O'Reilly income rises 16.2% in first quarter

O'Reilly Automotive Inc. April 30 announced a 16.2 percent increase in net income for its first quarter, which ended March 31. Net income was $5.8 million, or 27 cents per diluted common share.

A company release said the figures were the 20th consecutive quarter of record revenues and earnings since O'Reilly became a public company in April 1993. Two months of the most recent quarter include Hi-Lo Automotive Inc., acquired by O'Reilly Jan. 31.

Product sales for the first quarter were $118.3 million, a 72.7 percent increase from the $68.5 million in the same period of 1997. Comparable store product sales for O'Reilly stores increased by 3.3 percent. Hi-Lo stores showed a comparable sales decrease of 1.4 percent. Combined, the company reported comparable store product sales increased 1.6 percent in the first quarter. Comparable store product sales are calculated based on the change in product sales of only those stores open during both full periods being compared.

The company opened 12 new stores during the first quarter in addition to its acquisition of 189 Hi-Lo stores. There are plans to open 38 more stores this year, and 80 new stores in 1999. The company's expansion of its Oklahoma City distribution center is near completion and it will open a fifth distribution center in Des Moines, Iowa, in late 1998.

Seven Hi-Lo stores in California were sold in April to Auto Parts Wholesale, the corporate identity of Carquest of California.

O'Reilly Automotive operates 460 stores in 10 states.