May 22, 2018—Advance Auto Parts Inc. announced its financial results for the first quarter that ended April 21, 2018.
Total net sales for the first quarter were $2.9 billion, a 0.6 percent decrease versus the prior-year period. Comparable store sales for the first quarter decreased 0.8 percent.
The company's gross profit margin increased 32 basis points in the first quarter to 44.3 percent from 44 percent in the first quarter of the prior year. The increase was primarily driven by a reduction in material costs and related items.
On May 15, 2018, the company's board of directors declared a regular quarterly cash dividend of $0.06 per share to be paid on July 6, 2018 to all common stockholders of record as of June 22, 2018.
“We are pleased to report another quarter of operational improvement as we begin the second year of our five-year plan. Through the commitment of our entire team and a relentless focus on execution, we were able to deliver operating margin expansion and double-digit EPS growth in the first quarter. In addition, we have taken a disciplined approach to significantly improve both working capital and cash generation. Our first quarter performance reinforces our commitment to making consistent progress on the transformation of Advance, strengthening our Customer Value Proposition and driving increased value for our shareholders," said Tom Greco, president and CEO.