Advance Auto Parts (AAP) 8-K ADVANCE AUTO PARTS REPORTS RECORD FOURTH QUARTER AND FISCAL 2004 RESULTS Same Store Sales Grew 9.7% for the Fourth Quarter

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Jeff Gray

jgray@advanceautoparts.com

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ADVANCE AUTO PARTS REPORTS RECORD FOURTH QUARTER AND FISCAL 2004 RESULTS
Same Store Sales Grew 9.7% for the Fourth Quarter

ROANOKE, Va., February 16, 2005 —Advance Auto Parts, Inc. (NYSE: AAP), a leading retailer of automotive parts, today announced record revenue and earnings for its fourth quarter and fiscal year ended January 1, 2005. Fiscal 2004 included 52 weeks of operations compared to 53 weeks in fiscal 2003, with the additional week falling in the fourth quarter of fiscal 2003.

Fourth Quarter 2004

Earnings per diluted share for the fourth quarter were $0.43 compared to prior year earnings per diluted share of $0.41. Earnings per diluted share from continuing operations rose 21.1% to $0.46 before refinancing costs of $2.8 million versus comparable earnings per diluted share from continuing operations of $0.38 last year. These results compare to the high end of the Company’s guidance range of $0.42 to $0.46, which excluded these refinancing costs. Comparable results for last year exclude the benefit of the fifty-third week and integration expenses associated with the Discount Auto Parts’ acquisition.

Net sales increased 3.4% in the fourth quarter to $848.8 million from $821.3 million last year. Excluding $63.0 million in sales from the extra week in fiscal 2003, sales increased 11.9%. Same store sales grew 9.7% in the fourth quarter compared to 7.0% in the same quarter last year. Do-it-yourself (DIY) same store sales increased 5.6% and do-it-for-me (DIFM) same store sales increased 29.7%.

Commenting on the fourth quarter results, Larry Castellani, Chairman and Chief Executive Officer, noted, “We are pleased with the sales momentum our team produced during the quarter as demonstrated by the strong 9.7% same store sales growth, and we have sustained strong sales increases into the first six weeks of 2005. Our strong and consistent growth continues to be driven by the execution of our strategic initiatives and our positive industry fundamentals.”

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Advance Auto Parts Reports Record Fourth Quarter and Fiscal 2004 Results
February 16, 2005
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Fourth quarter gross margin increased 83 basis points to 46.4% of net sales compared to 45.6% in the same quarter of last year, reflecting the positive impact of category management and shrink reduction initiatives.

Selling, general and administrative (SG&A) expenses increased by 64 basis points to 39.4% of net sales versus the comparable SG&A of 38.7% last year as a result of higher costs from our self-insured workers’ compensation, liability, and medical programs. These incremental costs, which totaled 127 basis points, or $10.8 million in the fourth quarter, reflect a higher projected cost trend to close these claims. The Company’s guidance for 2005 fully reflects its expectations for the costs of these programs. In addition, higher team member incentive costs, driven by the strong fourth-quarter results, also contributed to the higher SG&A percent in the fourth quarter. Together, these two areas increased SG&A expenses by 167 basis points for the quarter. On a GAAP basis, SG&A expenses for the prior year were 38.3% of net sales.

Fourth quarter operating margin rose to 7.0% of net sales versus last year’s comparable 6.8% of net sales and 7.2% on a GAAP basis. Earnings from continuing operations for the fourth quarter increased to $32.1 million versus comparable earnings from continuing operations of $28.8 million for the fourth quarter of last year. GAAP earnings from continuing operations were $33.3 million for the same quarter of last year.

Comparable results are non-GAAP measures because they exclude the benefit of the extra week in the fourth quarter last year, expenses associated with the Discount Auto Parts’ integration and the early redemption of notes and debentures, as reconciled on the accompanying financial tables. The Company uses these non-GAAP measures as an indication of its earnings from its core operations and believes it is important to the Company’s stockholders due to the nature and significance of the excluded expenses.

Fiscal 2004

Net sales increased 7.9% to $3.8 billion from $3.5 billion. Excluding the impact of the extra week in fiscal 2003, sales rose 9.9% in fiscal 2004 compared to fiscal 2003. Same store sales rose 6.1% for the year compared to 3.1% last year. Do-it-yourself (DIY) same store sales increased 2.8% and do-it-for-me (DIFM) same store sales increased 22.9%.

For 2004, gross profit margin improved 57 basis points to 46.5% of net sales from 45.9% last year. SG&A expenses were 37.8% of net sales for the year versus the comparable SG&A expenses of 37.5% for the prior year. GAAP SG&A expenses were 37.7% of net sales for fiscal 2003.

