By Dhirendra Tripathi

Investing.com – Advance Auto stock (NYSE:) fell more than 2% Tuesday as the company warned of inflation while reducing its guidance for new store openings and capital spending for the year.

The company raised its outlook for annual sales, saying it had incorporated “higher than planned inflation headwinds.”

Auto parts retailer will open 30 or more stores this year. With the company’s financial year closing in less than three months, that’s a sharp climb down from the guidance of 80 to120 new store openings it had given in August. This guidance has been revised to reflect the prior forecast of 100-150 new store openings.

Now, the company plans to invest at least $275million in capital. This is less than what was forecasted for August of $300 Million to $350 Million.

The company’s continued recovery in its professional business drove 3.1% increase in net sales to $2.6 Billion for the third quarter.

The comparable store sales rose by 3.1%.

The adjusted profit per share was $3.21 higher than the estimates.

Now, net sales are estimated to be around $10.93 Billion for the year, an increase of the $10.7 Billion forecast at the midpoint.