Advance Auto Parts 2015 Annual Report Download - page 4

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LETTER TO OUR STOCKHOLDERS
We are pleased to present to you our
2015 Annual Report. Thanks to the
ongoing hard work and dedication of
approximately 73,000 Team Members, Advance Auto
Parts remains a clear industry leader with a growing
number of customers and Commercial capabilities.
In 2015, we set an ambitious agenda to quickly
and aggressively integrate Carquest while driving
improved protability and enhancing stockholder
value. While we are not satised with our overall
performance in 2015, we made considerable
progress on a number of important objectives:
• We completed the consolidation of our
corporate functions, the integration of our
eld teams and our pricing alignment work.
• We completed the rst major wave of our
Carquest market conversions and made
signicant headway toward completing
product integration work.
• We delivered more than $50 million in cost
synergy savings.
• We took important steps to drive efciencies
by closing 80 underperforming stores.
We are confident that many of the execution
challenges we faced in 2015 are behind us, and
we are clear-eyed about the work that lies ahead
in 2016. We are executing against a well-dened
plan to deliver improved and more consistent
pe r for man ce. This includ es c ontinuing to imple ment
the Carquest market conversion program and
working to align our supply chain and store systems
to further enhance our overall efciency.
More broadly, we are becoming a more eld-centric
organization to drive increased customer satisfaction
and improved repeat business and revenue, further
reducing costs and relentlessly pursuing opportunities
to drive additional operational efciencies.
Advance Auto Parts remains
a clear industry leader with
a growing number of customers
and Commercial capabilities.
LEFT: GEORGE SHERMAN President and Interim Chief Executive Ofcer
RIGHT: JACK BROUILLARD Executive Chairman
04