O'Reilly Automotive, Inc. Announces Record 1999 Sales
18 January 2000
O'Reilly Automotive, Inc. Announces Record 1999 Sales
SPRINGFIELD, Mo.--Jan. 18, 2000--O'Reilly Automotive, Inc. ("O'Reilly")today announced record product sales for the year ended December 31, 1999 of $754.1 million as compared with $616.3 million for the year ended December 31, 1998, an increase of 22.4%.Product sales for the fourth quarter of 1999 increased to $183.2 million from $160.0 million for the same period of 1998, an increase of 14.5%.
The combined results of comparable store product sales increased by 3.6% and 9.6%, respectively, for the fourth quarter and the year ended December 31, 1999. Comparable store product sales for the core O'Reilly stores for the fourth quarter of 1999 and the year ended December 31, 1999 increased by 2.5% and 5.6%, respectively. The Hi/LO comparable store product sales increased by 5.1% and 15.6%, respectively, for the fourth quarter of 1999 and the year ended December 31, 1999. 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 very pleased with the 1999 fourth quarter and year-end store product sales considering the industry-wide softness due to extremely mild weather during the fourth quarter," commented David O'Reilly, Chairman and Chief Executive Officer.
O'Reilly opened a net total of 30 new stores during the fourth quarter of 1999 for a net total of 80 new stores opened during the year. In April 1999, O'Reilly acquired Hinojosa Auto Parts, which added 10 stores and a 48,000 square foot distribution center in south Texas.
"We are well prepared to open at least 100 new stores in 2000 and 120 new stores in 2001 as part of our growth plans," stated David O'Reilly. "Included in the 2000 growth are 14 stores we plan to acquire from Gateway Auto Supply in April 2000. We are well positioned to continue our profitable growth throughout the year."
The company recently announced the purchase of a 225,000 square foot distribution center in Seagoville, Texas. This facility was purchased from Autozone and will be fully operational in October 2000.
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 571 stores within the states of Missouri, Texas, Nebraska, Iowa, Kansas, Oklahoma, Arkansas, Louisiana and Illinois as of December 31, 1999.
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.