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Advance Auto Parts profits down 35% on weaker sales
2/15/2016 7:35 AM
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Slowed by weaker sales and fewer selling days in the quarter, Advance Auto Parts Inc. (NYSE: AAP) reported its profits plunged 35 percent in the final quarter of the year. But the company trimmed expenses and results beat Wall Street expectations, according to a MarketWatch report.
Advance Auto shares, down 29 percent over the past three months, shaved off another 0.4 percent premarket to $138 per share, the report said. The company’s 52-week range is $131.59 to $201.24.
On the year, revenue declined 9 percent to $2.03 billion and compared to Wall Street expectations of $2.05 billion, according to Thomson Reuters.
With recent reports suggesting Advance Auto is exploring a sale,
analysts have pointed
to Springfield-based O'Reilly Automotive Inc. (Nasdaq: ORLY) as a natural buyer.
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