Advance Auto Parts fiscal second-quarter earnings up 25 percent on store openings

Advance Auto Parts 2Q earns up 25 pct

ROANOKE, Va. — Advance Auto Parts Inc. said Wednesday that its fiscal second-quarter earnings rose 25 percent, helped by the addition of new stores over the past year.

The auto parts retailer also raised its outlook for the year, citing a strong first-half performance.

The company reported net income of $100.9 million, or $1.16 per share during the 12 weeks ended July 17. That was up from $80.3 million, or 83 cents per share in the year-ago quarter.

Sales rose to $1.42 billion, a 7.2 percent increase from $1.32 billion in the 2009 second quarter. The company said the sales gain was driven by the net addition of 90 new stores during the past 12 months and better comparable store gains.

Analysts surveyed by Thomson Reuters expected net income of $1.03 per share on sales of $1.41 billion.

For all of the fiscal 2010 year, Advance Auto Parts expects earnings of $3.70 to $3.80 per share, up from a previous outlook of between $3.20 to $3.40 per share.

Analysts foresee $3.58 per share for the year.

Company shares closed down $1.14 to $51.91 Wednesday but moved up 2 percent in aftermarket trading after the quarterly results were released.