=Advance Auto (AAP) reported earnings on Tue 14 Nov 17 (b/o)

Advance Auto beats by $0.22, misses on revs; reaffirms FY17 same store sales guidance  

• Reports Q3 (Sep) earnings of $1.43 per share, excluding non-recurring items, $0.22 better than the Capital IQ Consensus of $1.21; revenues fell 3.0% year/year to $2.18 bln vs the $2.21 bln Capital IQ Consensus.
  • Gross Profit margin decreased 51 basis points year-over-year to 43.4%.
  • Adjusted SG&A was 35.5% of net sales, a 127 basis point increase year-over-year.
• The Company reaffirmed the following FY17 guidance:
  • New Stores 60-65 new stores 
  • Comparable Store Sales -3% to -1%
  • Adjusted Operating Income Rate 200 to 300 basis points year over year reduction 
  • Free Cash Flow Minimum $300 million