Advance Auto Parts Reports Q1 Earnings Miss, Provides 2022 Guidance

Advance Auto Parts (NYSE: AAP) reported its Q1 results, with EPS of $3.57 coming in worse than the Street estimate of $3.60. Revenue grew 1.3% year-over-year to $3.4 billion, compared to the Street estimate of $3.39 billion.

Comparable store sales rose 0.6% year-over-year. On a two-year stack, comparable-store sales rose 25.3%.

According to Tom Greco, president and CEO of Advance Auto Parts, the company delivered its 8th consecutive quarter of comparable store sales, adjusted operating income, and adjusted EPS growth.

The company provided its full 2022-year outlook, expecting EPS in the range of $13.30-$13.85, compared to the consensus of $13.70, and revenue in the range of $11.2-11.5 billion, compared to the consensus of $11.4 billion.

Shares of Advance Auto Parts are down 24% year-to-date.

By Davit Kirakosyan

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