11 annotations
Diluted EPS for the full year is now expected to range from $2 to $2.50
(No comment added)
Transcript
2024 Q2
14 Sep 24
We now expect sales for the full year to range from $11.15 billion to $11.25 billion
(No comment added)
Transcript
2024 Q2
14 Sep 24
Turnarounds take time, but our team is solid and putting in the work. The macro environment is challenging, retailers are lowering expectations and we're starting from a lower baseline relative to the industry.
turnarounds again
Transcript
2024 Q2
4 Sep 24
However, we saw sequential improvement in each period in both Pro and DIY with the last four weeks of Q2 registering slightly positive comparable store sales growth overall.
Our topline sales continued to improve into the third quarter, as we delivered low-single-digit comparable sales growth during the first four weeks.
sales improvement ....
Transcript
2023 Q2
14 Sep 23
How you step back, it's how much of that is internal efforts on the part of Advance versus maybe a solidifying backdrop within the sector.
Tom Greco
Yeah. I mean, it's that's difficult to say, Brian. Obviously, we don't we don't really get to see that until our peers will report more comparable time frame. I mean, we see DIY, which we feel really good about comparatively, but the pro channel is the one I'm referencing.
So, we really need to see how everybody else performs. It's been extremely hot this summer.
So, we are seeing strength in those categories, you'd expect heating and cooling, obviously. But overall, as we talk to our suppliers, particularly the ones in our parts categories, we are doing much better.
impr9ving sales? aap or indusrty?
Transcript
2023 Q2
14 Sep 23
Okay. And then the follow-up is, if you look at and I'm going to isolate it to a couple of areas, merchandising, supply chain, and operations. If we're to diagnose the biggest priorities of enhancement, especially as new leadership looks at this business, where do you think the biggest opportunity exists between those? And then as a solution, do you think it's combination of P&L investments in capital, or does it wait to one side or the other?
supply chain operatiins merchandsung?
Transcript
2023 Q2
26 Aug 23
Good morning, guys. I know you talked about, improving sales trends the last call 6, 8 weeks, but you posted negative comps in the first half. Can you help us understand why you would slightly raise the full year comp estimate? Is it just a matter of kind of the latest momentum, or is there something else you're expecting that play out in the back half?
Tom Greco
It really is, the momentum we've seen in in recent weeks, Scot, obviously the fourth quarter is always volatile.
So, we have to keep that in mind, and we did finish the year strong on DIY in the fourth quarter last year. But based on everything we've seen, we track as you guys do the multi-year comps, the multi-year sales, everything that we're doing, we feel very good about our guidance on sales.
Scot Ciccarelli
Okay. And then secondly, I know Tony talked about expectations for payables inventory to improve during the course of the year. But, I think someone asked about it. Is there any kind of target ratio for end of year? I don't think I caught that.
Tony Iskander
Now we haven't identified a targeted ratio, but we'd expect to see improvement in that accounts payable to inventory ratio throughout the year and into next year.
Scot Ciccarelli
And no magnitude you can provide us?
Tony Iskander
Not today.
no detail on accounts payable to inventory
Transcript
2023 Q2
25 Aug 23
Hi, thanks. Good morning. Thank you for taking our question. We just had a simple question about your view on current inventory levels and in stocks. And if there are any categories where you still think your inventory is not where you want it to be and when you can expect to maybe be more in line there?
Tom Greco
Yeah.
So, we feel pretty good, Kate, about the inventory levels. We've done, as Gene mentioned the real intense focus on their highest velocity SKUs and making sure that we're in stock on those items. We've added some depth to the highest velocity SKUs in the stores and the distribution centers. That's paying dividends. And we've also added coverage or breadth. which is also helping. We measure that by virtue of our on hand rates and our close rates, which are both growing significantly.
feel good about inventory levels
Transcript
2023 Q2
25 Aug 23
Great. Good morning. Thanks very much for taking my question and, congrats on the CEO announcement. I guess, Gene, my question is for you.
As you take a more active role in the business, I'm curious for your assessment of how long it will take for this business to return to profitable growth. I know Shane will come in and it seems like he has a lot to figure out. But from your seat, do you think of this as a one year invest-to-grow margin strategy, or is this something that's more multi-year in nature?
Gene Lee
Well, I think it's less than one year. I mean, I think that, we should start seeing incremental improvement, pretty quickly here. There's some really good actions that are being taken right now, especially around the operational front.
I think we're doing a much better job today up and down the street with our professional customers.
I think we're operating at the store level much better.
I think we're making significant improvements in supply chain. And more importantly, I think, when you think about our strategy with our top 4000 products that we're calling never out, we've made great progress there too.
So, I think that we are -- I think that the price-to-inflation gap will continue to grow. And as we move forward, we should actually be able to price to cover inflation after we wrap. Therefore, you're not going to see the same kind of deleverage in the gross margin line.
And so I think that we're going to start seeing improvement pretty quickly. We've been working hard the last 90 to 120 days on some, I think some focused initiatives that are starting to come through for us. We're seeing that in the sales line. We're excited every morning that we're seeing some sales growth.
So, I think as we get past the back half of the year, we will actually see price at inflation or slightly above inflation, and then we can get to start to leveraging both gross margin and gross profit and our SG&A.
"less than one year"????
Transcript
2023 Q2
25 Aug 23
First, our improved availability was driven by the inventory investments we made along with year-to-date improvements in supply chain fill rates and store on-hand rates.
improved availability
Transcript
2023 Q2
25 Aug 23
Coming into the quarter, we knew Q2 was going to be challenging, and that the investments we're making in both inventory to help improve availability and strategic pricing to maintain competitive price targets would build through the year.
investments to improve inventory
Transcript
2023 Q2
25 Aug 23
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