- Advance Auto Parts (NYSE:NYSE:AAP) reports comparable-store sales fell 2.5% in Q4.
- Comparable gross profit rate dropped 15 bps to 44.7%.
- SG&A expense rate grew 33 bps to 37%.
- Comparable operating margin rate declined 50 bps to 7.7%.
- Inventory +6% Y/Y to $4.2B.
- Store count -79 Y/Y to 5,293.
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FY2016 Guidance: Comparable-store sales: Low single digits; Adjusted operating margin rate: 12%; Tax rate: 37.5% to 38%; Diluted share count: ~74M; Capex: $260M to $280M; Free cash flow: minimum $500M; New stores: 65 to 75.