Advance Auto Parts, Inc. (NYSE: AAP) has reported financial results for the first quarter of fiscal 2022. Adjusted earnings increased 7% year-over-year amid modest revenue growth.
Net income, excluding one-off items, increased 7% annually to $3.57 per share during the three-month period. Meanwhile, first-quarter unadjusted net income decreased to $139.8 million or $2.26 per share from $185.9 million or $2.81 per share in the same period of 2021.
At $3.37 billion, first-quarter revenues were up 1% from the corresponding period of the prior year. The top-line, however, slightly missed consensus estimates.
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“We started 2022 with strong mid-single-digit comp growth through the first ten weeks of our 16-week quarter. During the final six weeks, we experienced comp declines driven by our DIY omnichannel business. This was primarily a result of headwinds from the expected lap of the DIY sales boost from the 2021 stimulus as well as a slower start to the spring selling season due to cooler temperatures and higher precipitation,” said Tom Greco, chief executive officer of Advance Auto Parts.