Advance Auto Parts Reports First Quarter 2025 Results and Reaffirms Full Year Guidance

Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the first quarter ended April 19, 2025.

"The Advance team delivered better than expected sales and profitability in the first quarter and I want to thank them for their hard work and commitment to serving our customers. During the quarter, we also successfully completed our store footprint optimization within an accelerated timeframe, while continuing to make progress on our other strategic initiatives. This progress was evident in our Pro performance during the quarter, with 8 consecutive weeks of US Pro comparable sales growth,” said Shane O'Kelly, president and chief executive officer. "The recently implemented tariffs have created a highly dynamic economic environment. Despite this, the team is staying focused on the turnaround and our path ahead. We are reaffirming our annual guidance based on performance to date, expected progress on our strategic initiatives for the balance of the year and our planned mitigation actions for the tariffs currently in effect."

First Quarter 2025 Results ^(1,2)

First quarter 2025 net sales totaled $2.6 billion, compared with $2.8 billion in the first quarter of the prior year. Comparable store sales for the first quarter 2025 decreased 0.6% and does not include store closing sales at more than 500 corporate locations that were closed in the quarter as part of our store optimization program.

The Company's first quarter 2025 gross profit was $1.1 billion, or 42.9% of net sales compared with $1.2 billion, or 43.4% in the first quarter of the prior year. The deleverage was primarily driven by approximately 90 basis points of margin headwind associated with liquidation sales at closing store locations.

The Company's first quarter 2025 selling, general and administrative (SG&A) expenses were $1.2 billion, or 48.0% of net sales compared with $1.2 billion, or 41.5% in the first quarter of the prior year. Adjusted SG&A expenses were $1.1 billion, or 43.2% of net sales in the first quarter of 2025 compared with $1.1 billion, or 41.4% in the first quarter of 2024. The deleverage was primarily driven by higher labor-related expenses compared with the prior year.

The Company's first quarter 2025 operating loss was $131 million, or 5.1% of net sales, compared with operating income of $53 million, or 1.9% in the first quarter of the prior year. Adjusted operating loss was $8 million, or 0.3% of net sales, compared with adjusted operating income of $56 million, or 2.0% in the first quarter of 2024. Our first quarter 2025 adjusted operating margin was negatively impacted by approximately 90 basis points of margin headwind associated with liquidation sales at closing store locations, that is not included in non-GAAP adjustments.

_______________________________

(1) All comparisons are based on continuing operations for the same time period in the prior year. The Company calculates comparable store sales based on the change in store sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. Acquired stores are included in the Company's comparable store sales one year after acquisition. The Company includes sales from relocated stores in comparable store sales from the original date of opening. Closed stores and stores in process of closing under the restructuring plan are not included in the comparable store sales calculation.

(2) Comparative financial information related to results from continuing operations has been recast to reflect the presentation of our former Worldpac, Inc. business (“Worldpac”) as discontinued operations. Refer to the Company’s Annual Report on Form 10-K for 2024, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025.

The Company's first quarter 2025 effective tax rate benefit was 118.3%, compared with an effective tax rate expense of 41.4% in the first quarter of 2024. The Company's effective tax rate was impacted by a discrete benefit of $126 million in the first quarter of 2025. The Company's diluted earnings per share for the quarter was $0.40, compared with $0.29 in the first quarter of 2024. The Company's adjusted diluted loss per share was $0.22 compared with earnings per share of $0.33 in the first quarter of 2024.

Net cash used in operating activities was $156 million through the first quarter of 2025 versus $3 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2025 was an outflow of $198 million compared with an outflow of $49 million in the same period of the prior year.

Capital Allocation

On May 13, 2025, the Company declared a regular cash dividend of $0.25 per share to be paid on July 25, 2025, to all common stockholders of record as of July 11, 2025.

Full Year 2025 Guidance (53 weeks)

We have reaffirmed our full year 2025 guidance as shown in the table below. Our guidance assumes current tariffs remain in place for the remainder of 2025.

