A popular retailer plans to open 100 American stores, despite closing more than 700 rural locations.
Advance Auto Parts opens at least 100 new stores rural until 2027.
The first 30 locations will be opened in the US this year.
Advance Auto Parts has already opened six new stores this year in Florida, New Jersey, Tennessee and Virginia.
It will expand to other states in the coming months, including Illinois, Maryland, Ohio and Wisconsin.
The company revealed that the larger store openings will be in the midwest and are planning to help the company improve at its service speed with delivery components on the same day and increase the availability of product.
“Advance Auto Parts is on their way to speeding up the growth of the store and focused on the basic principles of selling car parts,” said Shane O'Kelly, President and Chief Executive Officer.
“Our team members are dedicated to offer the right parts and the right service for our pro -and do -yourself customers in their community.”
Advance Auto Parts is planning to open at least 100 locations rural until 2027, despite closing more than 700 stores
The store closures of Advance Auto Parts were part of a restructuring plan that started in 2024.
The company revealed that the plan was set up to improve its business performance and 'focus on core improvements'.
“The company has identified opportunities that, according to him, can improve the adapted business margin with more than 500-based points via tax 2027,” said the income report of the third quarter of the third quarter.
“This strategic plan is anchored on three pillars described below to put the company on the path to offer consistent profitable growth.”
About 523 prior company shops, 204 independent locations and four distribution centers permanently closed by March.
The announcement came after the company established in North Carolina announced a loss of $ 6 million during the third quarter.
It also reduced its 2024 annual prospects for the second quarter in a row.
In addition to restructuring, Advance Auto Parts concluded a sale of $ 1.5 billion of its distribution activities Worldpac to Carlyle Investment Firm to stimulate profit.
The closures of Advance Auto Parts were part of the company's restructuring plan that started in 2024
Advance Auto Parts announced that it earned $ 2 billion in the net turnover during the fourth quarter of 2024, a decrease of 0.9 percent compared to the results of 2023.
The comparable turnover was lower compared to the fourth quarter of 2023.
Regarding the turnover of the entire year, the company confirmed that it resulted in approximately $ 9.1 billion to the net turnover, a decrease of 1.2 percent compared to 2023.
Despite the decline, Advance Auto Parts is not worried.
“We ended 2024 with a healthy balance and strong liquidity to navigate through our reversal,” Kelly said in the report of 26 February.
“The team is acutely focused on implementation and stimulating stronger accountability.”
Kelly continued with the fact that Advance Auto Parts continues to work on achieving his goal to have a 7 percent adapted operational margin by 2027.
The company has shown that it is expected to earn $ 2.5 billion in the net turnover and to suffer a new decrease in comparable turnover in the first quarter of this year.
Advance Auto Parts expects to earn $ 2.5 billion in the net turnover during the first quarter of 2025
Advance Auto Parts continues to work on achieving the goal of a 7 percent adapted company margin by 2027
Advance Auto Parts is one of the several companies that have chosen to close hundreds of stores.
American retailers closed more than 7,300 stores, partly due to inflation and competition with online shopping in 2024.
Macy's is one of those chains that has suffered several sales march, and confirmed that 66 of the 150 store closures will take place this year as part of the 'Bold New Chapter' strategy strategy.
Other retailers, such as Joann and Party City, could not go back from bankruptcy and decided to close all their locations.
Forever21 is one of the newest retail chains that fall out of favor after announcing his plan to close his American activities this year.
Advance Auto Parts continues to serve more than 4,000 locations worldwide.
