Benzinga | Apr 20, 2021 07:12AM EDT

Advance Auto Parts Sees Prelim. Q1 Comparable Sales Growth 22%-24%

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, has released select first quarter 2021 estimated results ahead of its virtual strategy presentation scheduled for today, April 20, 2021 at 10 a.m. Eastern Time.

"We continue to see strong demand from both DIY omnichannel and professional customers, with robust sales growth to start 2021," said Tom Greco, president and chief executive officer. "Without question, the current external environment is benefiting our industry. This includes a positive impact from government stimulus, favorable weather and a gradual recovery in miles driven as the economy reopens. In addition, the focused effort of our team members to execute key initiatives is helping to accelerate top and bottom-line performance. I am confident that our strategic actions and investments over the past several years will further deliver on our transformation objectives throughout 2021. We look forward to discussing our long-term plans to increase total shareholder returns during our investor presentation later today."

Based on actual results through March 27, 2021 and current estimates for the balance of the first quarter, the company provided the following:1

* Comparable store sales2 growth expected to range from 22% to 24%; On a two-year stack basis, Comparable store sales2 growth expected to range from 13% to 15%; and

* Adjusted operating income margin rate2 expected to range from 8.5% to 8.7%; GAAP Operating income margin rate expected to range from 7.0% to 7.2%. In addition, the company has returned approximately $170 million through the repurchase of approximately 1.1 million shares, quarter to date through April 19, 2021. Registration is required for today's presentation. Participants can register online at ir.advanceautoparts.com and submit questions to be answered during the webcast. Following the event, a replay will be available on the company's investor relations website.