Advance Auto Parts, Inc. (NYSE:AAP) Q1 2024 Earnings Call Transcript May 29, 2024 8:00 AM ET

Company Participants

Elisabeth Eisleben - SVP, Communications and IR
Shane O'Kelly - President and CEO
Ryan Grimsland - EVP and CFO
Tony Iskander - Treasurer

Conference Call Participants

Bret Jordan - Jefferies
Michael Lasser - UBS
Simeon Gutman - Morgan Stanley
Greg Melich - Evercore ISI
Scot Ciccarelli - Truist
Christian Carlino - JPMorgan
Zach Fadem - Wells Fargo
Aaron Reed - Northcoast Research
Rene Marin - Guggenheim Partners
Max Rakhlenko - TD Securities
Chris Bottiglieri - BNP Paribas
Seth Sigman - Barclays

Operator

Welcome to the Advance Auto Parts First Quarter 2024 conference call. Before we begin, Elisabeth Eisleben, Senior Vice President, 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 2024 results. I'm joined today by Shane O'Kelly, President and Chief Executive Officer, and Ryan Grimsland, Executive Vice President and Chief Financial Officer. Following Shane and Ryan's 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 fact are forward-looking statements, including but not limited to statements regarding our strategic and operational review, initiatives, plans, projections, and future performance. Actual results could differ materially from those projected or implied by the forward-looking statements. Additional information about forward-looking statements and the factors that could cause actual results to differ can be found under the captions, forward-looking statements in our earnings release, 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 Shane O'Kelly.

Shane O'Kelly

Thanks, Elizabeth. Good morning and thank you for joining us for our first quarter earnings call. Before we review the quarter, I would first like to thank the entire Advance team for their continued dedication to serving our customers. Their passion and commitment make a difference each and every day. The year started off slower than anticipated across the industry. At Advance, we saw negative impact from weather, coupled with a challenged consumer who is experiencing diminished purchasing power, higher credit card debt, and uncertainty about the balance of the year in terms of macro conditions. As a result, our Q1 performance was lower than expected with comps down 20 basis points year-over-year.