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Share Facebook Twitter LinkedIn Pinterest Email Google News' now to get latest article notification text size Advance Auto Parts stock is down nearly 60 percent so far this year. David Paul Morris/Bloomberg Advance car parts Shares were near their lowest in more than a decade after S&P Global Ratings downgraded the auto parts retailer’s credit rating to junk territory. S&P Global downgraded Advance Auto by one notch to BB-plus, which is considered non-investment grade, from BBB-minus on Tuesday. The company’s “strategic performance challenges resulted in continued underperformance, reduced its competitive position and pressured credit protection metrics,” S&P Global said in a news release. Advance Auto (ticker: AAP ) has seen sales rise over the past 18 months, while its peers have outperformed, the ratings agency said. In turn, Advance “lost market share and weakened competitiveness in the industry,” S&P Global added. However, Advance Auto gave a stable outlook as the company still expects sales and profitability to improve gradually. In August, the retailer reported worse-than-expected second-quarter earnings and same-store sales fell 0.6% from a year earlier — slightly worse than its 0.4% decline. First quarter. The company sent a statement via email. Baron“He is taking deliberate steps to improve performance, improve margins and cash flow to position the company for long-term success and value creation,” he said. “Advance believes its $277 million in cash on hand and $1.1 billion in its revolving credit facility will support the company’s recent operational improvements to leverage its cost structure and working capital,” the letter from Advance continued. A car spokeswoman. Advance Auto shares slipped 7.3% to $57.96 in afternoon trading, the lowest since October 2011, according to Dow Jones market data. S&P Global highlighted concerns with the company’s broader strategy. “There is an effort by the company to improve its inventory and product offering.Weakened by inconsistent execution,” he wrote. “Furthermore, we believe that the company’s poor strategic decision to maintain and expand margins eroded its value as competitors invested in value.”idea” Write to Emily Dattilo at [email protected]