Advance Auto Parts Inc. (AAP), a retailer of automotive aftermarket parts, accessories, batteries, and maintenance items, reported that its first-quarter net income decreased to $121.79 million or $1.65 per share, from $133.51 million or $1.79 per share in the same quarter last year.
Total sales for the first quarter increased 3.0% to $2.02 billion, as compared with total sales during the first quarter of fiscal 2012. The sales increase was driven by the acquisition of BWP and the net addition of 163 new stores over the past 12 months, partially offset by a comparable store sales decrease of 3.2% versus a comparable store sales increase of 2.1% during the first quarter of fiscal 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share on revenues of $2.01 billion for the quarter. Analysts' estimates typically exclude special items.
On May 21, 2013, the Company's Board of Directors declared a regular quarterly cash dividend of $0.06 per share to be paid on July 5, 2013 to stockholders of record as of June 21, 2013.
The company said it is still early enough in the year that it is maintaining its annual outlook, but given the softness in its first quarter and the slow start to spring, it now expects to be at the lower end of its previously shared fiscal year 2013 earnings per share outlook of $5.30 to $5.45. Analysts expect the company to report earnings of $5.54 per share for fiscal 2013.
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