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Advance Auto 3Q Profit Rises 10% On Strong Sales To Shops

DOW JONES NEWSWIRES Advance Auto Parts Inc.'s (AAP) fiscal third-quarter earnings rose 10% as the company recorded strong growth in sales to commercial repair shops. Despite the travails of the automotive market, the recession hasn't thrown a wrench into auto-parts retailers' operations as consumers hold on to their cars longer, but there have been signs recently that sales are slowing for the sector. The second-largest U.S. auto-parts retailer after AutoZone Inc. (AZO) reported earnings of $62 million, or 65 cents a share, compared with $56.2 million, or 58 cents a share, a year earlier. The latest quarter included 4 cents in store-divestiture charges. Sales for the period ended Oct. 10 climbed 6.3% to $1.26 billion. Analysts estimated adjusted earnings of 66 cents on revenue of $1.26 billion, according to a poll by Thomson Reuters. Same-store sales rose 4.7%, or 5.2% adjusting for an extra week last year. The figure was up 1.7% for do-it-yourself customers and 11.8% for commercial repair shops. Gross margin widened to 49.2% from 47.3%. During the third quarter, Advance opened 24 stores and closed 13, bringing the Oct. 10 total to 3,418. So far this year, the company has closed 36 stores, resulting in a total charge of 15 cents a share. The company still expects the costs of shedding 40 to 55 stores to reach 15 cents to 22 cents a share by the end of the fiscal year. In after-hours trading, Advance shares were down 2.5% at $39.29. The stock has pulled back from its 52-week high of $47.41 at the end of July but is still up two-thirds over the past year. -By Jay Miller, Dow Jones Newswires; 212-416-2355;

Stock News for Advance Auto Parts (AAP)
09/22/201608:30:00AutoZone Improves Top and Bottom Lines with More Stores
08/31/201616:32:36Statement of Changes in Beneficial Ownership (4)
08/30/201616:11:41Statement of Changes in Beneficial Ownership (4)
08/25/201612:04:00Quarterly Report (10-q)
08/23/201616:25:55Statement of Changes in Beneficial Ownership (4)
08/23/201616:25:28Statement of Changes in Beneficial Ownership (4)
08/23/201616:25:02Statement of Changes in Beneficial Ownership (4)
08/23/201616:20:51Initial Statement of Beneficial Ownership (3)
08/22/201616:48:12Statement of Changes in Beneficial Ownership (4)
08/19/201616:25:36Statement of Changes in Beneficial Ownership (4)
08/16/201616:26:02Statement of Changes in Beneficial Ownership (4)
08/16/201607:50:00Advance Auto Parts' Earnings Fall Back
08/16/201606:42:47Current Report Filing (8-k)
08/16/201606:30:00Advance Auto Parts Reports Second Quarter Fiscal 2016 Results
08/02/201616:29:37Statement of Changes in Beneficial Ownership (4)
08/02/201608:30:00Advance Auto Parts to Report 2016 Second Quarter Results on August...
07/29/201606:45:00Advance Auto Parts Announces Departure of President George Sherman
07/19/201616:19:57Statement of Changes in Beneficial Ownership (4)
07/05/201616:29:02Statement of Changes in Beneficial Ownership (4)
07/05/201616:28:39Statement of Changes in Beneficial Ownership (4)

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