Fiscal 2004 operating margin rose to 8.7% of net sales. Comparable operating margins were 8.4% of net sales for the prior year, while GAAP operating margins were 8.3% of net sales. As noted earlier, comparable results exclude the benefit from the fifty-third week, expenses associated with the Discount Auto Parts’ integration and the early redemption of notes and debentures.

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Advance Auto Parts Reports Record Fourth Quarter and Fiscal 2004 Results
February 16, 2005
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Earnings from continuing operations for the year were $188.0 million, an increase of 21.2% versus prior year comparable earnings from continuing operations of $155.1 million. GAAP earnings from continuing operations were $125.3 million in 2003. Earnings per diluted share from continuing operations were $2.49 in fiscal 2004 versus $1.68 last year. Excluding the fourth quarter refinancing costs of $2.8 million, earnings per diluted share from continuing operations rose 20.7% to $2.51 in fiscal 2004 versus comparable earnings per diluted share from continuing operations of $2.08 in 2003.

In fiscal 2004, the Company opened 125 new stores, closed 12 stores and relocated 34 stores, resulting in a total store count of 2,652 at January 1, 2005.

Guidance

The Company is issuing guidance for earnings per diluted share in the range of $0.85 to $0.90 for the first quarter of 2005 compared to last year’s $0.68, and $0.82 to $0.88 for the second quarter of 2005 compared to last year’s $0.70. The Company also is initiating guidance for earnings per diluted share of $3.00 to $3.10 for fiscal 2005, an increase of 20% to 24% over last year. The Company has not included in its guidance any cost associated with expensing of stock options, as it is still evaluating the impact of this new accounting pronouncement, including date of implementation. The Company currently estimates the expensing of options to approximate $0.02 to $0.03 per diluted share each quarter.

Castellani added, “We believe we can achieve our long term goal of increasing our earnings per share 20% or more for the next several years, by continuing to execute our strategic initiatives and investing for the long term. We are extremely proud of our 2004 results and believe we are well positioned to have an outstanding 2005.”

He added, “We plan to open between 150 to 175 new stores this year, and we expect to have more than half of our stores operating with our new 2010 store format by the end of 2005, as we work to achieve our goal of having the newest, freshest store base in the industry.”

Investor Conference Call

The Company will host a conference call on February 17, 2005, at 8:00 a.m. Eastern Standard Time to discuss its fourth quarter and fiscal year results. To listen to the live webcast, please log on to http://www.advanceautoparts.com. The call will be archived on the Company’s website http://www.advanceautoparts.com until February 16, 2006.

Headquartered in Roanoke, Va., Advance Auto Parts is the second largest retailer of automotive parts in the United States. At January 1, 2005, the Company had 2,652 stores in 39 states, Puerto Rico and the Virgin Islands. The Company serves both the do-it-yourself and professional installer markets.

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Advance Auto Parts Reports Record Fourth Quarter and Fiscal 2004 Results
February 16, 2005
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Certain statements contained in this news release are forward-looking statements. Thesestatements discuss, among other things, expected growth, store development and expansion strategy, business strategies, future revenues and future performance, including our future free cash flow and earnings per share. These forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, competitive pressures, demand for the Company’s products, the market for auto parts, the economy in general, inflation, consumer debt levels, the weather, and other risk factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. Actual results may materially differ from anticipated results described in these forward-looking statements. The Company intends these forward-looking statements to speak only as of the time of the news release and does not undertake to update or revise them, as more information becomes available.

-Financial Tables To Follow-

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

	January 1,     2005		January 3,     2004
Assets
Current assets:
Cash and cash equivalents	$	56,321	$	11,487
Receivables, net		101,969		84,799
Inventories, net		1,201,450		1,113,781
Other current assets		17,687		16,387
Total current assets		1,377,427		1,226,454
Property and equipment, net		779,712		712,702
Assets held for sale		18,298		20,191
Other assets, net		20,025		23,724
	$	2,195,462	$	1,983,071
Liabilities and Stockholders’ Equity
Current liabilities:
Bank overdrafts	$	20,184	$	31,085
Current portion of long-term debt		31,700		22,220
Financed vendor accounts payable		56,896		-
Accounts payable		587,948		568,275
Accrued expenses		191,979		173,818
Other current liabilities		65,918		58,547
Total current liabilities		954,625		853,945
Long-term debt		438,300		422,780
Other long-term liabilities		80,222		75,102
Total stockholders’ equity		722,315		631,244
	$	2,195,462	$	1,983,071

NOTE:These preliminary condensed consolidated balance sheets do not include the footnotes required by generally
accepted accounting principles for complete financial statements.

