Auto Parts Retailers Dismantled

Advance Auto Parts (AAP Quote) warned investors Thursday that high gas prices and rising interest rates were weighing on its customers and slowing second-quarter sales growth.

Shares of the auto parts retailer were recently down $6, or 17%, to $29.90. Meanwhile, its competitors were also moving lower on the news. AutoZone (AZO Quote) was recently trading down $3.75, or 4.1%, to $88.52; while Pep Boys (PBY Quote) fell 62 cents, or 5.3%, to $11.05. O'Reilly Automotive (ORLY Quote) sank $2.66, or 8.1%, to $30.36.

Advance Auto Parts said it now expects its second-quarter same-store sales, or sales at stores open at least a year, to rise 1% to 2% over the same period last year. Previously, the company projected same-store sales growth of 3% to 5%. Last year it recorded a 9% same-store sales gain in its second quarter. ...