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Advance Auto Parts, a leading automotive aftermarket-parts provider in North America that serves both professional installers and do-it-yourself customers, said it will close more than 700 of its 5,000 stores in a “strategic plan to improve business performance.” Of those closing, it said 523 will be corporate stores, 204 will be independent locations, and four will be distribution centers.
Advance Auto Parts, Inc. (NYSE:AAP ) Q3 2024 Earnings Call Transcript November 14, 2024 8:00 AM ET Company Participants Lavesh Hemnani - VP of IR Shane O'Kelly - President and CEO Ryan Grimsland - EVP and CFO Conference Call Participants Michael Lasser - UBS Chris Horvers - JPMorgan Scot Ciccarelli - Truist Seth Basham - Wedbush Steven Zaccone - Citigroup Seth Sigman - Barclays Zach Fadem - Wells Fargo Operator Hello, everyone, and welcome to the Q3 2024 Advance Auto Parts Earnings Conference Call. My name is Charlie, and I'll be coordinating the call today.
The action in Advance Auto Parts, Inc. AAP has some investors and traders confused. The company released its earnings report Thursday and it was well short of estimates.
The car-parts retailer announces plans to close hundreds of stores as part of a financial plan to refresh the business.
AAP expects 2024 net sales of around $9 billion, down from the prior-guided range of $11.15-$11.25 billion.
The headline numbers for Advance Auto Parts (AAP) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Advance Auto Parts (AAP) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of $0.52. This compares to loss of $0.82 per share a year ago.
Advance Auto Parts' stock falls after a quarterly loss, and release of a plan to close more than 500 company stores and four distribution centers.
Advance Auto Parts, Inc. AAP will release earnings results for its third quarter, before the opening bell on Thursday, Nov. 14.
The company warned it could incur up to $750 million of total costs related to the restructuring.
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