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![ADVANCE AUTO PARTS INC [AAP] reports annual net loss of $29.7 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FAAP.png&w=1200&q=75)
ADVANCE AUTO PARTS INC [AAP] has reported a net loss of $29.7 million for year ended Dec 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $11.3 billion
Based in RALEIGH, North Carolina, ADVANCE AUTO PARTS INC operates in the RETAIL sector.
In the fiscal year ending December 30, 2023, the company reported net sales of $11.29 billion, a slight increase compared to the previous year's net sales of $11.15 billion. This increase in revenue indicates steady growth in the company's top-line performance.
The cost of sales for the same period in 2023 was $6.76 billion, higher than the previous year's cost of sales of $6.22 billion. This increase suggests higher expenses related to generating the revenue, potentially impacting the company's gross profit margin.
The gross profit for the fiscal year ending December 30, 2023, was $4.52 billion, lower than the previous year's gross profit of $4.93 billion. This decrease may be attributed to the higher cost of sales, impacting the overall profitability of the company.
Operating income for the period under review was $114.38 million, a significant decline from the previous year's operating income of $670.25 million. This decrease in operating income indicates challenges in the company's operating efficiency and cost management.
The company reported a net income of $29.74 million for the fiscal year ending December 30, 2023, notably lower than the previous year's net income of $464.40 million. This substantial decrease in net income may raise concerns about the company's bottom-line performance and overall financial health.
In terms of earnings per share, the basic and diluted earnings per common share for the current reporting period were $0.50 and $0.50, respectively. These figures are significantly lower than the previous year's basic and diluted earnings per share of $7.70 and $7.65, respectively. This indicates a decline in earnings attributable to common shareholders.
It is essential for the company to closely assess its cost structure, revenue generation strategies, and overall financial performance to address the significant decreases in key financial metrics compared to the previous reporting period.
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