Advance Auto Parts profit, sales rise as coronavirus stimulus checks fuel spending
Company says it saw growth in its do-it-yourself omnichannel segment
Advance Auto Parts Inc. said its profit and sales for the second quarter rose as it benefited from the spending spurred by unemployment benefits and Covid-19 government stimulus checks.
FORD RECALLING 488K US VEHICLES OVER FRONT BRAKE HOSE ISSUE
The automotive-parts retailer on Tuesday posted net income of $190 million, or $2.74 a share, compared with $124.8 million, or $1.73 a share, in the year-ago period.
Adjusted earnings were $2.92 a share, above the $1.98 a share analysts polled by FactSet had expected.
October 14, 2012: An Advance Auto Parts location in Laramie, Wyoming. Founded in 1932, Advance Auto Parts is a chain of automotive parts stores with over 3,500 locations.
Sales rose 7.3% to $2.5 billion. Analysts had been looking for $2.38 billion.
Same-store sales rose 7.5%. Analysts had been anticipating a 2.7% growth.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAP | ADVANCE AUTO PARTS INC. | 41.35 | -3.09 | -6.95% |
For the first five weeks of the third quarter, the company said it saw growth in its do-it-yourself omnichannel segment, which includes retail and online sales, and positive comparable store sales in its professional segment.
CLICK HERE TO READ MORE ON FOX BUSINESS
The company withdrew its financial outlook in April due to the uncertainty surrounding the pandemic.