC Capital Buy $210.00 to $194.00
2015-10-16 Upgrade BB&T Corp. Hold to Buy
2015-09-15 Initiated Coverage Jefferies Group Hold $170.00
2015-08-18 Reiterated Rating William Blair Outperform
2015-08-18 Upgrade Argus Hold to Buy $217.00
2015-08-16 Reiterated Rating RBC Capital Buy
2015-08-14 Boost Price Target Wedbush Outperform $180.00 to $207.00
2015-08-14 Boost Price Target Deutsche Bank Buy $178.00 to $200.00
2015-08-14 Boost Price Target Sterne Agee CRT Buy $180.00 to $210.00
2015-08-14 Boost Price Target RBC Capital Outperform $180.00 to $210.00
2015-08-05 Reiterated Rating Evercore Partners Inc. Buy to Hold $165.00 to $179.00
2015-08-05 Downgrade Evercore ISI Buy to Hold $165.00 to $179.00
2015-06-25 Reiterated Rating Sterne Agee CRT Buy $165.00 to $180.00
2015-06-11 Boost Price Target Sterne Agee CRT Buy $165.00 to $180.00
2015-05-24 Reiterated Rating JPMorgan Chase & Co. Overweight $179.00 to $173.00
2015-05-22 Reiterated Rating RBC Capital Outperform $178.00 to $180.00
2015-05-19 Reiterated Rating Sterne Agee CRT Buy $165.00
2015-05-01 Reiterated Rating Sterne Agee CRT Buy $165.00
2015-04-06 Reiterated Rating Sterne Agee CRT Buy $165.00 to $143.98
2015-02-17 Lower Price Target JPMorgan Chase & Co. Overweight $181.00 to $179.00
2015-02-13 Set Price Target Credit Suisse Buy $180.00
2015-02-13 Set Price Target Deutsche Bank Buy $180.00 to $178.00
2015-02-09 Set Price Target Morgan Stanley Buy $170.00
2015-02-09 Set Price Target JPMorgan Chase & Co. Buy $165.00 to $181.00
2015-02-04 Reiterated Rating Deutsche Bank Buy $180.00
2015-01-26 Set Price Target Wedbush Buy $185.00
2015-01-09 Downgrade RBC Capital Top Pick to Outperform $163.00 to $177.00
2015-01-08 Upgrade Deutsche Bank Hold to Buy $150.00 to $180.00
2015-01-05 Reiterated Rating Citigroup Inc. Hold $145.00 to $165.00
2014-11-17 Boost Price Target Morgan Stanley Overweight $150.00 to $170.00
2014-11-13 Initiated Coverage Sterne Agee CRT Buy to Buy $165.00
2014-11-07 Reiterated Rating Citigroup Inc. Neutral $132.00 to $145.00
2014-11-07 Boost Price Target RBC Capital Top Pick $155.00 to $163.00
2014-11-03 Boost Price Target JPMorgan Chase & Co. Overweight $145.00 to $165.00
2014-10-31 Reiterated Rating Barclays Equal Weight $135.00 to $145.00
2014-09-30 Initiated Coverage William Blair Outperform
2014-09-11 Reiterated Rating Wedbush Outperform $150.00 to $155.00
2014-08-27 Initiated Coverage SunTrust Buy $180.00
2014-08-27 Initiated Coverage SunTrust Banks Inc. Buy $180.00
2014-08-18 Upgrade Wolfe Research Market Perform to Outperform
2014-08-15 Reiterated RBC Capital Mkts Top Pick $149 to $155
2014-08-15 Boost Price Target Wedbush Outperform $150.00 to $155.00
2014-08-15 Boost Price Target JPMorgan Chase & Co. Overweight $143.00 to $145.00
2014-08-15 Reiterated Rating Nomura Neutral $125.00 to $135.00
2014-08-15 Boost Price Target Raymond James Strong-Buy $150.00 to $155.00
2014-08-15 Boost Price Target RBC Capital Top Pick $149.00 to $155.00
2014-08-15 Reiterated Rating Credit Suisse Outperform $150.00 to $160.00
2014-08-15 Reiterated Rating Nomura Holdings Inc. Neutral $125.00 to $135.00
2014-06-27 Reiterated Rating JPMorgan Chase & Co. Overweight $140.00 to $143.00
2014-06-26 Reiterated Rating Raymond James Strong-Buy $145.00 to $150.00
2014-06-24 Initiated Coverage Citigroup Inc. Overweight $150.00
2014-06-24 Initiated Coverage Morgan Stanley Overweight $150.00
2014-05-16 Reiterated RBC Capital Mkts Top Pick $148 to $149
2014-05-16 Reiterated Rating Nomura Neutral $120.00 to $125.00
2014-05-09 Boost Price Target RBC Capital Top Pick $148.00 to $149.00
2014-04-10 Initiated Coverage Wedbush $150.00
2014-04-04 Downgrade Robert W. Baird Outperform to Neutral
