Advance Auto Parts Restates 2022 Financials
Ticker: AAP · Form: 10-K · Filed: Feb 26, 2025 · CIK: 1158449
Sentiment: neutral
Topics: 10-K, financial-restatement, accounting-errors
Related Tickers: AAP
TL;DR
AAP restated 2022 financials due to errors, impacting cost of sales and SG&A.
AI Summary
Advance Auto Parts Inc. filed its 2024 10-K on February 26, 2025, reporting a restatement of prior period financial statements due to identified errors. For the year ended December 31, 2022, cost of sales was adjusted by $29,865, leading to a corrected gross profit of $4,932,235. Selling, general, and administrative expenses were also adjusted by $14,033.
Why It Matters
This restatement indicates potential accounting issues that could affect investor confidence and the accuracy of financial performance analysis.
Risk Assessment
Risk Level: medium — Restatements of financial statements, even if immaterial, can signal internal control weaknesses or accounting complexities.
Key Numbers
- $4,932,235 — Corrected Gross Profit (2022) (Reflects adjustments made due to identified errors.)
- $6,222,487 — Corrected Cost of Sales (2022) (Includes adjustments from prior period errors.)
- $4,261,982 — Corrected SG&A Expenses (2022) (Reflects adjustments made due to identified errors.)
Key Players & Entities
- Advance Auto Parts Inc. (company) — Filer of the 10-K
- 2024-12-28 (date) — Fiscal year end
- 2025-02-26 (date) — Filing date
- $29,865 (dollar_amount) — Adjustment to cost of sales for the year ended December 31, 2022
- $14,033 (dollar_amount) — Adjustment to selling, general, and administrative expenses for the year ended December 31, 2022
FAQ
What specific errors led to the restatement of Advance Auto Parts' financial statements for the year ended December 31, 2022?
The filing states that errors were identified in the consolidated financial statements, leading to adjustments in cost of sales and selling, general, and administrative expenses, but does not detail the specific nature of these errors in the provided excerpt.
What was the total impact of the adjustments on the gross profit for the year ended December 31, 2022?
The gross profit was adjusted by ($29,865), resulting in a corrected gross profit of $4,932,235 for the year ended December 31, 2022.
When did Advance Auto Parts file this 10-K report?
Advance Auto Parts Inc. filed this 10-K report on February 26, 2025.
What is the fiscal year end for Advance Auto Parts Inc. as reported in this filing?
The fiscal year end for Advance Auto Parts Inc. is December 28.
What is the SIC code for Advance Auto Parts Inc.?
The Standard Industrial Classification (SIC) code for Advance Auto Parts Inc. is 5531, which corresponds to Retail-Auto & Home Supply Stores.
Filing Details
This Form 10-K (Form 10-K) was filed with the SEC on February 26, 2025 regarding ADVANCE AUTO PARTS INC (AAP).