Advance Auto Parts to Close Over 700 Stores, Cut 10,000 Jobs After Surprise Loss

Nov 14, 2024, 04:59 PM

Advance Auto Parts Inc. reported a surprise third-quarter loss and announced plans to close more than 700 stores and four distribution centers by mid-2025 as part of a strategic plan to improve business performance. The company reported a net loss per share of $0.04, missing analysts' expectations of earnings per share of $0.52. Revenue came in at $2.15 billion, falling short of the expected $2.67 billion. The closures, including 523 corporate stores, 204 independent locations, and four distribution centers, are expected to impact up to 10,000 employees. Advance Auto Parts, which operates over 4,700 stores across nearly every state, also revised its sales outlook and provided initial fiscal 2025 revenue guidance of $8.4 to $8.6 billion as demand remains sluggish.