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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; jay.miller@dowjones.com

Stock News for Advance Auto Parts (AAP)
DateTimeHeadline
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201308:46:13Glenview Capital Management 3Q 13F: Largest Purchases
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11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep -2-
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest -2-
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest Purchases
11/15/201306:57:24Millennium Management 3Q 13F: Holdings As Of Sep -2-
11/15/201306:57:23Millennium Management 3Q 13F: Holdings As Of Sep 30
11/14/201307:21:25GAMCO Asset Management Inc. 3Q 13F: Largest -2-
11/14/201307:21:24GAMCO Asset Management Inc. 3Q 13F: Largest Sales
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10/16/201308:20:06Advance Auto Parts to Buy General Parts
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04/04/201317:09:13Advance Auto Parts Cuts Operating-Chief Role in Management Shake-Up
11/08/201209:23:45Advance Auto Parts 3rd-Quarter Net Down 15% on Softer Same-Store...

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