O’Reilly posts nearly 9% quarterly sales growth

Net income for the quarter ended June 30 was $51.9 million, up 5.2 percent from $49.3 million a year before, according to a company news release. Diluted earnings per share were up 4.7 percent to 45 cents on 116.1 million shares, compared to 43 cents a year ago on 115.2 million shares.

Sales for the quarter were $643 million, an increase of 8.8 percent from $591 million in second-quarter 2006. Comparable store sales for stores open at least one year increase 2 percent in the quarter.

Gross profit was $287 million, compared to $261 million last year, representing a 10 percent increase.

Aside from adding 44 net stores, including its first locations in Ohio, in the second quarter, O’Reilly completed the relocation of its Minnesota distribution center to a larger facility, so the company can expand further in the Midwest, according to the release.

As of June 30, O’Reilly had 1,731 stores in 26 states.

Shares (Nasdaq: ORLY) opened Wednesday after the earnings release at $34.02 and closed that day at $33.66. The 52-week range is $30.92 to $38.84.