Net sales

Advance Auto Parts exceeds earnings expectations, while net sales match somewhat shy comparable store sales

Advance Auto Parts Inc. AAP,
reported second-quarter tax profit on Tuesday that was better than expected, but matched net sales and same-store sales that were subdued, although the outlook for the full year was raised. The auto parts seller’s inventory was still inactive in pre-market trading. Net income for the quarter ended July 17 was $ 178.7 million, or $ 2.74 per share, after $ 190.0 million, or $ 2.74 per share, during the period of l ‘last year. Excluding one-time items, adjusted earnings per share was $ 3.40, above the FactSet consensus of $ 3.04. Sales rose 5.9% to $ 2.65 billion, in line with the FactSet consensus, while same-store sales growth of 5.8% was just below expectations of a 5.9 increase. %. “The improvement in our turnover was driven by business activities with a pick-up in kilometers driven fueling demand as we exceeded the double-digit omnichannel growth of DIY the previous year,” said the Managing Director. Tom Greco. For the year as a whole, the company raised its sales forecast from $ 10.60 billion to $ 10.80 billion, from $ 10.40 billion to $ 10.60 billion, for same-store sales from 6.0% to 8.0%, from 4.0% to 6.0% and free of charge. cash flow at a minimum of $ 700 million versus a minimum of $ 575 million. The stock is up 31.9% year-to-date through Monday, while the SPDR Consumer Discretionary Select Sector ETF XLY,
gained 11.9% and the S&P 500 SPX,
increased by 19.3%.