UPDATE: Advance Auto Parts shares slide 13% after profit miss

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Advance Auto Parts Inc. shares












AAP, +1.84%










slid 13% premarket Tuesday, after the company reported weaker-than-expected profit for the second quarter. The Roanoke, Va.-based aftermarket parts provider said it had net income of $87.0 million, or $1.17 a share, in the quarter, down from $124.6 million, or $1.68 a share, in the year-earlier quarter. Adjusted per-share earnings came to $1.58, below the FactSet consensus of $1.65. Same-store sales were flat, against expectations of a decline of 0.2%. “Our revised guidance for the year incorporates the impact of industry headwinds in the first half, which we expect to continue in the second half of the year and we are taking the appropriate actions to adapt to this environment,” chief Executive Tom Greco said in a statement. The company is expecting full-year same-store sales to fall 3% to 1%, wider than the FactSet consensus for a decline of 0.5%. It expects to open 60 to 65 new stores this year. Shares have fallen 35% in 2017, while the S&P 500 has gained 10%.

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