International. Like-for-like store sales were down 0.6%, while operating income fell 17.7% to $201.7 million.
Advance Auto Parts announced second-quarter net sales of $2.7 billion, up 0.6% compared to the second quarter of 2021.
Nonetheless, Advance CEO Tom Greco acknowledged through the company's statement that it was "a more challenging quarter in the top line than we expected."
"Our deliberate move to increase private label penetration reduced net and overall sales by about a full point," Greco said.
Advance's CEO noted, "Our DIY omnichannel sales were particularly challenged in the quarter and we expect high inflation and significant year-over-year increases in fuel prices to continue to put pressure on DIY consumers in the second half of the year. As a result, we are updating our guidance for the full year 2022."
Advance now expects full-year net sales of $11 billion to $11.2 billion, compared to its previous guidance of $11.2 billion to $11.5 billion.
"While our industry is not immune to the inflationary pressures that consumers and retail in general have been experiencing, we believe our industry is well positioned over the long term within the broader retail space to withstand these headwinds," Greco said.
"In addition, our team continues to make progress on our strategic initiatives to generate long-term shareholder value. We remain relentlessly focused on customer service, parts availability and delivery reliability. We are confident that this will help enable sustainable sales growth, margin expansion and strong cash returns."
On the other hand, Greco highlighted some of the positive aspects of the second quarter, including a 10% increase in diluted earnings per share.
"In the second quarter we achieved another quarter of growth in net sales and adjusted operating income, underscored by the expansion of the adjusted operating income margin," he said.
"Our adjusted operating profit margin rate of 11.7% was the highest level AAP has achieved in seven years. This helped enable a record quarterly adjusted diluted earnings per share of $3.74, which increased 10% compared to the second quarter of 2021 and 72% compared to the second quarter of 2019."
