O'Reilly posts 17 years of same-store sales growth

Springfield-based O'Reilly Automotive Inc. posted 2.4 percent growth in same-store sales among O'Reilly branded locations, according to the company's annual earnings report announced Wednesday evening.

Wednesday's announcement marked the 17th consecutive year of same-store growth, according to the report.

Fourth-quarter 2009 sales totaled $1.17 billion, up 5 percent from the fourth quarter of 2008, and gross profit was up 11 percent to $570 million.

Net income for the quarter was $72 million, up 68 percent from the $43 million posted a year earlier. Diluted earnings per share for the quarter totaled 52 cents, up from 32 cents in the same quarter of 2008.

For all of 2009, adjusted earnings per share increased 38 percent to $2.26, based on sales figures that increased 36 percent to $4.85 billion.

The company now has 3,421 stores across the country, following the integration of stores obtained in the July 2008 acquisition of Phoenix-based CSK Auto.

"During the fourth quarter, we saw comparable store sales growth from both the core O'Reilly and acquired CSK stores," Co-President and CEO Greg Henslee said in the earnings release. "These sales gains, along with continued improvements in our gross margin, have been the catalyst for our strong earnings."

According to the release, the company estimates that diluted earnings for 2010 will total between $2.50 and $2.56, with comparable-store sales increasing between 3 percent and 5 percent.

Both estimates disappointed analysts, leading to a slight drop in the stock price on Thursday. Shares of the company's stock closed Thursday at $38.36, down from a close of $39.84 on Wednesday before the earnings release. The stock has a 52-week range of $30.59–$42.93.