Advance Auto Parts, Inc. (NYSE: AAP) reported its financial results for the quarter ended April 18, 2020, on Tuesday before the market opens. The results were significantly impacted by the COVID-19 pandemic.
The top-line declined by 9% due to the impact of the COVID-19 pandemic. Comparable store sales decreased by 9.3%. The company withdrew guidance on April 9 and is not providing guidance now given the uncertainties related to the full impact of the COVID-19 pandemic.
Through the first four weeks of Q2, comparable-store sales improved significantly each week. While many uncertainties remain with respect to factors that drive demand, the company expects that DIFM sales will continue to improve as a stay at home orders are lifted.
On May 15, the company declared a regular cash dividend of $0.25 per share. The dividend will be paid on July 03, 2020, to all common stockholders of record as of June 13, 2020.
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