Advance Auto Parts Second Quarter Comparable Store Sales Increase 4.8%; Helps Fuel EPS Growth and $287 Million in Free Cash Flow.

ROANOKE, Va. -- Advance Auto Parts, Inc. (NYSE: AAP), a leading retailer of automotive aftermarket parts, accessories, batteries, and maintenance items, today announced its financial results for the second quarter ended July 18, 2009. Second quarter earnings per diluted share were $0.83 which included a $0.06 charge related to store divestitures. Excluding the impact of the store divestitures, diluted earnings per share (EPS) of $0.89 increased 14% on top of a 22% increase in EPS last year. On a year-to-date basis, EPS of $1.92, excluding the $0.10 impact of store divestitures, increased 17% on top of a 21% increase in EPS last year.

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"Our 49,000 Advance Team Members continue to deliver strong top and bottom line performance, market share gains and improvements in our customer satisfaction and Team Member engagement scores," said Darren R. Jackson, Chief Executive Officer. "Over the last 18 months we have been on a journey to turnaround the Company. Our focus on our customers, Team Members, growth and profitability is building the foundation to transform our Company into the industry customer experience leader."

Second Quarter Highlights

Total sales for the second quarter increased 7% to $1.32 billion, compared with total sales of $1.24 billion in the second quarter of fiscal year 2008. The sales increase reflected the net addition of 82 new stores in the past 12 months and a comparable store sales increase of 4.8% during the quarter compared to an increase of 2.9% during the second quarter last year. The comparable store sales gain was comprised of a 14.8% increase in Commercial sales and a 0.7% increase in do-it-yourself (DIY) sales. This compares to a 13.5% increase in Commercial and a 0.8% decrease in DIY during the second quarter last year. Year-to-date comparable store sales increased 6.7% driven by a 16.3% increase in Commercial and a 2.7% increase in DIY.

The Company's gross profit rate was 49.3% of sales in the second quarter as compared to 47.4% in the prior year, which reflects a 189 basis-point improvement. The 189 basis-point improvement was primarily due to continued investments in pricing capabilities, merchandising capabilities and parts availability, decreased inventory shrink and better store execution resulting from the impact of previous changes to better align Team Member incentives.

The Company's second quarter SG&A rate was 39.1% of sales as compared to 37.1% during the second quarter last year. Excluding the impact of store divestitures, the SG&A rate increased 136 basis points. This increase was driven by higher incentive compensation, continued strategic capability investments to improve the Company's gross profit rate and to accelerate the Commercial business and higher medical expenses. The SG&A rate increase was partially offset by lower advertising expenses and occupancy expense leverage as a result of the Company's 4.8% comparable store sales increase.

Operating cash flow through the second quarter increased 24% to $433.8 million from $350.0 million in the second quarter last year. Free cash flow through the second quarter was $287.4 million or an 18% increase over second quarter last year. This increase was primarily driven by an increase in net income, improved working capital management and a decrease in capital expenditures. As a result of the increased free cash flow, the Company has decreased its total bank debt outstanding by $173 million over the past year. Capital expenditures were $90.8 million through the second quarter. This compares to $106.0 million in 2008, a decrease of $15.2 million primarily due to the timing of new store development partially offset by routine spending on existing stores.

"We are pleased with our sixth consecutive quarter of double-digit Commercial comparable sales growth, our second consecutive quarter of positive DIY comparable sales in over 3 years, as well as the strong gross profit rate improvement which fueled an increase in our operating income rate of over 50 basis-points before the impact of store divestitures. We are also pleased with the cash flow we generated and the fact that we continued to strengthen our balance sheet. Looking ahead, we continue to be optimistic about our growth and profitability potential based on our second quarter results and we remain committed to our strategic objectives and investment profile," said Mike Norona, Executive Vice President and Chief Financial Officer.

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Store Information

During the second quarter, the Company opened 23 stores, including 7 Autopart International stores. The Company also closed 21 stores and relocated 3 stores. As of July 18, 2009, the Company's total store count was 3,407, including 142 Autopart International stores.

Share Repurchases

Under the Company's share repurchase authorization plan, the Company repurchased 344,530 shares of its common stock during the second quarter at an aggregate cost of $14.4 million, or an average price of $41.71 per share. At the end of the second quarter, the Company had $174.6 million available from the $250 million share repurchase authorization approved by the Board of Directors in May 2008.

2009 Store Divestitures

As a result of the previously announced store divestiture initiative, the Company closed 20 stores during the quarter and expects to divest a total of 40 to 55 unprofitable stores in 2009 that are delivering unacceptable strategic or financial results. During the second quarter, the Company recorded a $0.06 EPS charge primarily due to lease exit costs for the 20 stores that were closed during the quarter. Year-to-date, the Company has closed 24 stores which resulted in a $0.10 EPS charge. Currently, the Company estimates that the incremental store divestitures will result in a $0.15 to $0.22 charge to EPS in fiscal 2009.

Dividend

On August 11, 2009, the Company's Board of Directors declared a regular quarterly cash dividend of six cents per share to be paid on October 9, 2009 to stockholders of record as of September 25, 2009.

Investor Conference Call

The Company will host a conference call on Thursday, August 13, 2009 at 10:00 a.m. Eastern Time to discuss its quarterly results. To listen to the live call, please log on to the Company's website, www.AdvanceAutoParts.com, or dial (866) 908-1AAP. The call will be archived on the Company's website until August 13, 2010.

About Advance Auto Parts

Headquartered in Roanoke, Va., Advance Auto Parts, Inc., a leading automotive aftermarket retailer of parts, accessories, batteries, and maintenance items in the United States, serves both the do-it-yourself and professional installer markets. As of July 18, 2009, the Company operated 3,407 stores in 39 states, Puerto Rico, and the Virgin Islands. Additional information about the Company, employment opportunities, customer services, and online lookup for parts and accessories can be found on the Company's website at www.AdvanceAutoParts.com.

Certain statements contained in this release are forward-looking statements, as that statement is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events or developments, and typically use words such as believe, anticipate, expect, intend, plan, forecast, outlook or estimate. These statements discuss, among other things, expected growth and future performance, including store growth, capital expenditures, comparable store sales, SG&A, operating income, gross profit rate, free cash flow, profitability and earnings per diluted share for fiscal year 2009. These forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, competitive pressures, demand for the Company's products, the market for auto parts, the economy in general, inflation, consumer debt levels, the weather, acts of terrorism, availability of suitable real estate, dependence on foreign suppliers and other factors disclosed in the Company's 10-K for the fiscal year ended January 3, 2009 on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results described in these forward-looking statements. The Company intends these forward-looking statements to speak only as of the time of this news release and does not undertake to update or revise them as more information becomes available.

-Financial Tables to Follow-

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