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Why Shares in Advance Auto Parts Got Crushed This Week

Lee Samaha, The Motley Fool
·2-min read
Why Shares in Advance Auto Parts Got Crushed This Week

Shares in automotive aftermarket retailer parts retailer Advance Auto Parts (NYSE: AAP) are down an incredible 38% in the week to midday on Thursday, according to data provided by S&P Global Market Intelligence. Not only did Advance report results below expectations, but management also cut its full-year guidance, and the board of directors slashed the quarterly dividend from $1.50 to $0.25. After reporting a 0.4% decrease in comparable-store sales in the first quarter, management now expects full-year compare store sales to be in the range of a 1% decline to flat in 2022, compared to prior guidance for growth of 1% to 3%.

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