News Summary: Advance Auto Parts Net Falls 12 Pct
The Associated Press
CAR CARE: Advance Auto Parts said Thursday that its second-quarter net income fell almost 12 percent as the car parts retailer's revenue slipped. Its results missed expectations and the company slashed its earnings guidance for the year.
CAUTIOUS SPENDERS: CEO Darren R. Jackson said that high unemployment and low consumer confidence have hurt consumer spending. The seller of batteries and other auto parts has found "consumers were only willing to spend the absolute minimum amount on failure-related parts and were willing to defer maintenance purchases," he said in a conference call.
THE OUTLOOK: Advance Auto Parts has been focused on streamlining and simplifying its organization to reduce costs and minimize the impact to sales and service levels. It operates about 3,690 stores in the U.S., Puerto Rico and the Virgin Islands.
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