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Advance Auto Parts (NYSE:AAP) shares fell more than 9% after-hours following the company’s reported worse-than-expected Q3 results.
EPS came in at $2.84, below the consensus estimate of $3.32. Revenue was $2.6 billion (up 0.8% year-over-year), compared to the consensus estimate of $2.64B. The growth was primarily driven by strategic pricing and new store openings.
“Our deliberate move to increase owned brand penetration, which carries a lower price point, reduced net sales by approximately 80 basis points and comp sales by approximately 90 basis points,” said Tom Greco, president and CEO of Advance Auto Parts.
For fiscal 2022, the company expects EPS in the range of $12.60-$12.80, compared to the consensus of $13.02, and revenue in the range of $11-11.2B, compared to the consensus of $11.1B.
