Advance Auto Parts stocks climb on Q3 earnings topper

Nov. 10, 2020 6:52 AM ETAdvance Auto Parts, Inc. (AAP)By: Niloofer Shaikh, SA News Editor
  • Advance Auto Parts (NYSE:AAP) reports comparable store-sales increased 10.2% vs. consensus of 7%, led by DIY Omnichannel business.
  • Adjusted gross margin rate up 50 bps to 44.4% vs. consensus of 44.2%, driven by improvements in pricing actions and supply chain efficiencies as well as favorable channel mix.
  • Adjusted SG&A expense rate improved 133 bps to 33.7% vs. consensus of 33.9%.
  • Adjusted operating margin rate up 183 bps to 10.7% vs. consensus of 10.4%.
  • During the quarter, the company repurchased 0.7M common shares for $109.6M at an average price of $153.06/share.
  • Store count -251 Y/Y to 4,811.
  • Due to continued volatility, the company refrains from providing any guidance.
  • Shares up 2% premarket.
  • Previously: Advance Auto Parts EPS beats by $0.14, beats on revenue (Nov. 10)
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