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Twelve and Thirteen Week Periods Ended
January 1, 2005 and January 3, 2004
(in thousands, except per share data)
(unaudited)

	January 1, 2005			January 3, 2004
	GAAP			GAAP			Adjustments      Needed for      Comparability(a)			Comparable     2003
Net sales	$	848,806		$	821,279		$	(63,016	)(b)	$	758,263
Cost of sales, including purchasing and warehousing costs		455,150			447,152			(34,254	)(b)		412,898
Gross profit		393,656			374,127			(28,762	)		345,365
Selling, general and administrative expenses		334,009			314,720			(21,176	) (c)		293,544
Operating income		59,647			59,407			(7,586	)		51,821
Other, net:
Interest expense		(4,891	)		(5,351	)		368	(b)		(4,983	)
Loss on extinguishment of debt		(2,818	)		(22	)		-			(22	)
Other income, net		187			82			-			82
Total other, net		(7,522	)		(5,291	)		368			(4,923	)
Income before provision for income taxes and
income (loss) on discontinued operations		52,125			54,116			(7,218	)		46,898
Provision for income taxes		20,069			20,833			(2,779	)(d)		18,054
Income from continuing operations		32,056			33,283			(4,439	)		28,844
Discontinued operations:
Income (loss) from operations of discontinued
wholesale distribution network		22			(3,268	)		-			(3,268	)
(Provision) benefit for income taxes		9			(1,257	)		-			(1,257	)
Income (loss) on discontinued operations		13			(2,011	)		-			(2,011	)
Net income	$	32,069		$	31,272		$	(4,439	)	$	26,833
Net income per basic share from:
Income from continuing operations	$	0.44		$	0.45		$	(0.06	)	$	0.39
Income on discontinued operations		-			(0.03	)		-			(0.03	)
	$	0.44		$	0.42		$	(0.06	)	$	0.36
Net income per diluted share from:
Income from continuing operations	$	0.43		$	0.44		$	(0.06	)	$	0.38
Income on discontinued operations		-			(0.03	)		-			(0.03	)
	$	0.43		$	0.41		$	(0.06	)	$	0.35
Average common shares outstanding ( e )		73,007			73,849			73,849			73,849
Dilutive effect of stock options		1,147			2,010			2,010			2,010
Average common shares outstanding - assuming dilution		74,154			75,859			75,859			75,859

(a)	Management believes these adjustments (as detailed in (b), (c) and (d) below) should be made to allow comparability among the periods presented.
(b)	Adjustment reflects the exclusion of the effect of the 53rd week of operations in fiscal 2003.
(c)	Adjustments include the exclusion of the following:

Effect of the 53rd week of operations in fiscal 2003	$	19,552
The integration expenses associated with the integration of the Discount Auto Parts operations		1,624
	$	21,176

(d)	Adjustment reflects the tax impact for the items in (b) and (c) at a 38.5% effective tax rate.
(e)	Average common shares outstanding is calculated based on the weighted average number of shares outstanding for the quarter. At January 1, 2005 and January 3, 2004, we had 72,245 and 73,884 shares outstanding, respectively.

Note: The preliminary condensed consolidated statements above titled “GAAP” have been prepared on a basis consistent with our previously prepared financial statements filed with the Securities and Exchange Commission for our prior quarter and annual reports, but do not include the footnotes required by generally accepted accounting principles for complete financial statements.

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Fifty-Two and Fifty-Three Week Periods Ended
January 1, 2005 and January 3, 2004
(in thousands, except per share data)
(unaudited)

	January 1, 2005			January 3, 2004
	GAAP			GAAP			Adjustments      Needed for      Comparability(a)			Comparable     2003
Net sales	$	3,770,297		$	3,493,696		$	(63,016	)(b)	$	3,430,680
Cost of sales, including purchasing and warehousing costs		2,016,926			1,889,178			(34,254	)(b)		1,854,924
Gross profit		1,753,371			1,604,518			(28,762	)		1,575,756
Selling, general and administrative expenses		1,424,613			1,316,284			(29,969	) (c)		1,286,315
Operating income		328,758			288,234			1,207			289,441
Other, net:
Interest expense		(20,069	)		(37,576	)		368	(b)		(37,208	)
Loss on extinguishment of debt		(3,230	)		(47,288	)		46,887	(d)		(401	)
Other income, net		289			341			-			341
Total other, net		(23,010	)		(84,523	)		47,255			(37,268	)
Income before provision for income taxes and
loss on discontinued operations		305,748			203,711			48,462			252,173
Provision for income taxes		117,721			78,424			18,658	(e)		97,082
Income from continuing operations		188,027			125,287			29,804			155,091
Discontinued operations:
Loss from operations of discontinued
wholesale distribution network		(63	)		(572	)		-			(572	)
Benefit for income taxes		(24	)		(220	)		-			(220	)
Loss on discontinued operations		(39	)		(352	)		-			(352	)
Net income	$	187,988		$	124,935		$	29,804		$	154,739
Net income per basic share from:
Income from continuing operations	$	2.54		$	1.72		$	0.41		$	2.13
Income on discontinued operations		-			(0.01	)		-			(0.01	)
	$	2.54		$	1.71		$	0.41		$	2.12
Net income per diluted share from:
Income from continuing operations	$	2.49		$	1.68		$	0.40		$	2.08
Income on discontinued operations		-			(0.01	)		-			(0.01	)
	$	2.49		$	1.67		$	0.40		$	2.07
Average common shares outstanding ( f )		73,897			72,999			72,999			72,999
Dilutive effect of stock options		1,584			1,744			1,744			1,744
Average common shares outstanding - assuming dilution		75,481			74,743			74,743			74,743

