Advance Auto Parts announced Aug. 8 its financial results for the second quarter ended July 13, 2013. Second quarter earnings per diluted share (EPS) were $1.59, which was an 18.7% increase versus the second quarter last year and includes a $0.01 impact resulting from the integration expenses for B.W.P. Distributors, Inc. (BWP).
Total sales for the second quarter increased 6.1% to $1.55 billion, as compared with total sales during the second quarter of fiscal 2012 of $1.46 billion. The sales increase was driven by the acquisition of BWP and the net addition of 175 new stores over the past 12 months, partially offset by a comparable store sales decrease of 0.3% versus a comparable store sales decrease of 2.7% during the second quarter of fiscal 2012. Year-to-date, total sales increased 4.3% to $3.56 billion, compared with total sales of $3.42 billion over the same period last year.
The Company's gross profit rate was 50.3% of sales during the second quarter as compared to 49.9% during the second quarter last year. The 40 basis-point increase in gross profit rate was primarily driven by increased merchandise margins due to lower acquisition costs and a favorable product mix partially offset by planned increases in supply chain costs related to the full operations of the Company's new distribution center and the impact of BWP sales, which have a lower gross margin rate as a result of their much higher mix of Commercial sales. Year-to-date, the Company's gross profit rate was 50.1%, a 13 basis-point increase over the same period in fiscal 2012.
Store Information
During the second quarter, the Company opened 26 stores, including 5 Autopart International stores, and closed 5 stores. As of July 13, 2013, the Company's total store count was 3,990 including 227 Autopart International stores.
Share Repurchase Program
Year-to-date, the Company repurchased approximately 1.0 million shares of its common stock at an aggregate cost of $74.5 million, or an average price of $77.38 per share. As of July 13, 2013, the Company had approximately
$418 million available on the Company's $500 million share repurchase program authorized by the Company's Board of Directors on May 14, 2012.
Dividend
On August 6, 2013, the Company's Board of Directors declared a regular quarterly cash dividend of $0.06 per share to be paid on October 4, 2013 to stockholders of record as of September 20, 2013.
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