Advance Auto board approves $250M share buyback

The new buyback replaces the company's $500 million share repurchase program approved in August, which had $105 million remaining under it, Advance Auto Parts said.

Under the previous authorization, the retailer said it repurchased 11.6 million shares at an average price of $34.13 per share.

Shares of Advance Auto Parts, which also on Thursday released strong first-quarter results, rose $2.86, or 8.3 percent, to $37.50 in aftermarket trading, from their close at $34.64 in the regular session.