Advance Auto Parts 2008 Annual Report Download - page 5

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I am honored on behalf of over 48,000 Advance Auto Parts Team Members to update you on our
progress in 2008 and our opportunities for 2009 and beyond. During my first full year at Advance Auto
Parts we have made measureable strategic and financial progress on our turnaround and transformation
which are in their early phases.
2008 was a year of dramatic volatility in the economy, in the automotive industry, and in our business.
Clearly, change is the only constant in business. Those who lead and embrace change survive and grow,
while those who fight it or wait for it to pass become obsolete. Part of embracing change is identifying
and pursuing possibilities even in the worst circumstances. Despite significant industry and economic
challenges, our team is aggressively investing and driving the transformation of our business and
revitalization of our culture and values.
We believe the current economic conditions continue to produce opportunities for us to grow our
business long-term. Decreasing gas prices in late 2008 will take some pressure off our customers’
pocketbooks. In addition, fewer new car sales means customers are keeping their vehicles longer,
which increases the average age of vehicles and fuels the need to repair and maintain these vehicles.
Letter to our Stockholders
2008 Annual Report
3
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