NEW YORK ( TheStreet) -- Advance Auto Parts ( AAP) hit the skids in late trades on Wednesday after the Roanoke, Va., seller of aftermarket car and truck parts came in short on first-quarter earnings and shaved the top end of its same-store sales view for the full year.

The company said it earned $109.6 million, or $1.35 a share, on sales of $1.89 billion for the three months ended April 23, missing the average estimate of analysts polled by Thomson Reuters for a profit of $1.38 a share in the period on sales of $1.92 billion.



Advance Auto notes the selling, general and administrative expenses as a percentage of overall sales swelled to 40.7% in the quarter from 39.8% in the same period a year earlier because of higher spending on advertising and the negative impact of a "modest" increase in same-store sales on store labor and fixed costs.

"With our soft start to the year we are now expecting our comp stores sales to grow in the low single digits for the year," said Mike Norona, the company's executive vice president and chief financial officer, adding that Advance Auto has "adjusted" its cost structure and slowed the pace of its strategic initiatives because of the first-quarter performance.

The company had previously forecast a same-store sales increase in the low to mid-single digits for the year on Feb. 9. Advance Auto still expects, however, to meet its outlook for earnings of $4.60 to $4.80 a share for the full year.

The stock was last quoted at $65.30, down 7.6%, on volume of around 250,000, according to Nasdaq.com. Based on a regular session close at $70.66, the shares were up more than 50% in the past year, including a gain of 5.4% since the start of 2011, although it's pulled back slightly since hitting a 52-week high of $75.32 on May 13.

Wall Street had toned down its optimism on Advance Auto ahead of the report, given the strong run-up in the stock, and 14 of the 20 analysts covering the shares at either hold (12) or underperform (2).

SMART Technologies

Shares of SMART Technologies ( SMT) fell sharply in extended action after the Canadian maker of interactive whiteboard technology products said its quarterly profit was held back by spending on research and development and infrastructure.

The company posted a non-GAAP profit of $800,000, or a penny per share, for the fiscal fourth quarter ended March 31 on revenue of $167.3 million, down significantly from year-ago equivalent earnings of $5.7 million, or 3 cents a share, on revenue of $155.6 million.

SMART Tech also projected full-year revenue to come in between flat and down 5% from a total of $790.1 million for the year ended March 31. Adjusted earnings are anticipated to be "consistent" with its $85.5 million total for this past year.

The stock was down 13.1% at $8.45 on volume of 200,000 in late trades.

Petsmart

Petsmart ( PETM) shares rose in late trades after the Phoenix-based pet supplies retailer topped Wall Street's consensus profit view for its latest quarter by nearly 11%, and lifted its full-year outlook.

The company reported a profit of $70.9 million, or 61 cents a share, for the three months ended May 1 on sales of $1.49 billion, up from year-ago equivalent earnings of $55.6 million, or 46 cents a share, on sales of $1.39 billion, and ahead of the average estimate of analysts polled by Thomson Reuters for a profit of 55 cents a share.

The stock was last quoted at $44.90, up 5.7%, on volume of around 210,000, according to Nasdaq.com. Based on a regular session close at $42.49, the shares were up more than 30% in the past year, including a gain of more than 7% so far in 2011.

-- Written by Michael Baron in New York.

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