Advance Auto Parts announced its third quarter results for 2023, seeing a 2.9 percent increase in net sales putting them at $2.7 billion, and a 1.2 percent increase in comparable store sales.

"Since joining Avance, I have partnered with the board and management team to move with speed in conducting a comprehensive review of the business," said Shane O'Kelly, president and chief executive officer. "We are taking decisive actions to position Advance for long-term success and create meaningful value for our shareholders."

Along with the results of their third quarter successes, Advance shared their plans for a new cost reduction program that they expect will generate at least $150 million in savings on an annualized basis. With these savings, Advance will reinvest up to $50 million into their team members with a focus on improving the retention of their frontline team members.

"We are committed to stabilizing the company and returning Advance to profitable growth, and our frontline team's passion and extensive knowledge is integral to how we succeed," said O'Kelly. "Seeing our frontline team members in action...has reaffirmed my optimism that by making rigorous strategic and operational decisions now, Advance will be well positioned to capitalize on the opportunities ahead and deliver value for shareholders."

Additional aspects of the report stated that gross profit decreased 16.3 percent. Gross profit margin was 36.3 percent of net sales compared with 44.6 percent of net sales in the third quarter of the prior year. The company also incurred higher product costs that were not fully covered by pricing actions and elevated supply chain costs. 

For the full report, visit the Advance Auto Parts website.