Advance Auto sales up in first quarter

ROANOKE, Va. Advance Auto Parts reported first quarter sales of $1.52 billion, compared with $1.5 billion last year. Comparable-store sales were up 0.6%, compared with a 0.7% increase last year.

Diluted EPS for the quarter was 86 cents, compared with 71 cents last year.

The company reported  total revenue for the first quarter increased 4% to $1.53 billion, compared with revenue of $1.47 billion in the first quarter of fiscal year 2007.

Mike Norona, evp and cfo said, “We are pleased with our first quarter results and pragmatic about the current economic headwinds and the fact that three quarters remain in our fiscal year. The company provides an annual outlook at the beginning of the year only. We are in a turnaround and our financial results will not be linear. The turnaround approach will entail an in-depth assessment of all parts of the business. Correspondingly, I expect short-term earnings volatility while we position the company to increase long-term value.”