Advanced Auto Parts Falls On Modest Sales Gain

NEW YORK (AP) — Shares of Advanced Auto Parts Inc. fell Thursday on concerns about prospects for sales, especially after third-quarter sales at stores open at least one year for the car parts retailer missed Wall Street expectations.

In midday trading, shares fell $2.05, or 5.1 percent, to $38.24.

The Roanoke, Va., company said late Wednesday third-quarter net income rose to $62 million, or 65 cents per share, from $56.2 million, or 58 cents per share, a year ago.

Excluding one-time items, profit was 69 cents per share, which beat the 66 cents per share expected by analysts surveyed by Thomson Reuters.

Sales rose 6.3 percent to $1.26 billion, exactly what Wall Street expected, from $1.19 billion a year ago.

While Advanced Auto Parts beat earnings expectations and matched overall sales expectations, a 4.7 percent improvement in sales at stores open at least one year disappointed Wall Street.

Sales at stores open at least a year are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.