* Q1 EPS $1.79 vs est $1.81
* Q1 sales $2 billion
* Sees FY 2012 EPS $5.55-$5.75
* Shares fall 18 pct
May 17 U.S. auto parts retail chain Advance Auto
Parts Inc reported a quarterly profit that missed
analysts' estimates, as h i gher supply chain costs hurt margins,
sending its shares down 18 percent.
The company, which warned that sales trends in the second
quarter remain challenging, said it expects annual comparable
store sales to be in the low single digits for 2012. It also
kept its full-year profit forecast of $5.55 to $5.75 per share.
Analysts on average were expecting earnings of $5.97 per
share, according to Thomson Reuters I/B/E/S.
The company, which sells parts, accessories, batteries and
maintenance items, also said it would repurchase $500 million of
its stock. The new plan replaces the $300 million share buyback
program authorized in August 2011.
Advance Auto Parts' first-quarter net income rose to $133.5
million, or $1.79 per share, from $109.6 million, or $1.35 per
share, a year ago.
Sales increased 3.1 percent to $2 billion, helped by a 2.1
percent rise in comparable store sales.
Analysts were expecting earnings of $1.81 per share on sales
of $2 billion.
Advance Auto Parts shares fell to a low of $67.22 in early
morning trade on Thursday, making it the biggest percentage
loser on the New York Stock Exchange.