WASHINGTON (dpa-AFX) - Advance Auto Parts, Inc. (AAP), while reporting
third-quarter loss despite higher revenues, on Wednesday lowered its fiscal 2023
earnings outlook again. The company also announced the appointment of Ryan
Grimsland as chief Executive Officer.

Further, the company announced that it is launching a new cost reduction program
that will generate at least $150 million in savings on an annualized basis.

Advance Auto Parts has initiated separate sale processes for the potential
divestiture of Worldpac, an automotive wholesale distributor of original
equipment, and the company's Canada business. The company has engaged Centerview
Partners to assist in the sale processes.

In pre-market activity on the NYSE, Advance Auto Parts shares were losing more
than 5 percent to trade at $55.26.

For fiscal 2023, the automotive aftermarket parts provider now expects earnings
of $1.40 to $1.80 per share, sharply lower than previous estimate of $4.50 to
$5.10 per share.

On average, 26 analysts polled by Thomson Reuters expect earnings of $4.65 per
share for the year. Analysts' estimates typically exclude special items.

Net sales are currently expected to be $11.25 billion to $11.30 billion,
compared to earlier expected $11.25 billion to $11.35 billion. The Street
estimate net sales of $11.27 billion for the year.

Comparable store sales are now expected to be between down 0.5 percent and flat,
while previous estimate was down 0.5 percent and up 0.5 percent.

Tony Iskander, interim chief financial officer, said, 'Based on our year-to-date
results and current business trends, we are adjusting our previously provided
full year outlook ranges. Our updates include the impact of non-recurring
expenses in Q3 as well as continued pressure in Q4 from higher product costs
that we do not expect to offset with price. We are taking significant steps to
improve our cost structure and remain focused on returning the business to
profitable growth.'

In its third quarter, Advance Auto Parts reported net loss of $48.63 million,
compared to last year's net income of $115.88 million.

The company's loss per share was $0.82, compared with earnings per share of
$1.92 in the prior year.

Third-quarter net sales totaled $2.72 billion, a 2.9 percent increase fom prior
year's $2.64 billion. Comparable store sales increased to 1.2 percent.

Separately, Advance Auto Parts announced that it has appointed Ryan Grimsland as
executive vice president and chief financial officer, effective November 27.
Tony Iskander, who has served as interim chief financial officer since August
2023, will continue in his role as senior vice president, finance and treasurer.

Most recently, Grimsland served as senior vice president, strategy and
transformation at Lowe's Companies, Inc.

The company also announced that it is eliminating the position of executive vice
president, merchandising, marketing and e-commerce, currently held by Jason
McDonell, as part of its efforts to streamline the organizational structure.
McDonell will depart from the company effective December 1.

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