This morning, Advance Auto Parts announced fiscal second quarter same-store sales comparisons were likely to be up 1% to 2% versus previous guidance of 3% - 5%. The company cautioned earnings per share (EPS) would likely be in a range of $0.57 to $0.59 versus previous guidance of $0.65 to $0.68 Management said: “higher energy prices, ever- higher interest rates, and higher required credit card payments are further reducing discretionary income for our lower- and middle-income customers and has unfavorably impacted customer traffic.”

We’re not big fans of the argument that higher gas prices have curbed consumer spending patterns on big ticket products like vehicles and re ...