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O'Reilly Auto Parts Stores Earnings;

    SPRINGFIELD, Mo.--Feb. 26, 2002--O'Reilly Automotive, Inc. ("O'Reilly") today announced record revenues and earnings for the fourth quarter and year ended 2001.
    This represents the ninth consecutive year of record revenues and earnings for O'Reilly since becoming a public company in April 1993.
    For the three months ended December 31, 2001, net income totaled $15.9 million, up 72.7% from $9.2 million for the same period a year ago. Earnings per common share (diluted) for the fourth quarter of 2001 increased 66.7% to $0.30 on 53.4 million shares versus $0.18 for the same period a year ago on 52.3 million shares. Product sales for the fourth quarter of 2001 totaled $278.4 million, up 28.4% from $216.9 million for the same period a year ago. Gross profit for the fourth quarter of 2001 increased to $122.3 million (or 43.9% of product sales) from $94.9 million (or 43.7% of product sales) for the fourth quarter of 2000, representing an increase of 28.9%.
    Net income for the year ended December 31, 2001, totaled $66.4 million, up 28.3% from $51.7 million for the same period a year ago. Earnings per common share (diluted) for the year ended December 31, 2001, increased 26.0% to $1.26 on 52.8 million shares versus $1.00 for the same period a year ago on 51.7 million shares. Product sales for the year ended December 31, 2001, totaled $1.09 billion, up 22.7% from $890.4 million for the year ended December 31, 2000. Gross profit for the year increased to $467.8 million (or 42.8% of product sales) from $382.7 million (or 43.0% of product sales) for the prior year, representing an increase of 22.2%.
    Comparable store product sales for stores open at least one year increased 7.2% and 8.8% for the fourth quarter and year ended December 31, 2001, respectively. Comparable store product sales for only those stores open during both full periods being compared increased 6.3% and 8.2% for the fourth quarter and year ended 2001, respectively.
    David O'Reilly, co-chairman of the board and chief executive officer, stated: "Team O'Reilly has produced another record year highlighted by a 26.0% increase in diluted earnings per common share, an operating margin of 10.4% and a net margin of 6.1%. We are pleased with these results and look forward to the opportunities that 2002 will bring, including our plans for 100 new stores."
    Larry O'Reilly, co-chairman of the board and chief operating officer, stated: "Finishing the year with 203 new stores, including our Mid-State Automotive, Inc. acquisition, is a tremendous accomplishment for Team O'Reilly. We expanded our presence to seven new contiguous states and added over 1,800 new team members, including the experienced professional parts people of Mid-State."
    The company will host a conference call Wednesday, February 27, 2002, at 10:00 a.m. Central Time to discuss its results as well as future expectations. The call will be available by webcast at www.oreillyauto.com, www.vcall.com or www.streetevents.com. Investors may listen to the conference call live on the company Web site, www.oreillyauto.com, by clicking "Investor Information," then "Conference Calls." A replay will also be available on the Web site shortly after the call.

    O'Reilly Automotive is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment and accessories in the United States, serving both the do-it-yourself and professional installer markets. Founded in 1957 by the O'Reilly family, the company operated 875 stores within the states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Oklahoma, Tennessee and Texas as of December 31, 2001.

    Certain statements contained in this press release are forward-looking statements. These statements discuss, among other things, expected growth, store development and expansion strategy, business strategies, future revenues and future performance. These forward-looking statements are subject to risks, uncertainties and assumptions, including, but not limited to, competition, product demand, the market for auto parts, the economy in general, inflation, consumer debt levels, governmental approvals, our ability to hire and retain qualified employees, weather, terrorist activities, war and the threat of war. Actual results may materially differ from anticipated results described in these forward-looking statements. Please refer to the Risk Factors sections of the Company's Form 10-K for the year ended December 31, 2000, for more details.



