LONDON, UK / ACCESSWIRE / June 14, 2017 / Pro-Trader Daily publishes post-earnings coverage on Advance Auto Parts, Inc. (NYSE: AAP) following the Company's release of its first quarter fiscal 2017 financial results on May 24, 2017. The auto parts retailer reported a y-o-y decline in revenue and earnings. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the sixteen weeks period ended April 22, 2017, Advance Auto Parts generated revenue of $2.89 billion compared to $2.98 billion in Q1 2016. The Company's revenue numbers came in below analysts' expectations of $2.95 billion.

For Q1 2017, Advance Auto Parts' same-store sales declined 2.7% compared to market estimates for a drop of 1.2%. The Company stated that comparable store sales were unfavorably impacted by the shift in New Year's Day to Q1 2017 as well as the significant shift of winter related demand into December. These factors pulled sales forward into Q4 2016 and reduced comparable store sales in the reported quarter.

For Q1 2017, Advance Auto Parts' gross profit came in at $1.27 billion compared to $1.35 billion in Q1 2016. The decline in gross profit was attributed to investments in customer, inventory optimization efforts, and supply chain expense deleverage due to comparable store sales decline. Advance Auto Parts recorded adjusted operating income of $204.9 million compared to adjusted operating income of $315.0 million in Q1 2016, with adjusted operating margins down 349 basis points on a y-o-y basis to 7.1%.

Advance Auto Parts posted net income of $108.0 million, or $1.46 per share, in Q1 2017 compared to net income of $158.8 million, or $2.16 per share, in Q1 2016. On an adjusted basis, the Company reported earnings of $1.60 per share. Advance Auto Parts' earnings missed Wall Street's expectations of $2.16 per share.

Cash Matters

As on April 22, 2017, Advance Auto Parts had cash and cash equivalents of $126.09 million compared to $135.18 million as on December 31, 2016. The Company's long-term debt totaled 1.07 billion at the end of Q1 2017 compared with long-term debt of $1.04 billion at the end of the previous quarter.

Advance Auto Parts' operating cash flow decreased approximately 60.3% to $35.1 million through Q1 2017 from $88.4 million through Q1 2016. The Company's free cash flow was negative $30.2 million in the reported quarter compared to negative $0.7 million through the year ago same period, primarily driven by lower sales, partially offset by lower capital expenditures of $65.3 million in Q1 2017 versus $89.1 million in Q1 2016.

Store Information

As of April 22, 2017, Advance Auto Parts operated 5,059 stores and 130 Worldpac branches and served approximately 1,250 independently owned Carquest stores.

Dividend

On May 16, 2017, Advance Auto Parts' Board of Directors declared a regular quarterly cash dividend of $0.06 per share to be paid on July 07, 2017, to stockholders of record as of June 23, 2017.

Stock Performance

At the close of trading session on Tuesday, June 13, 2017, Advance Auto Parts' stock price marginally rose 0.52% to end the day at $131.63. A total volume of 895.91 thousand shares were exchanged during the session. The Company's shares are trading at a PE ratio of 23.88 and have a dividend yield of 0.18%. At Tuesday's closing price, the stock's net capitalization stands at $10.08 billion.

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