By Yasin Ebrahim
Investing.com -- Advance Auto Parts reported quarterly results that fell just short of Wall Street estimates as tougher comparatives and a slower start to the spring selling season weighed on growth.
Advance Auto Parts (NYSE: AAP ) fell 3% in afterhours trading.
Auto Parts reported first-quarter EPS of $3.57 on revenue of $3.37 billion, missing Wall Street estimates of $3.58 per share on revenue of $3.38 billion.
During the final six weeks of the quarter, "we experienced comp declines driven by our DIY omnichannel business, [...] 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," the company said.
Comparable store sales increased 0.6%.
Looking ahead, the company reaffirmed its outlook for the full year.
"Based on our Q1 results and 2022 outlook, we’re reaffirming our 2022 guidance including comparable store sales growth, adjusted operating margin expansion and double-digit adjusted earnings per share growth," the company said.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.