Advance Auto Parts

Advance Auto Parts, Inc.
Company typePublic
IndustryAuto Parts Retail
FoundedApril 29, 1932; 92 years ago (1932-04-29)
FounderArthur Taubman
HeadquartersRaleigh, North Carolina, U.S.
Number of locations
4,935 Advance Stores; 1,245 Carquest branded stores (2023)
Area served
  • United States
  • Canada
Key people
ProductsReplacement automotive parts & accessories
RevenueIncrease US$11.3 billion (2023)
Decrease US$114 million (2023)
Decrease US$29.7 million (2023)
Total assetsIncrease US$12.3 billion (2023)
Total equityDecrease US$2.52 billion (2023)
Number of employees
69,000 (2023)
Subsidiaries
  • Autopart International
  • Carquest
    • Carquest Canada
  • WorldPac
    • WorldPac Canada
    • WorldPac Redline
Websiteadvanceautoparts.com
Footnotes / references
[1]

Advance Auto Parts, Inc. is an American automotive aftermarket parts provider. Headquartered in Raleigh, North Carolina, it serves professional installer and do it yourself (DIY) customers. As of December  2023, Advance operated 4,935 stores and 321 Worldpac branches in the United States and Canada. The company also serves 1,245 independently owned Carquest-branded stores in the U.S., Mexico, The Cayman Islands, Turks and Caicos, and British Virgin Islands.[1]

Net sales for Advance Auto Parts in 2023 were $11.3 billion (up 1.2% from 2022). Gross profit for 2023 $4.5 billion. Operating profit for the full year 2023 $114.4 million, 1.0% of net sales (6.0% of net sales in 2022). Net cash provided by operating activities was $0.3 billion for the full year 2023.[2]

In November 2024, Advance Auto Parts announced it would close four distribution centers and more than 700 stores, including over 500 corporate locations and about 200 independently-owned stores, after a quarterly report showed a drop in profits.[3][4]

  1. ^ a b "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 12, 2024.
  2. ^ "Advance Auto Parts Reports Fourth Quarter and Full Year 2023 Results" (Press release). Advance Auto Parts. Archived from the original on February 28, 2024. Retrieved March 25, 2024 – via Business Wire.
  3. ^ Alund, Natalie Neysa. "Advance Auto Parts to close hundreds of stores, slash jobs amid sluggish demand". USA TODAY. Retrieved November 18, 2024.
  4. ^ Valinsky, Jordan (November 14, 2024). "Advance Auto Parts is closing more than 700 locations | CNN Business". CNN. Retrieved November 18, 2024.