O'Reilly Automotive, Inc. Announces Record 1998 Sales
27 January 1999
O'Reilly Automotive, Inc. Announces Record 1998 Sales
SPRINGFIELD, Mo.--Jan. 26, 1999--O'Reilly Automotive, Inc. ("O'Reilly") today announced record product sales for the year ended December 31, 1998, of $616.3 million, as compared with $316.4 million for the year ended December 31, 1997, an increase of 94.8%.
Product sales for the fourth quarter of 1998 increased to $160.0 million from $78.0 million for the same period of 1997, an increase of 105.2%. Included in 1998 are eleven months of sales from Hi-Lo Automotive, Inc. ("Hi/LO"), which was acquired by O'Reilly effective January 31, 1998.
Comparable store product sales for the O'Reilly stores for the fourth quarter of 1998 and the year ended December 31, 1998, increased by 10.1% and 7.8%, respectively. The Hi/LO comparable store product sales increased by 17.5% and 5.4%, respectively, for the fourth quarter of 1998 and the eleven months ended December 31, 1998. The combined results of comparable store product sales increased by 13.3% and 6.8%, respectively, for the fourth quarter and the year ended December 31, 1998. Comparable store product sales are calculated based on the change in product sales of only those O'Reilly and Hi/LO stores open during both full periods being compared.
"We are extremely pleased with the 1998 fourth quarter and year-end comparable store product sales increases," commented David O'Reilly, President and Chief Executive Officer. "The fourth quarter sales were strengthened by the extended, below normal temperatures in most of our markets during December."
O'Reilly opened a net total of 14 new stores during the fourth quarter of 1998 for a net total of 50 new stores opened during the year. During the first quarter of 1998, O'Reilly acquired Hi/LO, which added 182 (net) stores in Texas and Louisiana, and a 375,000-square- foot distribution center in Houston, Texas.
"We plan to open 80 new stores in 1999 and approximately 100 new stores in 2000 as part of our growth plans," stated David O'Reilly. "Included in the 1999 growth are 10 stores and a 48,000-square-foot distribution center we plan to acquire from Hinojosa Auto Parts in April 1999."
O'Reilly Automotive is a specialty retailer and supplier of automotive aftermarket parts, tools, supplies, equipment and accessories to both do-it-yourself customers and professional mechanics and service technicians. Founded in 1957 by the O'Reilly family, the company operated 491 stores within the states of Missouri, Texas, Nebraska, Iowa, Kansas, Oklahoma, Arkansas, Louisiana and Illinois as of December 31, 1998.
Statements contained in this press release, which are not historical facts, are forward-looking statements. Such forward-looking statements are necessary estimates reflecting the best judgement of the party making such statements based upon current information and involve a number of risks and uncertainties. Forward-looking statements contained in this press release or in other public statements of the parties should be considered in light of those factors. There can be no assurance that such factors will not affect the accuracy of such forward-looking statements.