Advance Auto misses by $0.21, reports revs in-line :
- Reports Q2 (Jun) earnings of $1.90 per share, which excludes amortization of acquired intangible assets and integration and restructuring costs primarily associated with the acquisition of General Parts International, $0.21 worse than the Capital IQ Consensus of $2.11; revenues fell 4.8% year/year to $2.26 bln vs the $2.24 bln Capital IQ Consensus.
- The sales decline was driven by the comparable store sales decrease of 4.1%, the store closures in 2015 and the effect of Carquest consolidations. The sales decline was partially offset by new store and Worldpac branch openings.
- "Our second quarter results were not acceptable and we are moving thoughtfully and swiftly to make the necessary changes across a number of critical areas within the organization to alter the trajectory of the business and improve our operating performance," said Tom Greco, Chief Executive Officer. "There's a heightened sense of urgency and accountability throughout the organization and we are taking decisive actions to deliver near-term improvement with a focus on accelerating our commercial growth and improving our execution."
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