Car parts retailer Advance Auto Parts (AAP) shares dipped 3% during the morning session after the company’s revenue failed to meet analysts’ expectations. Revenues came in at $2.87 billion, down 0.6% from $2.89 billion in the previous year. Comparable store sales were down 0.8% year-over-year.
The company, that is on track with its transformation plan, posted earnings of $1.84 per share, up 26% from the year-earlier period. Excluding items, earnings surged 31.3% to $2.10 per share, and surpassed analysts’ estimate.
“Our first quarter performance reinforces our commitment to making consistent progress on the transformation of Advance, strengthening our Customer Value Proposition and driving increased value for our shareholders,” said Tom Greco, CEO.
During the quarter, the Roanoke, Virginia-based company declared a regular quarterly cash dividend of $0.06 per share to be paid on July 6, 2018, to all common stockholders of record as of June 22, 2018.
The company, which faces pricing competition from national and regional automotive retailers, witnessed a growth of 32 basis points in its gross profit margin, mainly due to reduced material costs. This year, the company plans to make huge investments in technology as well as e-commerce platforms.
As of April 21, 2018, the automotive parts retailer opened 7 stores and branches, and shut15 stores, resulting in a total of 5,175 stores and branches compared to a total of 5,183 stores and branches as of December 30, 2017.
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