Why Advance Auto Parts Stock Crashed Today
Yahoo Finance ·
Shares of Advance Auto Parts ( AAP -24.55% ) plunged on Thursday after the automotive aftermarket parts supplier warned of a slowdown in consumer spending. Advance Auto Parts' net sales were flat year over year at $2 billion in its fiscal second quarter, which ended on July 18. The company's comparable store sales, which measure revenue from stores open for at least a year, declined by 0.5%. CEO Shane O'Kelly said Advance Auto Parts saw low-single-digit growth in its Pro channel, which serves professional automotive service providers. But sales to do-it-yourself customers lagged "as tighter household budgets constrained spending more than we anticipated, especially during the last four weeks of the quarter."
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