	As of May 22, 2025
($ in millions, except per share data)	Low		High
Net sales from continuing operations (1)	$8,400		$8,600
Comparable store sales (52 weeks) (2)	0.5%		1.5%
Adjusted operating income margin from continuing operations (4)	2.00%		3.00%
Adjusted diluted EPS from continuing operations (3,4)	$1.50		$2.50
Capital expenditures		Approx. $300
Free cash flow (4)	$(85)		$(25)
New store growth
Store openings		30 new stores
Market hub openings		10 new market hubs

(1)		Includes approximately $100 to $120 million of net sales in the 53rd week.
(2)		The Company calculates comparable store sales based on the change in store sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. The Company includes sales from relocated stores in comparable store sales from the original date of opening.
(3)		Includes approximately $0.40 related to interest income for full year 2025 and approximately $0.05 contribution from the 53rd week.
(4)		Adjusted operating income margin from continuing operations, Adjusted diluted EPS from continuing operations and Free cash flow are non-GAAP measures. For a better understanding of the Company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables. The Company is not able to provide a reconciliation of these forward-looking non-GAAP measures because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts.

Investor Conference Call

The Company will detail its results for the first quarter ended April 19, 2025, via a webcast scheduled to begin at 8 a.m. Eastern Time on Thursday, May 22, 2025. The webcast will be accessible via the Investor Relations page of the Company's website (ir.AdvanceAutoParts.com).

To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the Company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the Company's Investor Relations website for one year.

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of April 19, 2025, Advance operated 4,285 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The Company also served 881 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

Forward-Looking Statements

Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “target,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the Company’s strategic initiatives, restructuring and asset optimization, financial objectives, operational plans and objectives, statements about the benefits of the sale of the Company’s Worldpac business and use of proceeds therefrom, statements regarding expectations for economic conditions, future business and financial performance, including with respect to tariffs, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the Company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the Company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the Company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, risks associated with the Company’s restructuring and asset optimization plans, deterioration of general macroeconomic conditions, geopolitical factors including increased tariffs and trade restrictions, the highly competitive nature of the industry, demand for the Company’s products and services, risks relating to the impairment of assets, including intangible assets such as goodwill, access to financing on favorable terms, complexities in the Company’s inventory and supply chain and challenges with transforming and growing its business. Please refer to “Item 1A. Risk Factors” of the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the Company’s subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions) (unaudited)
Assets		April 19, 2025(1)		December 28, 2024(1)
Current assets:
Cash and cash equivalents	$	1,672	$	1,869
Receivables, net		494		544
Inventories, net		3,731		3,612
Other current assets		183		118
Total current assets		6,080		6,143
Property and equipment, net		1,265		1,334
Operating lease right-of-use assets		2,185		2,243
Goodwill		600		598
Other intangible assets, net		404		406
Other assets		83		74
Total assets	$	10,617	$	10,798
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		3,425		3,408
Accrued expenses		663		784
Current portion of long-term debt		299		—
Other current liabilities		406		473
Total current liabilities		4,793		4,665
Long-term debt		1,491		1,789
Operating lease liabilities		1,881		1,897
Deferred income taxes		171		193
Other long-term liabilities		84		84
Total liabilities		8,420		8,628
Total stockholders' equity		2,197		2,170
Total liabilities and stockholders’ equity	$	10,617	$	10,798

(1)

This condensed consolidated balance sheet has been prepared on a basis consistent with the Company's previously prepared balance sheets filed with the Securities and Exchange Commission ("SEC"), but does not include the footnotes required by accounting principles generally accepted in the United States of America (“GAAP”).

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data) (unaudited)
	Sixteen Weeks Ended
	April 19, 2025(1)			April 20, 2024(1)
Net sales	$	2,583		$	2,772
Cost of sales		1,474			1,568
Gross profit		1,109			1,204
Selling, general and administrative expenses, exclusive of restructuring and related expenses		1,122			1,151
Restructuring and related expenses	$	118			—
Selling, general and administrative expenses		1,240			1,151
Operating (loss) income		(131	)		53
Other, net:
Interest expense		(27	)		(25	)
Other income, net		27			1
Total other, net		—			(24	)
(Loss) income before income taxes		(131	)		29
Income tax (benefit) expense		(155	)		12
Net income from continuing operations		24			17
Net income from discontinued operations		—			23
Net income	$	24		$	40
Basic earnings per common share from continuing operations	$	0.40		$	0.29
Basic earnings per common share from discontinued operations		—			0.38
Basic earnings per common share	$	0.40		$	0.67
Basic weighted-average common shares outstanding		59.8			59.6
Diluted earnings per common share from continuing operations	$	0.40		$	0.29
Diluted earnings per common share from discontinued operations		—			0.38
Diluted earnings per common share	$	0.40		$	0.67
Diluted weighted-average common shares outstanding		60.2			59.8

(1)

These preliminary condensed consolidated statements of operations have been prepared on a basis consistent with the Company's previously prepared statements of operations filed with the SEC, but do not include the footnotes required by GAAP.

