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Advance Auto Parts Q1 EPS up 13.4%

ROANOKE, Va. — Advance Auto Parts reported that first quarter earnings per diluted share were $1.35 , which was a 13.4% increase over the first quarter last year. Net income for the quarter was $109.6 million compared with $109.4 million for the same period last year.

Total sales for the first quarter increased 3.7% to $1.9 billion, compared with total sales of $1.83 billion during the first quarter of fiscal 2010. The sales increase reflected the net addition of 138 new stores during the past 12 months and a comparable-store sales gain of 1.4% compared with a 7.7% comparable-store sales gain during the first quarter of fiscal 2010. 

During the first quarter, Advance Auto Parts opened 37 stores, including nine Autopart International stores. As of April 23, the company’s total store count was 3,600 including 203 Autopart International stores.

“With our soft start to the year we are now expecting our comp-stores sales to grow in the low single digits for the year,” said Mike Norona, EVP and CFO.

Norona also reaffirmed the comany's previously communicated annual EPS outlook of $4.60 to $4.80.

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