Shares of Advance Auto Parts Inc. AAP, -1.50% slumped 4.3% toward a 13-month low in premarket trading Tuesday, after the auto parts retailer reported second-quarter earnings and sales that missed expectations and trimmed its full-year outlook, while announcing a new $400 million stock repurchase program. Net income for the quarter to July 13 rose to $124.8 million, or $1.73 a share, from $117.8 million, or $1.59 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose 1.5% to $2.00, but missed the FactSet consensus of $2.22. Sales increased 0.2% to $2.33 billion, below the FactSet consensus of $2.36 billion. Same-store sales were “flat,” missing the FactSet consensus for a 1.5% increase. For 2019, the company lowered its sales guidance range to $9.65 billion to $9.75 billion from $9.65 billion to $9.80 billion, and trimmed its same-store sales growth outlook to 1.0% to 2.0% from 1.0% to 2.5%. “We are confident that despite short term headwinds in the second quarter, which caused volatility in our financial results, we will deliver meaningful progress against our transformation plan in 2019,” said Chief Financial Officer Jeff Shepherd. The company said the new $400 million buyback program replaces what’s left of the previous $600 million program authorized a year ago. The stock, which is on track to open at the lowest levels seen since July 2018, has shed 9.7% year to date through Monday, while the Dow Jones Industrial Average DJIA, -1.48% has climbed 11.0%.