J P M O R G A N North America Equity Research 20 August 2026 Advance Auto Parts, Inc. 2Q Below Expectations with Implied 2H Guidance Cut Our take: slower trends in last four weeks and moderated DIFM growth drives comp miss; guide update to include tax refunds with 2H cut implied. AAP's results fell well below our previewed expectations and above the Street forecasts. SSS were -0.5% vs. 1.5%e with the last four weeks weak and DIFM slowing from +MSD. SG&A dollars beat as expected, but gross margin missed ex 1 ...