AAP Earnings: Advance Auto Parts reports lower first-quarter loss on home sales

Auto parts dealer Advance Auto Parts, Inc. (NYSE: AAP) on Wednesday reported a sharp decline in first-quarter 2024 net income as sales remained essentially unchanged.

The company reported net income of $40.0 million, or $0.67 per share, for the first quarter, compared to $48.3 million, or $0.81 per share, in the year-ago quarter.

Net sales for the three months were essentially unchanged at $3.41 billion. First quarter comparable store sales decreased 0.2%

Shane O’Kelly, the company’s CEO, said: “Although the start of 2024 was slower for the industry compared to our expectations, the actions we initiated in the second half of last year will help us optimize our operations in the long term. Our leadership team and I remain focused on improving the core fundamentals of our business while reducing costs, which is reflected in our reduction in SG&A expenses year over year.”

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