International. Comparable store sales decreased 0.7%.
Advance Auto Parts reported third-quarter net sales of $2.6 billion, an increase of 0.8% over the third quarter of 2021.
Comparable store sales declined 0.7%, which Advance attributed to "higher own-brand penetration, which is priced lower than domestic brands."
"I want to thank the entire Advance family of team members, as well as our growing network of independent partners, for their continued dedication," President and CEO Tom Greco said in a press release.
"We continue to execute our strategy to drive full-year net sales growth and adjusted operating income margin expansion while returning excess cash to shareholders."
Greco noted that Advance's "deliberate move to increase private label penetration, which carries a lower price point, reduced net sales by approximately 80 basis points and offset sales by approximately 90 basis points."
"We also continued to invest in our business while returning approximately $860 million in cash to our shareholders during the first three quarters of 2022."
The company reiterated its guidance for the full year of net sales between $11 billion and $11.2 billion.
"While we continue to execute our long-term strategic plan, we are not satisfied with our relative superior performance compared to the industry this year and are taking deliberate and measured steps to accelerate growth."
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