Advance Auto Parts shares are being hammered today with shares down more than 30% despite reporting before the market that it had netwcome of nearly $43 million or 72 cents a share. Those didn't meet Wall Street expectations nor those of its CEO.
The auto parts supplier blamed its Q1 results on higher-than-expected costs, inflationary pressure, supply chain problems and lower, unfavorable product mix.
Advance Auto Parts Inc lowered its full-year profit outlook on Wednesday on the back of elevated costs, sending the auto parts retailer's shares down 24 per cent before the opening bell.High raw material, labor and freight prices, along with the ongoing supply chain constraints, have weighed down the auto