Press release
O’Reilly Automotive, Inc. Reports Fourth Quarter And Full-Year 2023 Results
Fourth quarter comparable store sales growth of 3.4%, full-year increase of 7.9%11% increase in fourth quarter diluted earnings per share to $9.26, full-year
About this update from O'reilly Automotive, Inc.
[{"type":"text","content":"Fourth quarter comparable store sales growth of 3.4%, full-year increase of 7.9%11% increase in fourth quarter diluted earnings per share to $9.26, full-year increase of 15% to $38.47Completed previously announced Leadership Succession Plan SPRINGFIELD, Mo., Feb. 07, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue and earnings for its fourth quarter and full-year ended December 31, 2023. The results represent 31 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April of 1993. 4th Quarter Financial Results Brad Beckham, O’Reilly’s Chief Executive Officer (“CEO”), commented, “We are pleased to report another solid quarter, highlighted by a comparable store sales increase of 3.4%, on top of the very strong 9.0% comparable store sales increase Team O’Reilly delivered in the fourth quarter last year. Our Team once again generated double-digit professional comparable store sales growth, while also successfully navigating the anticipated year-over-year pressure we experienced on the DIY side of our business, resulting from the extremely strong, weather-driven sales we produced in the fourth quarter of 2022. In total, our comparable store sales performance exceeded our expectations for the quarter, driven by Team O’Reilly’s relentless focus on providing the highest levels of service in the industry. We would like to express our appreciation to each of our over 90,000 Team Members for their unwavering commitment to going above and beyond for our customers each and every day.” Sales for the fourth quarter ended December 31, 2023, increased $188 million, or 5%, to $3.83 billion from $3.64 billion for the same period one year ago. Gross profit for the fourth quarter increased 6% to $1.97 billion (or 51.3% of sales) from $1.85 billion (or 50.9% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A”) for the fourth quarter increased 7% to $1.25 billion (or 32.6% of sales) from $1.17 billion (or 32.2% of sales) for the same period one year ago. Operating income for the fourth quarter increased 5% to $719 million (or 18.8% of sales) from $682 million (or 18.7% of sales) for the s...