Advance Auto beats by $0.02, beats on revs :
- Reports Q3 (Sep) earnings of $1.73 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.71; revenues fell 2.0% year/year to $2.25 bln vs the $2.2 bln Capital IQ Consensus
- The sales decline was driven by the comparable store sales decrease of 1.0%, the store closures in 2015 and the effect of Carquest store consolidations. The sales decline was partially offset by new store and Worldpac branch openings
- The co's Gross Profit rate was 43.9% of sales during the third quarter as compared to 45.0% during the third quarter last year. The 104 basis-point decrease in gross profit rate was primarily the result of higher supply chain expenses and headwinds associated with reducing inventory levels
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