Advance Auto Q4 sales up 4.5%

Advance Auto Parts has reported a 4.5% rise in sales during the fourth quarter ended 31 December 2011 to $1.33bn, compared with $1.27bn it reported during the same quarter of 2010.

The sales increase has been attributed to the net addition of 99 new stores during the last one year.

For the quarter the company posted operating income of $111.9m, an increase of 33.3% compared to $83.9m for the same period prior year.

The company posted a gross profit of $650.7m for the fourth quarter of 2011, compared to $627.4m for the same period a year ago.

Gross profit rate was 49% of sales during the fourth quarter as compared to 49.4% during the fourth quarter last year.

Net income for the fourth quarter of 2011 was $66.43m compared to $48.11m for the same period a year ago.

For the full of 2011, the company posted sales of $6.1bn, an increase of 4.1%, compared to $5.9bn for the same period last year.

Advance Auto Parts president and CEO Darren Jackson said their team's conviction and commitment helped build momentum throughout the year, which resulted in a very strong finish to another great year.

"Once again, our team reached many record strategic and financial milestones in 2011 including sales of over $6bn, continued improvement in customer satisfaction, and record profitability, free cash flow and returns on invested capital," Jackson said.

"Based on our Team's focus on execution combined with strong industry fundamentals, we expect 2012 will be another successful year."