Advance Auto Parts (AAP) Guides Q3 Lower
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Advance Auto Parts, Inc. (NYSE: AAP) said lower than anticipated sales growth will result in Q3 EPS to be approximately flat as compared to the fiscal 2007 EPS of $0.57, below the consensus of $0.66. In addition, the Company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.
Advance Auto Parts said third quarter revenue increased approximately 2.6% driven by 124 net new stores and flat comparable store sales.
The Company had expected third quarter sales growth to decelerate versus the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in the third quarter.
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