Advance Auto Parts, Inc. (NYSE: AAP) reported first-quarter net sales growth of 1.3% year-over-year to $3.37 billion, missing the consensus of $3.38 billion.
Comparable store sales increased 0.6%; comparable store sales increased 25.3% on a two-year stack. Advance opened 35 new stores in the first quarter.
The gross margin was flat at 44.6%. The operating income declined by 19.4% Y/Y to 203.27 million and the margin contracted by 155 bps to 6%. The adjusted gross profit margin increased 231 bps to 47.1%, and the adjusted operating margin was flat.
Adjusted EPS improved by 6.9% Y/Y to $3.57, in line with the consensus of $3.57.
AAP’s net cash …