Advance Auto Parts Misses on Q2 Sales, Profit

The retail chain also trimmed its earnings outlook for the full year


Advance Auto Parts Misses on Q2 Sales, Profit

Advance Auto Parts (NYSE:AAP) announced on Thursday that it earned $99.6 million during the second quarter, down 12% from $113.1 million in the same period last year.

The second largest auto-parts retail chain in the U.S. recorded revenue of $1.46 billion in revenue, down 1.3% from 2011. That missed analysts, who were expected $1.48 billion in revenue, the Wall Street Journal noted.

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For the quarter, EPS was $1.34, which fell short of the $1.39 that Wall Street had forecast.

Investors were not impressed. Shares of Advance Auto Parts slid more than 2% in Thursday morning trading.

The chain’s gross margin increased to 49.9% during the quarter, up from 49.7%.

The company noted that it had opened 10 new stores during the quarter, and 65 over the last year, but said same-store sales fell 2.7% compared to last year.

Company officials cut their profit outlook for the full year. They now expect the company to earn between $5.25 and $5.35 a share, down from earlier estimates of between $5.55 and $5.75 a share.

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