Advance Auto Parts Stock Plummets Following Disappointing Q2 Earnings
The retailer missed profit expectations, lowered its annual outlook, and announced the sale of its wholesale unit.
- Advance Auto Parts reported Q2 earnings of $0.75 per share, missing the expected $0.94.
- The company's net sales were slightly above forecasts at $2.68 billion.
- Full-year revenue guidance was cut to between $11.15 billion and $11.25 billion.
- Shares fell up to 22%, reaching their lowest level since last October.
- Advance Auto Parts sold its Worldpac wholesale unit for $1.5 billion to The Carlyle Group.
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