Automotive parts retailer Advance Auto Parts, Inc. (NYSE: AAP) on Wednesday reported a net loss for the fourth quarter of 2023, compared to profit in the year-ago period.
The company reported a net loss of $35.13 million or $0.59 per share for the December quarter, compared to earnings of $82.9 million or $1.39 per share in the year-ago quarter.
Net sales remained broadly unchanged at $2.46 billion during the three months. Comparable store sales for the fourth quarter decreased by 1.4%
Shane O’Kelly, the company’s CEO, said, “Our full-year results are well below our expectations, and we are focused on instilling greater discipline and accountability both in the fundamental business and in how the organization executes across the board.”