ROANOKE (WSLS 10) - Advance Auto Parts announces its results for the second quarter.
For the twelve weeks ending July 16th, the company earned $124.6 million or $1.68 per share on $2.26 billion in revenue.
Sales were down nearly five percent from last year. Same store sales, or stores open at least a year, dropped 4.1 percent.
Some of the drop in revenue is attributed to store closures and teh effect of Carquest consolidations, which were partially offset by new stores opening.
In an news release, Chief Executive Officer Tom Greco says, "Our second quarter results were not acceptable and we are moving thoughtfully and swiftly to make the necessary changes across a number of critical areas within the organization to alter the trajectory of the business and improve our operating performance. There's a heightened sense of urgency and accountability throughout the organization and we are taking decisive actions to deliver near-term improvement with a focus on accelerating our commercial growth and improving our execution."
The company also announced that Bob Cushing will take over as Executive Vice President, Commercial, a newly created position. He was previously President of Worldpac, a subsidiary of the company.
The company's stock is down more than six percent in pre-market trading.