by Christopher Freeburn | August 9, 2012 11:43 am
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.
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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