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions) (unaudited)
	Sixteen Weeks Ended
	April 19, 2025(1)			April 20, 2024(1)
Cash flows from operating activities:
Net income	$	24		$	40
Net income from discontinued operations		—			23
Net income from continuing operations		24			17
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		89			83
Share-based compensation		11			15
Loss (Gain) on sale and impairment of long-lived assets, net		10			(18	)
Provision for deferred income taxes		(22	)		3
Other, net		3			1
Net change in:
Receivables, net		51			3
Inventories, net		(114	)		1
Operating lease right of use assets		50			(1	)
Other assets		(69	)		(15	)
Accounts payable		14			(134	)
Accrued expenses		(119	)		16
Operating lease liabilities		(81	)		30
Other liabilities		(3	)		(4	)
Net cash used in operating activities of continuing operations		(156	)		(3	)
Net cash provided by operating activities of discontinued operations		—			6
Net cash (used in) provided by operating activities		(156	)		3
Cash flows from investing activities:
Purchases of property and equipment		(42	)		(46	)
Proceeds from sales of property and equipment		15			10
Net cash used in investing activities of continuing operations		(27	)		(36	)
Net cash used in investing activities of discontinued operations		—			(3	)
Net cash used in investing activities		(27	)		(39	)
Cash flows from financing activities:
Dividends paid		(15	)		(15	)
Purchase of noncontrolling interest		—			(7	)
Proceeds from the issuance of common stock		2			1
Repurchases of common stock		(2	)		(3	)
Other, net		(2	)		(1	)
Net cash used in financing activities		(17	)		(25	)

	Sixteen Weeks Ended
	April 19, 2025(1)			April 20, 2024(1)
Effect of exchange rate changes on cash		3			9
Net decrease in cash and cash equivalents		(197	)		(52	)
Cash and cash equivalents, beginning of period		1,869			503
Cash and cash equivalents, end of period	$	1,672		$	451
Non-cash transactions of continuing operations:
Accrued purchases of property and equipment	$	12		$	9
Summary of cash and cash equivalents:
Cash and cash equivalents of continuing operations, end of period	$	1,672		$	437
Cash and cash equivalents of discontinued operations, end of period		—			14
Cash and cash equivalents, end of period	$	1,672		$	451

(1)

This condensed consolidated statement of cash flows has been prepared on a basis consistent with the Company's previously prepared statements of operations filed with the SEC, but does not include the footnotes required by GAAP.

Reconciliation of Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures described below to supplement the Company's unaudited condensed consolidated financial statements prepared and presented in accordance with GAAP and to understand and evaluate the Company's core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented as the Company believes that such non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. The Company is presenting these non-GAAP metrics to provide investors insight to the information used by our management to evaluate our business and financial performance. The Company believes that these measures provide investors increased comparability of our core financial performance over multiple periods with other companies in our industry. Non-GAAP financial measures, including Adjusted Net (loss) income, Adjusted Diluted (loss) Earnings Per Share (“Adjusted Diluted EPS”), Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Sales, General and Administrative expense (“Adjusted SG&A”), Adjusted SG&A Margin, Adjusted Operating (loss) Income and Adjusted Operating (loss) Income Margin, should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing operating performance, financial position or cash flows.

The Company has presented these non-GAAP financial measures as the Company believes that the presentation of the financial results that exclude (1) transformation expenses under the Company’s turnaround plan, inclusive of the Worldpac divestiture and (2) other significant expenses, are useful and indicative of the Company's base operations because the expenses vary from period to period in terms of size, nature and significance. The income tax impact of these non-GAAP adjustments is also adjusted for using the estimated tax rate in effect for the respective non-GAAP adjustments. These measures assist in comparing the Company’s current operating results with past periods and with the operational performance of other companies in the industry. The disclosure of these measures allows investors to evaluate the Company’s performance using the same measures management uses in developing internal budgets and forecasts and in evaluating management’s compensation. Included below is a description of the expenses the Company has determined are not normal, recurring cash operating expenses necessary to operate the Company’s business and the rationale for why providing these measures is useful to investors as a supplement to the GAAP measures.

