Advance Auto Parts Q1 Results Fall Just Short of Wall Street Estimates
2022.05.23 23:56
By Yasin Ebrahim
Investing.com — Advance Auto Parts reported quarterly results that fell just short of Wall Street estimates as tougher comparatives and a slower start to the spring selling season weighed on growth.
Advance Auto Parts (NYSE:AAP) fell 3% in afterhours trading.
Auto Parts reported first-quarter EPS of $3.57 on revenue of $3.37 billion, missing Wall Street estimates of $3.58 per share on revenue of $3.38 billion.
During the final six weeks of the quarter, “we experienced comp declines driven by our DIY omnichannel business, […] primarily a result of headwinds from the expected lap of the DIY sales boost from the 2021 stimulus as well as a slower start to the spring selling season due to cooler temperatures and higher precipitation,” the company said.
Comparable store sales increased 0.6%.
Looking ahead, the company reaffirmed its outlook for the full year.
“Based on our Q1 results and 2022 outlook, we’re reaffirming our 2022 guidance including comparable store sales growth, adjusted operating margin expansion and double-digit adjusted earnings per share growth,” the company said.
