Advance Auto Parts, Inc. (NYSE:AAP) Q3 2023 Earnings Call Transcript

Brian Nagel: Hey, it’s Brian Nagel from Oppenheimer here. Thanks for taking our questions. We appreciate it. So a couple of questions. You know, first off, just with respect to the competitive environment, you know, given the, you know, this transition — transformation, if you will and Advance now is pretty well documented. Are you seeing anything change competitively or whether, either from your larger competitors or some of your smaller competitors, particularly on the professional side? And then my second question, Shane, you’ve laid out welcome first off and then you laid out just some initial steps here in the transformation of Advance. You know, should we be expecting as analysts, investors watching the company, should we be expecting at some point in the not-too-distant future your kind of a longer-term operating plan from you and your team, you know, kind of indicating where this business could ultimately head?

Shane O’Kelly: So let’s — thanks, Brian. On the competitive environment, we obviously compete in a market with a number of competent larger players and smaller players. But what I see notably in the — in my early days is internal excitement with our team, and we’ve got great frontline team members who I think we’re waiting for the unlock around simplifying our focus and as we do these decisive actions, that’s what — that’s what’s going to occur. We’re enabling our frontline to be successful with our customers, which I think helps in that competitive environment. So, you know, early days to talk about where there might be progress economically, but certainly from a philosophy perspective and an engagement perspective, having that field first mentality I think is going to create momentum for us.

On the longer term plan, you know, we’re still mapping out my first 60 days and we certainly will be in the future looking at what the long-term trajectory for the business is inclusive of the initiatives that we’re currently undertaking and then the future areas where I’ll be digging in.

Brian Nagel: Got it. I appreciate it. Thank you.

Elisabeth Eisleben: That is all the questions we have today. Thank you all for joining us. We’re grateful for your continued support. Wish you all very Happy Thanksgiving next week and look forward to sharing more in February. Have a nice day.

Operator: Thank you. This now concludes today’s call. Thank you for joining. You may now disconnect your lines.