ADVANCE AUTO PARTS ALERT: Bragar Eagel & Squire, P.C. is Investigating Advance Auto Parts, Inc. on Behalf
Benzinga Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Advance Auto Parts, Inc. ("Advance Auto Parts" or the "Company") AAP on behalf of Advance Auto Parts stockholders. Our investigation concerns whether Advance Auto Parts has violated the federal securities laws and/or engaged in other unlawful business practices.
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On May 31, 2023, Advance Auto Parts revealed disappointing results for the first quarter of fiscal year 2023, including a net sales decrease of more than 1.6% compared to the prior year and an operating margin rate of 2.6%, "well below expectations due to higher than planned investments to narrow competitive price gaps in the professional sales channel as well as unfavorable product mix." Advance Auto Parts also disclosed that it was slashing its full year 2023 guidance, which it had provided just three months earlier, given that it now "expect[s] the competitive dynamics . . . faced in the first quarter to continue." Advance Auto Parts further revealed that it was cutting its quarterly dividend by 84% "to provide enhanced financial flexibility."
