Advance Auto Parts, Inc. (NYSE: AAP) has reported financial results for the third quarter of fiscal 2022. Adjusted earnings decreased 12% year-over-year even as net sales remained broadly unchanged.
Net income, excluding one-off items, dropped to $2.84 per share in the three-month period from $3.21 per share last year. Third-quarter unadjusted net income decreased to $110.9 million or $1.84 per share from $169.8 million or $2.68 per share in the same period of 2021.
At $2.64 billion, third-quarter revenues were up 1% from the corresponding period of the prior year. Comparable store sales dropped by 0.7%, marking the second consecutive decline.
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“We continue to execute our strategy to drive full year net sales growth and adjusted operating income margin expansion while returning excess cash to shareholders. In the third quarter, net sales grew 0.8% which benefited from improvements in strategic pricing and new stores, while comparable store sales declined by 0.7% in-line with previous guidance,” said Tom Greco, chief executive officer of Advance Auto Parts.