Automotive parts retailer Advance Auto Parts, Inc. (NYSE: AAP) on Wednesday reported a sharp decline in net profit for the first quarter of 2024, when sales remained broadly unchanged.

The company reported net income of $40.0 million or $0.67 per share for the first quarter, compared to $48.3 million or $0.81 per share in the year-ago quarter.

Net sales remained broadly unchanged at $3.41 billion during the three months. Comparable store sales for the first quarter decreased 0.2%

Shane O’Kelly, the company’s CEO, said, “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction.”

Prior Performance

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