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  "documentTitle": "Advance Auto Parts (AAP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2015-09-30 00:00:00",
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  "notes": "The chart shows SSS growth from 1997 to 2014, highlighting resilience during the 2007-2009 recession.",
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      "text": "Advance benefits from a highly stable and growing industry",
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      "text": "The aftermarket auto parts industry has limited cyclicality or correlation to the economy. In a recession, auto parts retailers can actually benefit as consumers defer purchases of new cars and attempt to extend the life of existing cars. DIY in particular benefits as consumers try to save money by fixing cars themselves. It is worth noting that AAP, O'Reilly, and AutoZone all had positive SSS through the 2007-2009 recession. In fact, as far back as data are available (the 1990s), AAP, O'Reilly, and AutoZone have had a total of just 3 annual SSS declines, with the worst being a 2.1% decline by AutoZone in 2005.",
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      "text": "Source: CapIQ. Data reflects Fiscal Year performance.",
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