              O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED BALANCE SHEETS

                              December 31,            December 31,
                                  2001                    2000
                              ------------            ------------
                              (Unaudited)                (Note)
                                          In thousands
Assets
Current assets:
 Cash                           $ 15,041                $  9,204
 Short-term investments              500                     500
 Accounts receivable, net         41,486                  32,673
 Amounts receivable from vendors  40,242                  29,175
 Inventory                       447,793                 372,069
 Refundable income taxes             168                      92
 Deferred income taxes             3,908                   1,402
 Other current assets              3,327                   4,089
                                 -------                 -------
   Total current assets          552,465                 449,204

Property and equipment, at cost  392,365                 323,021
Accumulated depreciation and 
 amortization                    103,361                  76,167
                                 -------                 -------
   Net property and equipment    289,004                 246,854

Notes receivable                   2,557                   2,836
Other assets                      12,833                  17,101
                                 -------                 -------
Total assets                    $856,859                $715,995                                         
                                 =======                 =======

Liabilities and shareholders' equity 
Current liabilities:
 Note payable to bank           $  5,000                $ 35,000                             
 Income taxes payable                 --                   1,011
 Accounts payable                 61,875                  68,947
 Accrued payroll                  12,866                   9,309
 Accrued benefits & withholdings  14,038                   9,360
 Other current liabilities        15,514                  15,184
 Current portion of long-term 
  debt                            11,843                  14,121
                                 -------                 -------
   Total current liabilities     121,136                 152,932

Long-term debt, less current 
 portion                         165,618                  90,463
Deferred income taxes              9,141                   4,086
Other liabilities                  4,673                   4,783

Shareholders' equity:
 Common stock, $0.01 par value:
   Authorized shares -- 90,000,000
   Issued and outstanding 
    shares -- 52,850,713 at 
    December 31, 2001, and 
    51,544,879 at 
    December 31, 2000                529                     515
 Additional paid-in capital      256,794                 230,600
 Retained earnings               298,968                 232,616
                                 -------                 -------
Total shareholders' equity       556,291                 463,731
                                 -------                 -------
Total liabilities and 
 shareholders' equity           $856,859                $715,995
                                 =======                 =======

	   Note: The balance sheet at December 31, 2000, has been derived
from the audited financial statements at that date, but does not
include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.


              O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                              (Unaudited)

                         Three Months Ended        Year Ended
                            December 31,           December 31,      
                         ------------------        ------------
                         2001        2000        2001        2000    
                         ----        ----        ----        ----
                          (In thousands, except per-share data)

Product sales        $  278,377  $  216,891  $1,092,112  $  890,421

Cost of goods sold, 
 including warehouse 
 and distribution 
 expenses               156,061     122,026     624,294     507,720
                      ---------   ---------   ---------   ---------

Gross profit            122,316      94,865     467,818     382,701
Operating, selling, 
 general and adminis-
 trative expenses        95,117      77,920     353,987     292,672
                      ---------   ---------   ---------   ---------

Operating income         27,199      16,945     113,831      90,029
Other expense, net       (1,743)     (2,340)     (7,104)     (6,870)
                      ---------   ---------   ---------   ---------

Income before income 
 taxes                   25,456      14,605     106,727      83,159

Provision for income 
 taxes                    9,549       5,395      40,375      31,451
                      ---------   ---------   ---------   ---------

Net income           $   15,907  $    9,210  $   66,352  $   51,708
                      =========   =========   =========   =========

Net income per 
 common share        $     0.30  $     0.18  $     1.27  $     1.01
                      =========   =========   =========   =========
Net income per common 
 share -- assuming 
 dilution            $     0.30  $     0.18  $     1.26  $     1.00
                      =========   =========   =========   =========

Weighted average 
 common shares 
 outstanding             52,652      51,417      52,121      51,168
                      =========   =========   =========   =========
Adjusted weighted 
 average common shares    
 outstanding -- 
 assuming dilution       53,449      52,257      52,786      51,728   
                      =========   =========   =========   =========