---
schema_version: "secwatch.filing_event.v1"
accession: "0001158449-23-000136"
form_type: "8-K"
ticker: "AAP"
cik: "0001158449"
company_name: "ADVANCE AUTO PARTS INC"
filed_at: "2023-05-31T23:59:59+00:00"
generated_at: "2026-06-14T10:11:43.485939+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Advance Auto Parts Q1 EPS $0.72 vs $2.26; cuts FY guidance and dividend

## Summary
- Q1 net sales $3.4B (+1.3%), comp store sales -0.4%; operating margin 2.6% (down from 6.0%).
- Diluted EPS $0.72 vs $2.26 YoY; free cash flow outflow $468.9M vs $169.8M.
- FY2023 guidance cut: net sales $11.2-11.3B, EPS $6.00-6.50, operating margin 5.0-5.3%.
- Quarterly dividend reduced to $0.25 per share; payable July 28 to holders of record July 14.
- Board appoints independent Chair Gene Lee as Interim Executive Chair to oversee CEO transition.

## SEC filing metadata
- accession: 0001158449-23-000136
- form_type: 8-K
- ticker: AAP
- cik: 0001158449
- company_name: ADVANCE AUTO PARTS INC
- filed_at: 2023-05-31T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1158449/000115844923000136/0001158449-23-000136-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1158449/000115844923000136/aap-20230524.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001158449-23-000136
- JSON: https://secwatch.observer/filing/0001158449-23-000136.json
- Plain text: https://secwatch.observer/filing/0001158449-23-000136.txt

## Key facts
- Earnings Releases
  ADVANCE AUTO PARTS INC reported full year 2023 results: revenue $11,200 $11,300, EPS $6.00 $6.50. Guidance lowered.
  - Period: full year 2023
  - Revenue: $11,200 $11,300
  - EPS: $6.00 $6.50
  - Guidance: lowered
  - Result: guidance update
  source text: Prior FY 2023 Outlook Updated FY 2023 Outlook As of February 28, 2023 As of May 31, 2023 ($ in millions, except per share data) Low High Low High Net sales $ 11,400 $ 11,600 $ 11,200 $ 11,300 Comparable store sales (1) 1.0 % 3.0 % (1.0) % 0.0 % Operating income margin 7.8 % 8.2 % 5.0 % 5.3 % Income tax rate 24.0 % 25.0 % 24.0 % 25.0 % Diluted EPS $ 10.20 $
  evidence_url: https://www.sec.gov/Archives/edgar/data/1158449/000115844923000136/0001158449-23-000136-index.htm
- Earnings Releases
  ADVANCE AUTO PARTS INC reported its first quarter ended April 22, 2023 results: revenue $3.4 billion, EPS $0.72. Guidance lowered.
  - Period: its first quarter ended April 22, 2023
  - Revenue: $3.4 billion
  - EPS: $0.72
  - Guidance: lowered
  - Result: reported results
  source text: Advance Auto Parts Reports First Quarter 2023 Results Q1 Net Sales Increased 1.3% to $3.4 Billion; Comparable Store Sales Decreased 0.4% Operating Income of $90.0 Million; Operating Income Margin of 2.6% RALEIGH, N.C., May 31, 2023 - 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, announced its financial results for the first quarter ended April 22, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1158449/000115844923000136/0001158449-23-000136-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.