O'Reilly Automotive, specialty retailer of automotive aftermarket parts, has reported a net income of $42.7 million in the fourth quarter of 2008, up 5.2 percent, compared to $40.6 million in the same period of 2007.
In the fourth quarter of 2008, sales increased 84 percent to $1.1 billion, compared to $604 million in the fourth quarter of 2007. Gross profit increased to $515 million or 46.2 percent of sales from $270 million or 44.7 percent of sales in the fourth quarter of 2007, representing an increase of 91 percent. Excluding the impact of charges related to the acquisition of CSK Automotive, the company earned 37 cents a share.
For the full year 2008, sales increased $1.05 billion or 42 percent to $3.58 billion from $2.52 billion in 2007. Gross profit in 2008 increased to $1.63 billion or 45.5 percent of sales from $1.12 billion or 44.4 percent of sales in 2007, representing an increase of 45 percent. Net income totaled $186.2 million, down 4 percent, compared to $194 million in 2007.
Greg Henslee, CEO and co-president of O'Reilly Automotive, said, "We are very pleased to report strong sales results amid these very challenging economic times. Our consolidated comparable store sales growth during the fourth quarter was a strong 4 percent."
