Why Advance Auto Parts Stock Is Down Today
Shares of auto parts retailer Advance Auto Parts (NYSE: AAP) are lower by 9.6% as of 1:30 p.m. ET Wednesday, according to data from S&P Global Market Intelligence, easing back from an intraday loss of 11.2% after the company dialed back its full-year guidance.
Even the usually resilient auto parts retailing business is showing signs of strain due to strong inflation and subsequent economic weakness.
For the three-month stretch ending in mid-July, Advance Auto Parts turned $2.7 billion worth of revenue into adjusted earnings of $3.74 per share -- a record-breaking Q2 profit. While profits were up 10% year over year and roughly in line with estimates, slightly lower same-store sales has the auto parts store chain worried about the future.
Source Fool.com