Transformation Expenses

Expenses incurred in connection with the Company's turnaround plan and specific transformative activities related to asset optimization that the Company does not view to be normal cash operating expenses. These expenses primarily include:

• Restructuring and other related expenses: Expenses relating to strategic initiatives, including severance expense, retention bonuses offered to store-level employees to help facilitate the closing of stores, incremental reserves related to the collectibility of receivables resulting from contract terminations with certain independents associated with the 2024 Restructuring Plan and third-party professionals assisting in the development and execution of the strategic initiatives.
• Impairment and write-down of long-lived assets: Expenses relating to the impairment of operating lease ROU assets and property and equipment, incremental depreciation as a result of accelerating long-lived assets over a shorter useful life, depreciation of long-lived assets and ROU asset amortization after store closure, and incremental lease abandonment expenses as a result of accelerating ROU asset amortization for leases the Company expects to exit before the end of the contractual term, net of gains on lease terminations, in connection with the 2024 Restructuring Plan and Other Restructuring Plan.
• Distribution network optimization: Expenses primarily relating to the conversion of the stores and distribution centers to market hubs, including temporary labor, incremental depreciation, as a result of accelerating long-lived assets over a shorter useful life, nonrecurring professional service fees and team member severance.

Other Expenses

Expenses incurred by the Company that are not viewed as normal cash operating expenses and vary from period to period in terms of size, nature, and significance. These expenses primarily include:

• Other professional service fees: Expenses relating to nonrecurring services rendered by third-party vendors engaged to perform a strategic business review, including the Company’s transformation initiatives.
• Worldpac post transaction-related expenses: Expenses primarily relating to non-recurring separation activities provided by third-party professionals subsequent to the sale of Worldpac.
• Executive turnover: Expenses associated with executive level reorganization, including expenses for executive severance, the hiring search for leadership positions and certain compensation benefits.
• Material weakness remediation: Incremental expenses associated with the remediation of the Company’s previously disclosed material weaknesses in internal control over financial reporting.
• Cybersecurity incident: Expenses related to the response and remediation of a cybersecurity incident.
• Other tax adjustments: Certain tax items that are unrelated to the fiscal year in which they are recorded are excluded in order to provide a clearer understanding of the Company's ongoing Non-GAAP tax rate and after-tax earnings.

Reconciliation of Diluted Earnings Per Share (GAAP) and Adjusted Diluted (Loss) Earnings Per Share (Non-GAAP)

		Sixteen Weeks Ended
(in millions, except per share data)	Classification	April 19, 2025			April 20, 2024
Net income from continuing operations (GAAP)		$	24		$	17
Selling, general and administrative adjustments:
Transformation expenses:
Restructuring and other related expenses (1)	Restructuring		63			—
Impairment and write-down of long-lived assets (2)	Restructuring		45			—
Distribution network optimization	Restructuring		3			—
Other expenses:
Other professional service fees	Non-restructuring (5)		4			1
Worldpac post transaction-related expenses	Restructuring		3			—
Executive turnover	Restructuring		4			—
Material weakness remediation	Non-restructuring		1			2

Other income adjustments:
TSA services		(4	)		—
Provision for income taxes on adjustments (3)		(30	)		—
Other tax (benefit) expense adjustments (4)		(126	)		—
Adjusted net (loss) income (Non-GAAP)	$	(13	)	$	20

Diluted earnings per share from continuing operations (GAAP)	$	0.40		$	0.29
Adjustments, net of tax		(0.62	)		0.04
Adjusted diluted (loss) earnings per share (Non-GAAP) (6)	$	(0.22	)	$	0.33

(1)		Restructuring and other related expenses included $30 million of nonrecurring services rendered by third-party vendors assisting with the 2024 Restructuring Plan, $15 million of severance and other labor related costs, $7 million related to incremental reserves on loan guarantees and $11 million of other related expenses associated with closures, including the transfer of assets.
(2)		The Company recorded impairment charges for ROU assets and property and equipment of $9 million, net of gains on sale, and incremental accelerated depreciation and amortization for property and equipment and ROU assets of $36 million.
(3)		The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments.
(4)		Income tax (benefit) expenses included a discrete non-recurring tax benefit associated with capital loss deductions effectuated in the first quarter of fiscal 2025. The benefit has been excluded from Non-GAAP results in order to provide a clearer understanding of the ongoing Non-GAAP tax rate and after-tax earnings.
(5)		Other professional service fees in fiscal 2024 were classified as restructuring and restructuring related expenses based on the underlying activity to which they related.
(6)		Refer to the reconciliation of diluted weighted-average common shares outstanding (GAAP) to adjusted diluted weighted-average common shares outstanding (Non-GAAP) which is the denominator utilized to calculate adjusted diluted (loss) earnings per share (Non-GAAP). Adjusted diluted weighted-average common shares outstanding (Non- GAAP) excludes the dilutive impact of share-based awards as such shares are considered anti-dilutive in consideration of the Company's Non-GAAP loss for the period.

