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Advance Auto Parts (NYSE:AAP) shares dropped more than 5% after-hours following the company’s reported Q2 results, with EPS of $3.74 coming in worse than the consensus estimate of $3.76.
Revenue grew 0.6% year-over-year to $2.7 billion, missing the consensus estimate of $2.75 billion.
Comparable store sales decreased 0.6% in Q2, primarily driven by a decrease in consumer demand within DIY omnichannel and an increase in owned brands, partially offset by an increase in professional. The company opened 43 new store and branch locations during the quarter.
“While our industry is not immune to the inflationary pressures consumers and broader retail have been experiencing, we believe our industry is well positioned for the long-term within the broader retail space to withstand these headwinds. In addition, our team continues to make progress on our strategic initiatives to drive long-term shareholder value,” said Tom Greco, president and CEO of the company.
