Why Investors Were Slamming the Brakes on Advance Auto Parts This Week
Advance Auto Parts' (NYSE: AAP) stock shifted violently into reverse this week. According to data provided by S&P Global Market Intelligence, the auto parts retailer's shares were down by nearly 13% week to date as of Thursday evening. It isn't hard to figure out why.
The culprit is Advance's fiscal second-quarter results, for the period ended July 16, which were released after market hours on Tuesday. These revealed that the company's net sales rose, albeit slightly, by under 1% year over year to $2.67 billion for the period. That was on the back of a decline at roughly the same rate for same-store sales.
Advance's net profit also advanced, but again this wasn't at an inspiring rate. The quarter's non-GAAP (adjusted) net income was a shade under $228 million ($3.74 per share), less than 3% higher than in the second quarter of 2021.
Source Fool.com
