Advance Auto Parts, Inc. (NYSE: AAP) reported first quarter 2023 earnings results today.
Net sales totaled $3.4 billion, up 1.3% year-over-year, driven mainly by new store openings. Comparable store sales fell 0.4%.
Net income was $42.6 million, or $0.72 per share, compared to $139.7 million, or $2.26 per share, last year.
Both revenue and earnings missed expectations.
AAP lowered its guidance for the full year of 2023. Net sales are now expected to be $11.2-11.3 billion. Comparable store sales are expected to range from down 1% to flat and EPS is expected to be $6.00-6.50.
The company declared a cash dividend of $0.25 per share, payable on July 28, 2023 to all common stockholders of record as of July 14, 2023. This reflects a reduction of 83% from the previous dividend of $1.50.
The stock crashed over 28% in premarket hours on Wednesday.