O’Reilly Automotive reported third-quarter sales of $3.8 billion, a 9% year-over-year increase.
Comparable-store sales rose 7.6%. On a three-year stack, comparable-store sales are up 31.2%, according to the company.
“Our team’s relentless focus on providing excellent service to our customers drove the robust sales strength in the quarter,” O’Reilly President and CEO Greg Johnson said in a news release. “Team O’Reilly once again delivered double-digit growth in our professional business for the quarter, while also driving low single-digit DIY sales growth. Our team’s outstanding top-line performance, coupled with a steadfast commitment to expense control, resulted in a 14% increase in third-quarter diluted earnings per share to $9.17, which represents a three-year compounded annual growth rate of 22%.
“I would like to take this opportunity to thank each of our over 84,000 team members for their continued hard work and unwavering commitment to providing unsurpassed levels of customer service – your dedication to our business and our customers remains the key to O’Reilly’s ongoing success.”
As of the end of the third quarter on Sept. 30, O’Reilly has opened 154 net new stores across 38 U.S. states and Mexico, and the company is on track to reach its goal of approximately 180 net new store openings in 2022, according to Johnson.
“Our team of highly trained and technically proficient professional parts people continues to drive strong new store performance, and we remain very confident in our ability to profitably grow in both existing and new market areas,” Johnson added. “We are pleased to announce our 2023 new-store opening target of 180 to 190 net new stores, an increase over our 2022 growth, as we look forward to expanding the O’Reilly footprint and extending our long track record of profitable growth.”