Advance Auto Parts Q3 loss $0.42 EPS; announces closure of ~500 stores, 200 independent sites, 4 DCs by mid-2025

ADVANCE AUTO PARTS INC

Q3 net sales $2.1B (down from $2.2B YoY, comp store sales -2.3%); diluted loss per share $0.42; adjusted loss $0.04.
Gross margin 42.3% (vs 36.9% YoY) driven by lapping inventory reserve change and stabilizing product costs.
Board approved restructuring: close ~500 corporate stores, ~200 independent locations, 4 DCs by mid-2025; estimated total costs $350M-$750M.
Completed sale of Worldpac for ~$1.5B cash on Nov 1, 2024.
New FY2027 targets: ~7% adjusted operating margin, ~2.5x debt leverage; dividend maintained at $0.25/share payable Jan 24, 2025.

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