Advance Auto Parts says three-year cost synergy target is $160M Says pleased with start to FY14. Says saw steady customer demand due to the extreme winter weather in Q1. Says experienced some volatility early in the quarter from weather related store closures. Says customers likely benefited from timely tax refunds and stable gas prices vs. a year ago to pay for unexpected repairs. Says will continue to invest in areas that drive sales growth and profit outcomes. In terms of the acquisition of General Parts, the company says that it is still in the early days of multi-year integration process but off to the start that the company expected. Expects to realize $45M-$55M cost synergies this FY. Says growth and profitability is on track. Expects BWP store conversions to be complete by the end of the fiscal year. Says will continue to work towards goal of opening 120-140 new stores this fiscal year. Expects inventory growth to flatten as the company progresses throughout the year. Expects to maintain an effective tax rate of 38% for the balance of the fiscal year. Says on pace to deliver first year cost synergies and sees majority of synergies occurring in 2H14. Comments made during the company's Q1 earnings conference call.
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