Advance Auto Parts (AAP) announced that its board approved an additional share repurchase authorization of $1B, bringing the total available repurchase authorization to approximately $1.3B.

In addition, the board declared a quarterly cash dividend of $1.00 per share, an increase from 25c. The dividend is payable July 2, to shareholders of record as of June 18. "In recognition of our 2020 results, strong financial position, and confidence in our ability to deliver additional top-and bottom-line growth this year, the Board has voted to significantly increase the quarterly dividend," said Tom Greco, CEO.

"Across Advance, we remain focused on our financial priorities of maintaining an investment-grade rating, investing in the business, and returning cash to shareholders. This increase in the quarterly cash dividend combined with the additional share repurchase authorization announced today reflects our commitment to a balanced approach to returning cash to shareholders."