Advance Auto Parts announced that revenue for its fiscal third quarter ended Oct. 4 increased approximately 2.6 percent — driven by 124 net new stores and flat comparable store sales. Fiscal 2008 third quarter comparable store sales results were considerably lower than the second quarter 2008 which increased 2.9 percent.
The company had expected third quarter sales growth to decelerate versus the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in the third quarter.
Commercial comparable store sales increased approximately 10.9 percent in the third quarter, continuing their double-digit comparable store sales growth. The DIY business experienced comparable store sales declines of approximately 4.2 percent in the third quarter primarily driven by the current economic environment.
The company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.
"We remain committed to investing in our strategic initiatives while prudently making the necessary adjustments to navigate through the current environment," said Darren Jackson, president and CEO. "We also remain confident in our team members' ability to help our customers navigate through these challenging times."