Advance Auto Parts, Inc. (AAP), while announcing weak profit and nearly flat sales in the second quarter, on Wednesday lowered its fiscal 2023 earnings view below market estimates, but lifted sales forecast.
Earnings from auto parts distributors such as Advance Auto Parts just might be the canary in the coal mine. There is a limit to what people can pay to buy.
Advance Auto Parts shares have dropped 54% since the beginning of the year. The stock has fallen 66% in the last 12 months. Its CEO has been planning to retire. Its chief financial officer left the North Raleigh-based company on Aug. 18. But on Wednesday morning Advance could be on its way to a rebound.