(a)	Management believes these adjustments (as detailed in (b), (c), (d) and (e) below) should be made to allow comparability among the periods presented.
(b)	Adjustment reflects the exclusion of the effect of the 53rd week of operations in fiscal 2003.
(c)	Adjustments include the exclusion of the following:

Effect of the 53rd week of operations in fiscal 2003	$	19,552
The integration expenses associated with the integration of the Discount Auto Parts operations		10,417
	$	29,969

(d)	This adjustment reflects the deferred loan costs, unamortized discounts and the premiums paid upon the early redemption of our outstanding senior subordinated notes and senior discount debentures.
(e)	Adjustment reflects the tax impact for the items in (b), (c) and (d) at a 38.5% effective tax rate.
(f)	Average common shares outstanding is calculated based on the weighted average number of shares outstanding for the period. At January 1, 2005 and January 3, 2004, we had 72,245 and 73,884 shares outstanding, respectively.

Note: The preliminary condensed consolidated statements above titled “GAAP” have been prepared on a basis consistent with our previously prepared financial statements filed with the Securities and Exchange Commission for our prior quarter and annual reports, but do not include the footnotes required by generally accepted accounting principles for complete financial statements.

Advance Auto Parts, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Fifty-Two and Fifty-Three Week Periods Ended
January 1, 2005 and January 3, 2004
(in thousands)
(unaudited)

	January 1,           2005			January 3,     2004
Cash flows from operating activities:
Net income	$	187,988		$	124,935
Depreciation		104,877			100,737
Loss on extinguishment of debt		3,230			47,288
Provision for deferred income taxes		11,172			53,742
Other non-cash adjustments to net income		29,169			17,410
(Increase) decrease in :
Receivables, net		(15,945	)		17,775
Inventories, net		(87,669	)		(64,893	)
Other assets		1,712			(7,216	)
Increase (decrease) in :
Accounts payable		19,673			97,535
Accrued expenses		12,582			(27,985	)
Other liabilities		(2,994	)		(3,407	)
Net cash provided by operating activities		263,795			355,921
Cash flows from investing activities:
Purchases of property and equipment		(179,766	)		(101,177	)
Proceeds from sales of property and equipment		12,944			15,703
Net cash used in investing activities		(166,822	)		(85,474	)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts		(10,901	)		30,216
Increase in financed vendor accounts payable		56,896			-
Early extinguishment of debt		(105,000	)		(647,462	)
Net borrowings under the credit facility		130,000			353,300
Payment of debt related costs		(3,509	)		(38,330	)
Proceeds from the exercise of stock options		20,469			25,407
Repurchase of common stock		(146,370	)		-
Other net financing activities		6,276			4,024
Net cash used in financing activities		(52,139	)		(272,845	)
Increase (decrease) in cash and cash equivalents		44,834			(2,398	)
Cash and cash equivalents, beginning of period		11,487			13,885
Cash and cash equivalents, end of period	$	56,321		$	11,487

Note: These preliminary condensed consolidated statements of cash flows have been prepared on a consistent basis with previously prepared statements of cash flows filed with the Securities and Exchange Commission for our prior quarter and annual reports, but do not include the footnotes required by generally accepted accounting principles for complete financial statements.

Advance Auto Parts, Inc. and Subsidiaries
Supplemental Financial Schedules
Fifty-Two and Fifty-Three Week Periods Ended
January 1, 2005 and January 3, 2004
(in thousands)
(unaudited)

	January 1,       2005			January 3,     2004
Cash flows from operating activities	$	263,795		$	355,921
Cash flows used in investing activities		(166,822	)		(85,474	)
		96,973			270,447
Increase in financed vendor accounts payable		56,896			-
Payment of debt costs associated
with early redemption (a)		-			(36,895	)
Free cash flow	$	153,869		$	233,552

(a) Represents the cash expense associated with the early redemption of our senior subordinated notes and senior discount debentures in the first quarter of 2003.

Note: Management uses free cash flow as a measure of our liquidity and believes it is a useful indicator to stockholders of our ability to implement our growth strategies and service our debt. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in our condensed consolidated statement of cash flows.