Springfield-based O'Reilly Automotive Inc. (Nasdaq: ORLY) has lowered its forecast for comparable store sales during the second quarter.
Company officials now expect second-quarter comparable store sales to land in the 2 percent to 2.5 percent range, down from a prior estimate of 3 percent to 5 percent. The company also is anticipating earnings per share for the quarter ending June 30 to be on the lower end of the previously announced range of $1.13 to $1.17, according to a news release.
"Our previously announced second-quarter comparable store sales guidance reflected our slow start to the quarter in April due, we believed, to the shift of some business into the first quarter as a result of the early spring weather in many of our markets. We expected sales trends would stabilize as the quarter progressed. We saw improved comparable store sales results for the month of May; however, comparable store sales in June were below our expectations," O'Reilly Co-President and CEO Greg Henslee said in the release.
The company has scheduled a July 25 release date for its second-quarter financial results.
Comparable store sales for O'Reilly stores open at least one year increased 7.4 percent, or by $101 million, during the first quarter. For the three months ended June 30, 2011, comparable store sales increase by $60 million, or 4.4 percent , according to the company's quarterly financial results.
The Fortune 500 company operated 3,809 stores in 39 states as of March 31, according to the release.
As of 10:43 a.m., O'Reilly shares were trading at $81.44, compared to a 52-week range of $56.25 to $107.13.
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