Advance Auto Parts Not Providing Guidance Now Amid COVID-19 - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Tuesday, automotive aftermarket parts provider Advance Auto Parts Inc. (AAP) said it is not providing guidance at this time given uncertainties related to the full impact of the COVID-19 pandemic. The company had withdrawn its full year 2020 guidance on April 9, 2020.

The company said its first quarter results were significantly impacted by COVID-19 as stay at home orders in all of its markets from mid-March to the end of the first quarter ending April 18 resulted in significantly reduced car counts in its professional business and less retail traffic in DIY.

However, through the first four weeks of the second quarter, comparable store sales improved significantly each week. Quarter to date comparable store sales are approximately in line with the prior year.

The company said it expects that DIFM sales will continue to improve as stay at home orders are lifted.

The company withdrew guidance on April 9, 2020 and given uncertainties related to the full impact of the COVID-19 pandemic, the company is not providing guidance at this time.

Last week, the Company's Board of Directors declared a regular quarterly cash dividend of $0.25 per share, payable on July 03, 2020 to all common stockholders of record as of June 13, 2020.

During the quarter, the company also suspended its activity under share repurchase program.