Advance Auto Parts’ Q3 earnings, sales, top Street
Advance Auto Parts delivered its sixth straight quarter of new sales growth in its third quarter.
The auto parts retailer’s net income rose $123.7 million, or $1.75 a share, from $115.8 million, or $1.56 a share, in the year-ago period. Adjusted earnings per was $2.10, above analysts’ estimates of $2.06.
Sales increased 1.6% to $2.31 billion, above estimates of $2.30 billion. Same-store sales rose 1.2%, less than expected.
“In addition to our performance improvements and margin expansion, we continue to invest in critical information technology and supply chain initiatives that are expected to unlock significant productivity over the next several years,” said Tom Greco, president, and CEO.
The chain affirmed its 2019 sales guidance range of $9.65 billion to $9.75 billion but lowered its same-store sales outlook to 1.0% to 1.5% from 1.0% to 2.0%
As of October 5, 2019, Advance operated 4,891 stores and 152 Worldpac branches in the United States, Canada, Puerto Rico, and the U.S. Virgin Islands.