Advance Auto Parts Inc. (
AAP)
Q4 2009 Earnings Call Transcript
February 18, 2010 10:00 a.m. ET
Executives
Joshua Moore - Director Planning & Performance Management
Darren R. Jackson - Chief Executive Officer
Jimmie L. Wade - President
Kevin P. Freeland - Chief Operating Officer
Michael A. Norona - Executive Vice President and Chief Financial Officer
Analysts
Anthony Cristello - BB&T Capital Markets
Matthew J. Fassler - Goldman Sachs
Gregory Melich - Morgan Stanley & Co. Incorporated
Scot Ciccarelli - RBC Capital Markets
Kate McShane - Citi Investment Research
Michael Lasser - Barclays Capital
Dan Wewer - Raymond James & Associates, Inc.
Presentation
Operator
Welcome to the Advance Auto Parts Fourth Quarter 2009 Conference Call. Before we begin, Joshua Moore, Director, Finance and Performance Management and Investor Relations will make a brief statement concerning forward-looking statements that will be made on this call.
Joshua Moore
Good morning. And thank you for joining us on today’s call. I’d like to remind you that our comments today contain forward-looking statements subject to risks and uncertainties that may cause the results to differ materially. The most important of these risks, as well as a reconciliation of any non-GAAP financial measures mentioned on the call with the corresponding GAAP measures, are described in our earnings release in our SEC filings. These can be found on our website at advanceautoparts.com.
The company intends these forward-looking statements to speak only use of the time of this conference call and does not undertake to update or revise them as more information becomes available.
I’d like to remind you that our fiscal 2009 results include the impact of store divestitures and our fiscal 2008 fourth quarter and full-year results include the impact of both a 53rd week and a non-cash inventory adjustment resulting from a change in inventory management approach.
Results on this call will be on a 12 week and 52 week comparable operating basis as that provides a more transparent and relevant year-over-year comparison.
We have provided both GAAP and comparable financial results in our press release. For planning purposes, our first quarter earning release is scheduled for Wednesday, May 19, 2010, after market close and our quarterly conference call is scheduled for the morning of Thursday, May 20, 2010.
To be notified of the dates of future earnings reports, you can sign up through the Investor Relations section of our website. Finally, a replay of this call will be available on our website for one year.
Now let me turn the call over to Darren Jackson, our CEO. Darren?
Darren R. Jackson
Thanks, Joshua. Good morning, everyone. Welcome to our fourth quarter conference call. First I’d like to begin by thanking our 49,000 team members for their hard work during the fourth quarter and fiscal 2009 year. Their contributions have produced many accomplishments this year both financially and strategically.
Since we began our journey to turn around and transform our company, there have been several quarters in which the financial results significantly outpaced our strategic results. However, during the fourth quarter, our strategic results outpaced our financial results.
Overall, we had many strategic successes in the quarter but quite frankly our fourth quarter performance did not meet our financial expectations. As an organization, we don’t measure success by the results of one quarter. However, our organization will never be satisfied with under performance.
