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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)
03/23/201716:39:28Proxy Statement - Notice of Shareholders Meeting (preliminary...
03/21/201716:11:02Statement of Changes in Beneficial Ownership (4)
03/14/201716:17:04Statement of Changes in Beneficial Ownership (4)
03/14/201708:30:00Advance Auto Parts Revs Up for Fourth Annual Mobile Tour
03/09/201717:02:40Current Report Filing (8-k)
03/07/201717:07:52Current Report Filing (8-k)
03/07/201716:18:31Statement of Changes in Beneficial Ownership (4)
03/07/201716:18:09Statement of Changes in Beneficial Ownership (4)
03/07/201716:15:07Initial Statement of Beneficial Ownership (3)
03/06/201716:30:00Advance Auto Parts Growth Plans Fuel Career Opportunities
03/02/201715:25:00Advance Auto Parts y la Selección Nacional de México anuncian a...
03/02/201712:47:00Advance Auto Parts Announces Multi-Year Partnership with the...
03/01/201709:31:47Current Report Filing (8-k)
03/01/201706:45:00Advance Auto Parts Names Jeffrey Shepherd Chief Accounting Officer
02/28/201718:32:59Annual Report (10-k)
02/21/201708:22:58Statement of Changes in Beneficial Ownership (4)
02/21/201706:38:59Current Report Filing (8-k)
02/21/201706:30:00Advance Auto Parts Reports Fourth Quarter Fiscal 2016 Results
02/17/201716:09:26Statement of Changes in Beneficial Ownership (4)
02/09/201709:54:23Schedule 13g

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