Advance Auto Parts, Inc. (NYSE:AAP) early Tuesday posted mixed third quarter earnings reports and reiterated its full-year outlook.
The Roanoke, VA-based auto parts retailer reported Q3 earnings per share (EPS) of $1.43, which was $0.22 better than the Wall Street consensus estimate of $1.21.
Revenues fell 3.0% from last year to $2.18 billion, however, falling short of analysts’ view for $2.21 billion.
Gross Profit margin also decreased 51 basis points year-over-year to 43.4%.
Looking ahead, AAP reiterated its previously announced full-year 2017 outlook for 60-65 new store openings, Comparable Store Sales down 3% to down 1%, and Adjusted Operating Income Rate down 200 to 300 basis points, and Free Cash Flow of at least $300 million.
The company commented via press release:
“We continue to take steps to build the foundation for future growth. We executed key transformational initiatives, including a complete restructure of our field operations and professional sales leadership teams. This important step in our journey sets us up well for the future. In the third quarter, we delivered improvements in cost initiatives while positioning the business for future success. We remain on track to deliver our 2017 guidance,” said Tom Greco, President and Chief Executive Officer.
Advance Auto Parts, Inc. shares were unchanged in premarket trading Tuesday. Year-to-date, AAP has declined -51.27%, versus a 17.22% rise in the benchmark S&P 500 index during the same period.
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