Automotive elements retailer Advance Auto Components, Inc. (NYSE: AAP) on Wednesday reported a pointy decline in internet revenue for the primary quarter of 2024, when gross sales remained broadly unchanged.
The corporate reported internet earnings of $40.0 million or $0.67 per share for the primary quarter, in comparison with $48.3 million or $0.81 per share within the year-ago quarter.
Internet gross sales remained broadly unchanged at $3.41 billion throughout the three months. Comparable retailer gross sales for the primary quarter decreased 0.2%
Shane O’Kelly, the corporate’s CEO, stated, “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction.”
