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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
08/25/201516:20:26Quarterly Report (10-q)
08/13/201508:49:03Current Report Filing (8-k)
08/13/201508:30:00Advance Auto Parts Reports Second Quarter Fiscal 2015 Comparable...
07/30/201508:30:00Advance Auto Parts to Report Second Quarter Results on August...
07/08/201515:30:46Press Release: S&P Dow Jones Indices Statement on NYSE Floor...
07/06/201518:20:00Advance Auto Parts Set to Join the S&P 500; Jack in the Box...
07/06/201516:35:51Statement of Changes in Beneficial Ownership (4)
07/06/201516:35:26Statement of Changes in Beneficial Ownership (4)
07/06/201516:34:59Statement of Changes in Beneficial Ownership (4)
07/06/201516:34:59Statement of Changes in Beneficial Ownership (4)
07/06/201516:34:59Statement of Changes in Beneficial Ownership (4)
07/06/201516:34:33Statement of Changes in Beneficial Ownership (4)
07/06/201516:34:33Statement of Changes in Beneficial Ownership (4)
07/06/201516:33:41Statement of Changes in Beneficial Ownership (4)
07/06/201516:33:41Statement of Changes in Beneficial Ownership (4)
07/06/201516:33:41Statement of Changes in Beneficial Ownership (4)
07/06/201516:33:15Statement of Changes in Beneficial Ownership (4)
06/16/201516:32:15Statement of Changes in Beneficial Ownership (4)
06/10/201509:00:03Point72 Asset Management: Here’s What This Infamous Outfit H...
06/09/201502:14:50Pep Boys' Sales Rise 0.8%

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