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Topline
Advance Auto Parts stock collapsed on Wednesday after a worse-than-expected earnings report revealed growing price cuts have started to eat away at profit margins—adding to signs companies may be forced to lower prices aggressively for goods and services in the coming months as the broader economy slows down.
Key Facts
Shares of the Raleigh, North Carolina, company cratered 31% by 10 a.m. EDT on Wednesday after the firm reported comparable store sales fell 0.4% last quarter despite expectations calling for a 0.7% increase, and net income clocked in at $42.7 million, or 72 cents per share—far worse than average projections of $2.65.
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