2014-03-04 Initiated Coverage Stephens Equal Weight
2014-02-18 Upgrade Ned Davis Research Neutral to Buy
2014-02-07 Reiterated RBC Capital Mkts Top Pick $131 to $146
2014-02-07 Boost Price Target JPMorgan Chase & Co. $135.00 to $138.00
2014-02-07 Boost Price Target Wedbush Outperform $130.00 to $150.00
2014-02-07 Boost Price Target Raymond James $125.00 to $145.00
2014-02-07 Boost Price Target Nomura Neutral $115.00 to $120.00
2014-02-07 Boost Price Target RBC Capital Top Pick $131.00 to $146.00
2014-01-31 Initiated Coverage JPMorgan Chase & Co. Overweight $135.00
2014-01-03 Boost Price Target Wedbush $130.00
2013-12-13 Upgrade RBC Capital Outperform to Top Pick $116.00 to $131.00
2013-11-21 Initiated Coverage Jefferies Group Underperform
2013-11-21 Upgrade FBR & Co. Market Perform to Outperform
2013-11-20 Upgrade Credit Suisse Neutral to Outperform $97.67 to $130.00
2013-11-08 Boost Price Target Oppenheimer Market Perform $80.00 to $100.00
2013-11-01 Downgrade Deutsche Bank Buy to Hold $92.00 to $106.00
2013-10-25 Upgrade RBC Capital Sector Perform to Outperform $103.00 to $116.00
2013-10-23 Boost Price Target Raymond James Strong-Buy $97.00 to $115.00
2013-10-17 Boost Price Target Barclays Equal Weight $75.00 to $105.00
2013-10-17 Reiterated Rating Citigroup Inc. Neutral $83.00 to $96.00
2013-10-17 Upgrade Wedbush Neutral to Outperform $70.00 to $120.00
2013-10-17 Boost Price Target RBC Capital Sector Perform $87.00 to $103.00
2013-10-16 Upgrade Bank of America Buy
2013-10-14 Initiated Coverage Wedbush Underperform to Underperform $70.00
2013-05-03 Reiterated Oppenheimer Perform $67 to $80
2013-03-07 Downgrade Standpoint Research Buy to Hold
2013-02-08 Reiterated Barclays Equal Weight $65 to $75
2012-11-02 Reiterated UBS Buy $76 to $90
2012-04-16 Resumed BB&T Capital Mkts Hold
2012-03-20 Reiterated Barclays Equal Weight $90 to $95
2016-07-10 Reiterated Rating Deutsche Bank AG Buy
2016-06-21 Reiterated Rating Argus Buy $200.00 to $185.00
2016-06-15 Reiterated Rating Wedbush Outperform $160.00
2016-06-15 Reiterated Rating Deutsche Bank Buy $175.00
2016-06-15 Reiterated Rating Deutsche Bank AG Buy $175.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
JACKSON DARREN R CEO 0.22%  (157367) AAP / CREE / FAST /
Greco Thomas CEO 0.17%  (124136) AAP / GK / PEP /
SALADRIGAS CARLOS A 0.05%  (38616) AAP / DUK /
WADE JIMMIE L 0.04%  (30746) AAP / LL / TUES /
Norona Michael A EVP, CFO & Assistant Secretary 0.04%  (30306) AAP /
Brouillard John C. 0.03%  (25335) AAP /
Okray Thomas B CFO 0.03%  (24557) AAP / GWW /
Oglesby William S 0.03%  (20726) AAP /
RAY GILBERT T 0.03%  (19426) AAP / DIN / DRH / TW /
Sherman George E Jr President 0.03%  (18921) AAP /
BERGSTROM JOHN F 0.02%  (17138) AAP / ASBC / KMB / WEC /
Cushing Robert B EVP, Commercial 0.02%  (13581) AAP /
Raines Julian Paul 0.02%  (12204) AAP / GME / JCP /
DIAS FIONA P 0.02%  (11482) AAP / HSNI / LINTA / RLGY /
Finley Tammy M SVP, Human Resources 0.01%  (10391) AAP / AMNB /
Schumacher Kurt R SVP, National Field Operations 0.01%  (10095) AAP /
Carter William Harrison SVP, Comm & Field Op Support 0.01%  (9818) AAP /
Shepherd Jeffrey W SVP, Controller & CAO 0.01%  (7325) AAP /
Powell Sarah E SVP, General Counsel & Sec 0.01%  (6448) AAP /
LEE EUGENE I JR 0.01%  (6158) AAP / DRI / RARE /
Livesay Jill A SVP, Controller 0.01%  (5815) AAP / KMX /
Tyson Charles E EVP, Merch, Mktg & Supply Chn 0.01%  (5021) AAP /
Ferraro John Francis 0.01%  (4803) AAP / IFF / MAN /
Schechtman Natalie SVP Human Resources 0.01%  (4024) AAP /
Smith Jeffrey C 0.01%  (3991) AAP / DRI / ISSI / MCRL / ODP / PRGO / QTM / RGS / SRDX / YHOO /
Slone Reuben E 0.01%  (3797) AAP /

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