Shares of Advance Auto Parts collapsed more than 30% following a 'downright horrible' earnings report after it was forced to slash prices. Foot Locker and Autozone are among retailers facing similar headwinds.
Advance Auto Parts stock collapsed on Wednesday after a worse-than-expected earnings report revealed growing price cuts have started to eat away at profit margins—adding to signs companies may be forced to lower prices aggressively for goods and services in the coming months as the broader economy slows down.... [+]
CEO Tom Greco lamented the firm faced"higher than planned" costs to help"narrow competitive price gaps,” in a statement issued with the earnings report.
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