Advance Auto Parts Inc. AAP, -0.91% reported Tuesday reported fiscal second-quarter profit that topped expectations, but net sales that matched and same-store sales that came up shy, although the full-year outlook was raised. The auto parts seller’s stock was still inactive in premarket trading. Net income for the quarter to July 17 was $178.7 million, or $2.74 a share, after $190.0 million, or $2.74 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $3.40, above the FactSet consensus of $3.04. Sales grew 5.9% to $2.65 billion, in line with the FactSet consensus, while same-store sales growth of 5.8% was just below expectations of a 5.9% rise. “Our top-line improvement was led by the professional business with a recovery in miles driven fueling demand as we lapped double-digit DIY omnichannel growth in the prior year,” said Chief Executive Tom Greco. For the full year, the company raised its guidance ranges for sales to $10.60 billion to $10.80 billion from $10.40 billion to $10.60 billion, for same-store sales to up 6.0% to up 8.0% from up 4.0% to up 6.0% and for free cash flow to minimum $700 million from minimum $575 million. The stock has run up 31.9% year to date through Monday, while the SPDR Consumer Discretionary Select Sector ETF XLY, +1.29% has gained 11.9% and the S&P 500 SPX, +0.85% has advanced 19.3%.
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