Advance Auto Parts, Inc. (NYSE: AAP) has reported financial results for the fourth quarter of fiscal 2022. Adjusted earnings rose 39% year-over-year as net sales increased modestly.
Net income, excluding one-off items, moved up to $2.88 per share in the three-month period from $2.07 per share last year. Fourth-quarter unadjusted net income increased to $106.7 million or $1.79 per share from $81.7 million or $1.30 per share in the same period of 2021.
At $2.47 billion, fourth-quarter revenues were up 3% from the corresponding period of the prior year. Comparable store sales rose 2.1%, reversing the recent downtrend.
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“In 2022, our team members once again worked to serve our customers with relentless focus and dedication. Despite challenges throughout 2022, we made progress on our strategic initiatives, including the expansion of our footprint, further strengthening of our DieHard brand, and improved customer loyalty,” said Tom Greco, president, and chief executive officer,” said Tom Greco, chief executive officer of Advance Auto Parts.