Advance Auto Parts, Inc. (AAP) Q1 2023 Earnings Call Transcript

Advance Auto Parts, Inc. (NYSE:AAP) Q1 2023 Earnings Conference Call May 31, 2023 8:00 AM ET

Company Participants

Elisabeth Eisleben - SVP, Communications and IR

Tom Greco - President and CEO

Jeff Shepherd - EVP and CFO

Conference Call Participants

Elizabeth Suzuki - Bank of America

Chris Horvers - JPMorgan

Simeon Gutman - Morgan Stanley

Bret Jordan - Jefferies

Greg Melich - Evercore ISI

Scot Ciccarelli - Truist

Steven Forbes - Guggenheim Partners

Michael Lasser - UBS

Mitch Ingles - Raymond James

Seth Sigman - Barclays

Zach Fadem - Wells Fargo

David Bellinger - Roth Capital Partners

Seth Basham - Wedbush

Michael Baker - D.A. Davidson

Operator

Welcome to the Advance Auto Parts First Quarter 2023 Conference Call. Before we begin, Elisabeth Eisleben, Senior Vice President of Communications and Investor Relations, will make a brief statement concerning forward-looking statements that will be discussed on this call.

Elisabeth Eisleben

Good morning, and thank you for joining us to discuss our Q1 2023 results. I'm joined by Tom Greco, President and Chief Executive Officer; and Jeff Shepherd, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will turn our attention to answering your questions.

Before we begin, please be advised that remarks today will contain forward-looking statements. All statements other than statements of historical facts are forward-looking statements, including but not limited to, statements regarding our initiatives, plans, projections, future performance, and leadership transition. Actual results could differ materially from those projected or implied by the forward-looking statements.

Additional information about factors that could cause actual results to differ can be found under the captions Forward-Looking Statements and Risk Factors in our most recent Form 10-K and subsequent filings made with the commission.

Now let me turn the call over to Tom Greco.

Tom Greco

Thanks, Elisabeth, and good morning everyone.

I'd like to start by thanking our entire team for their relentless focus on serving our customers. The dedication of our frontline team members has been a hallmark of the company for many years and we're grateful for their ongoing commitment.

I'll review a couple of themes today and provide an update on our performance in the first quarter and outlook for the balance of the year. First, we're putting the customer and our team members first in every decision we make. While our financial results in the first quarter were well below our expectations and there is still work to be done, our customer-focused investments in parts availability and price competitiveness resulted in improvements across key relevant performance indicators.