LEXINGTON, Ky.- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its fourth fiscal quarter ended September 30, 2023. All comparisons in this press release are made to the same prior-year periods unless otherwise noted.

* Delivers 17th year of consecutive system-wide same-store sales growth and 8 percent increase to store count

* Full-year highlights

* Sales from continuing operations of $1.4 billion grew 17%, while system-wide same-store sales (SSS) increased 11.9% -- the 17th consecutive year of system-wide SSS growth

* Reported income from continuing operations of $199 million grew 82% and earnings per diluted share (EPS) of $1.23 increased 102%

* Continuing operations adjusted EBITDA of $380 million increased 20% and adjusted EPS of $1.18 increased 62%

* Returned $1.5 billion in cash to shareholders via share repurchases

* Fourth-quarter summary

* Sales from continuing operations of $390 million grew 16%, while system-wide SSS increased 10.0%

* Reported income from continuing operations of $75 million grew 505% and EPS of $0.53 increased 657%

* Continuing operations adjusted EBITDA of $109 million increased 25% and adjusted EPS of $0.39 increased 86%

* Net store additions total 48 (26 franchised and 22 company-operated) bringing total system-wide additions for the year to 137 and total store count to 1,852

'Fiscal year 2023 was a transformational year for Valvoline as it was our first year as a pure-play retail business,' said Lori Flees, President & CEO. 'Our system-wide store sales grew nearly 20% to $2.8 billion driven by an 11.9% increase in system-wide same-store sales.'

'On top of delivering strong top and bottom-line growth for the year, we completed the sale of Global Products, returned $1.5 billion to shareholders through share repurchases and completed a leadership transition,' continued Flees. 'With our transition to a pure-play retail services provider complete, we believe we are well positioned for long-term shareholder value creation by growing our core business, adding to the network and expanding services for an evolving car parc.'

Continuing Operations - Operating Results: See full results at:

https://mediaroom.valvoline.com/2023-11-09-Valvoline-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2023-Results

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