Regions Southwest Virginia

Third-quarter earnings per share drop at Advance Auto

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Advance Auto Parts Inc. (AAP) third quarter results

THE TAKE: Third-quarter earnings per diluted share were $1.21, down 14.2 percent from the same period last year. Year-to-date earnings per share were $4.34, up 3.6 percent from the nine-month period last year.

THE NUMBERS:

REVENUE: $1.458 billion in the third quarter, down 0.5 percent from $1.465 billion the year before. Year-to-date revenue totaled $4.876 billion, up 0.7 percent from $4.843 billion for 40 weeks last year.
NET INCOME: $89.5 million in the third quarter, down from $105.5 million in the same period last year.
DILUTED EARNINGS PER SHARE: $1.21 in the third quarter, down from $1.41 in the third quarter last year.
SAME-STORE SALES:  A decrease of 1.8 percent in the third quarter vs. an increase 2.2 percent in the same period last year.

THE COMPANY’S TAKE: “Our efforts to invest in the continued long-term growth of commercial and increase customer traffic helped drive improvements in our comp-store sales from the second quarter to the third quarter of this year and strengthened our positive commercial comps for Advance stores through the quarter.  Despite these improved sales trends, we were still unable to achieve our profitability expectations and fully mitigate the weak consumer demand within several of our markets, especially in our colder weather markets,” Darren R. Jackson, president and CEO, said in a statement.  “As we look beyond our current quarter, we believe the industry fundamentals remain positive and that we are well positioned with our initiatives to fuel our future growth.”

 


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