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Friday, February 8, 2013
RICHMOND — Advance Auto Parts Inc. said Thursday that its fourth-quarter net income fell 2 percent as lackluster sales were offset by higher supply costs and growth-related expenses.
But the results beat Wall Street expectations and its shares rose 7 percent in morning trading.
The Roanoke-based seller of auto parts and batteries earned $65.1 million, or 88 cents per share, for the period ended Dec. 31, down from $66.4 million, or 90 cents per share, a year ago.
Advance Auto Parts, which operates nearly 3,795 stores in the United States, Puerto Rico and the Virgin Islands, said revenue increased slightly to $1.33 billion.
Analysts polled by FactSet expected earnings of 75 cents per share on revenue of $1.33 billion.
Sales at stores open at least a year decreased nearly 2 percent. That’s an important measure for retailers because it excludes results from newly opened or closed stores. The company opened 67 stores during the quarter and 137 stores this fiscal year.
Advance has faced weak demand from both do-it-yourself and commercial customers. Consumer spending has been hit by volatile gasoline prices, and the company has experienced softer sales in cold-weather markets.
Advance said its full-year earnings fell about 2 percent to $387.7 million, or $5.22 per share. Revenue increased less than 1 percent to $6.2 billion as sales at stores open at least a year were relatively flat.
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