Advance Auto sees Q1 same-store sales up 20%+ - MarketWatch

autosoto.blogspot.com

Advance Auto Parts Inc. reported demand has been strong during the first quarter, saying government stimulus efforts have helped boost sales.

Based on results through March 27 and current estimates for the balance of the first quarter, the parts chain said it expects comparable-sales to expand 22% to 24% year over year. Over a two-year period, which compares with a more normalized environment in 2019, those sales for the quarter are expected to be up 13% to 15%.

"Positive impact from government stimulus, favorable weather and a gradual recovery in miles driven as the economy reopens" is bolstering results, Chief Executive Tom Greco said.

Advance also said it expects first-quarter operating margins to be 7% to 7.2%. The company is holding an investor event Tuesday.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

Let's block ads! (Why?)