US-based automotive and aftermarket parts provider Advance Auto Parts has lifted its sales outlook for the year by 2pc to $10.6-10.8bn from $10.4-10.6bn amid increasing demand for auto parts.
However, Jeff Shepherd, executive vice president and chief financial officer of the company warned on Wednesday that the potential for volatility in this market remained high in H2 2021.
Regarding its performance, from January 2, 2021 to July 17, 2021, Advance Auto Parts reported a 15pc increase in net sales to $5.97bn from $5.19bn in the same period last year.
In Q2 2021, the company reported a 6pc increase in its net sales, to $2.65bn from $2.50bn in the same quarter a year ago. Sales from its retail stores increased by 5.8pc during the quarter.
Advanced Auto’s adjusted gross profit improved by 11.7pc to $1.2bn in Q2 2021 against the same quarter last year while its operating income increased by 7pc to 302mn over the same period.