AAP posts 3.5% comp growth and 221bp margin gain; tariff refund and debt costs loom

Filed May 21, 2026 · Period ending April 25, 2026 · Compared to 10-Q May 22, 2025 · ~1 min read

Key Changes

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  Comparable store sales grew 3.5% vs. -0.6% prior year, while gross margin expanded 221 basis points to 45.1%, driven by product mix and absence of liquidation sales from closed stores.

  MD&A: Sales and Margin Performance verify on EDGAR →
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  Supreme Court overturned IEEPA tariffs; AAP has not recognized potentially material refunds due to recovery uncertainty. Amount could be material when realized.

  MD&A: Tariff Contingency verify on EDGAR →
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  Interest expense rose after $1.95B debt issuance in Q3 2025, increasing total long-term debt from $1.8B to $3.5B. Cash jumped to $3.0B but $2.3B is restricted under ABL facility.

  MD&A: Debt and Liquidity verify on EDGAR →