Advance Auto Parts CEO calls Q2 'challenging'
"As we begin the second half of 2019, I want to recognize the relentless focus and commitment of our entire team, including our network of Independent partners, as we work every day to execute our Strategic Plan," said Tom Greco, President and CEO. "While the second quarter was challenging, we continue to make progress, including building a differentiated Customer Value Proposition in both Professional and DIY Omnichannel in addition to driving productivity for the long term. We remain committed to our disciplined approach to increasing comparable store sales, expanding margins and delivering significant cash flow in the back half of 2019. This, combined with a strong industry backdrop, gives us confidence that our transformation plan is on track. Importantly, we continue to make meaningful improvements in working capital and free cash flow and are pleased to announce a new $400 million share repurchase authorization. In line with our financial priorities, coupled with the strength of our balance sheet, we expect to deliver significant shareholder value throughout the remainder of 2019 and for several years to come."