Reconciliation of Adjusted Diluted Weighted-Average Common Shares Outstanding

	Sixteen Weeks Ended
(shares in millions)	April 19, 2025		April 20, 2024
Diluted Weighted-Average Common Shares Outstanding (GAAP)	60.2		59.8
Anti-dilutive impact of share-based awards	0.4		—
Adjusted Diluted Weighted-Average Common Shares Outstanding (Non-GAAP)	59.8		59.8

Reconciliation of Adjusted Selling, General and Administrative Expenses

	Sixteen Weeks Ended
(in millions)	April 19, 2025			April 20, 2024
Selling, general and administrative ("SG&A") expenses (GAAP)	$	1,240		$	1,151
SG&A adjustments		123			3
Adjusted SG&A (Non-GAAP)	$	1,117		$	1,148
SG&A Margin (GAAP) (1)		48.0	%		41.5	%
Adjusted SG&A Margin (Non-GAAP) (1)		43.2	%		41.4	%
(1) These GAAP and Non-GAAP measures are calculated as a percentage of Net sales.
Reconciliation of Adjusted Operating Income
	Sixteen Weeks Ended
(in millions)	April 19, 2025			April 20, 2024
Operating (loss) income (GAAP)	$	(131	)	$	53
SG&A adjustments		123			3
Adjusted Operating (Loss) Income (Non-GAAP)	$	(8	)	$	56
Operating (Loss) Income Margin (GAAP) (1)		(5.1	)%		1.9	%
Adjusted Operating (Loss) Income Margin (Non-GAAP) (1)		(0.3	)%		2.0	%
(1) These GAAP and Non-GAAP measures are calculated as a percentage of Net sales.
Reconciliation of Free Cash Flow
	Sixteen Weeks Ended
(in millions)	April 19, 2025			April 20, 2024
Cash flows used in operating activities of continuing operations	$	(156	)	$	(3	)
Purchases of property and equipment		(42	)		(46	)
Free cash flow	$	(198	)	$	(49	)

Reconciliation of Adjusted Debt to Adjusted EBITDAR(1)
	Four Quarters Ended
(In millions, except adjusted debt to adjusted EBITDAR ratio)	April 19, 2025
Total Debt (GAAP)	$	1,790
Add: Operating lease liabilities		2,279
Adjusted Debt (Non-GAAP)	$	4,069
Net (loss) income (GAAP)	$	(580	)
Depreciation and amortization		298
Interest expense		83
Other income, net		(52	)
Income tax (benefit) expense		(348	)
Rent expense		605
Share-based compensation		38
Other charges (2)		25
Transformation related charges		842
Adjusted EBITDAR (Non-GAAP)	$	911
Debt to Net (Loss) Income (GAAP)		(3.1	)
Adjusted Debt to Adjusted EBITDAR (Non-GAAP)		4.5

(1)		Management believes its Adjusted Debt to Adjusted EBITDAR ratio (“leverage ratio”) is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The Company’s goal is to maintain an investment grade rating. The Company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the Company's ability to obtain additional funding. If the Company was unable to maintain its investment grade rating, this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company's financing arrangements. The leverage ratio calculated by the Company is a Non-GAAP measure and should not be considered a substitute for debt to net income, as determined in accordance with GAAP. The Company adjusts the calculation to remove rent expense and to add back the Company’s existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the Company’s peers and to account for differences in debt structures and leasing arrangements. The Company’s calculation of its leverage ratio may not be calculated in the same manner as other companies, and thus may not be comparable to similarly titled measures used by other companies.
(2)		The adjustments to the four quarters ended April 19, 2025, include expenses associated with the Company's material weakness remediation efforts and executive turnover.

Store Information

During the sixteen weeks ended April 19, 2025, 10 stores were opened and 513 were closed, resulting in a total of 4,285 stores as of April 19, 2025, compared with a total of 4,788 stores as of December 28, 2024.

The below table summarizes the changes in the number of company-operated stores during the sixteen weeks ended April 19, 2025:

	Sixteen Weeks Ended
	AAP		CARQUEST		Total
December 28, 2024	4,507		281		4,788
New	9		1		10
Closed	(466	)	(47	)	(513	)
Converted					—
April 19, 2025	4,050		235		4,285

 

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