AAP - Why Advance Auto Parts Stock Plunged Today
2024-05-29 12:15:18 ET
Auto parts retailer Advance Auto Parts (NYSE: AAP) is (hopefully) in the middle of a turnaround. But it's apparent that the turnaround isn't done yet.
The company just reported financial results for its fiscal first quarter, which ended on April 20, and they were below investor expectations. Consequently, Advance Auto Parts stock was down 6% as of 11 a.m. ET on Wednesday.
In August 2023, Advance Auto Parts hired Shane O'Kelly from HD Supply to be its new president and CEO. He inherited a business with lower profit margins than its peers and consequently began reshaping the leadership team and restructuring the business for better performance.
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Why Advance Auto Parts Stock Plunged Today