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14.11.24 - 17:06
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Advance Auto Cuts Outlook, Prepares 700-Store Closure (ZeroHedge)
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Advance Auto Cuts Outlook, Prepares 700-Store Closure
Advance Auto Parts reported a third-quarter loss, slashed its full-year outlook, and announced plans to close stores and distribution centers by summer 2025. The top automotive aftermarket parts provider for professionals and do-it-yourself consumers was pressured by soft demand for vehicle parts, as elevated inflation and broader economic pressures left fewer consumers repairing their vehicles.
For the third quarter ending October 5, Advance Auto reported a narrowed quarterly loss of $6 million, or 10 cents per share, compared to $62 million, or $1.04 per share, in the same quarter one year ago. Analysts tracked by FactSet had forecast a profit of 49 cents per share for the quarter, making the loss a notable surprise.
Sales fell 3% to $2.15 billion, missing the FactSet consensus of $2.62 billion. Comparable sales slid 2.3%, while higher labor costs dented margins, but only partially offset by a reduction in marketing expenses. ...
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