Advance Auto Parts, Inc.'s (AAP) CEO Tom Greco on Q1 2022 Results - Earnings Call Transcript

Advance Auto Parts, Inc. (NYSE:AAP) Q1 2022 Earnings Conference Call May 24, 2022 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

Simeon Gutman - Morgan Stanley

Christopher Horvers - JPMorgan

Michael Lasser - UBS

Bret Jordan - Jefferies

Michael Montani - Evercore ISI

Daniel Imbro - Stephens

Operator

Welcome to the Advance Auto Parts First Quarter 2022 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 today's call.

Elisabeth Eisleben

Good morning, and thank you for joining us to discuss our Q1 results. I'm joined by Tom Greco, our President and Chief Executive Officer; and Jeff Shepherd, our 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 our 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 and future performance.

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 annual report on 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 to everyone joining us today as we review our Q1 results and discuss progress against our long-term strategic initiatives.

Before we begin, I'd like to thank our entire team and independent partners for their dedication throughout Q1.Let me start with three key themes surrounding the first quarter. First, we delivered our eighth consecutive quarter of growth in comparable store sales, adjusted operating income dollars and adjusted earnings per share.

In addition, we did this while lapping the height of last year's stimulus and an inflationary macro environment. Second, our strategic initiatives are gaining traction to deliver top quartile total shareholder return over the long term. And third, our financial strength provides for continued investment in our business while returning cash to shareholders.