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Stock impact report

Advance Auto boosts pay and paid sick time for workers, withdraws guidance and suspends buybacks [MarketWatch]

Advance Auto Parts Inc. (AAP) 
Last advance auto parts inc. earnings: 2/18 06:30 am Check Earnings Report
Company Research Source: MarketWatch
Advance Auto Parts Inc. said it is offering workers emergency pay that includes additional paid sick time of 80 hours for full-time workers and 44 hours for part-time workers to help them during the coronavirus pandemic. The after-market car parts provider is also offering team members a grant of up to $300 to help with living expenses, such as child-care costs. Raleigh, N.C.-based Advance Auto is offering customers curbside pickup ad same-day delivery via its mobile app. In an effort to rein in costs during a period of reduced business with many drivers subject to stay-at-home orders, the company is reducing capital spending for 2020 by 50%. It has closed some stores temporarily and reduced hours at others. The company is withdrawing financial guidance for 2020 provided on Feb. 18 and has suspended its share buyback program. Same-store sales for the twelve weeks ended March 21 fell 3.2% from a year ago, but fell about 28% in each of the two following weeks. "COVID-19 has had a greate Show less Read more
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