Advance Auto Parts Updates Guidance As Profits Fall

Man working under the hood of car parked in Advance Auto Parts store parking lot.

Advance Auto Parts’ (AAP) second-quarter revenue rose slightly but earnings sank as price increases could not offset higher product costs and supply chain deleverage.

For the quarter ended July 15, Advance reported net sales growth of 0.8% to $2.7 billion, which beat analysts’ expectations, and diluted earnings per share down 39.9% to $1.43, which missed expectations.