O'Reilly Automotive, Inc. reported a financial performance for the fiscal year ending December 31, 2024, with total sales reaching $16.71 billion, a 6% increase from $15.81 billion in 2023. The company's net income rose to $2.39 billion, up from $2.35 billion the previous year, resulting in diluted earnings per share of $40.66, compared to $38.47 in 2023. The increase in sales was attributed to a 2.9% rise in comparable store sales, alongside contributions from new store openings and the acquisition of Groupe Del Vasto, which added 23 stores to the company's portfolio.
In terms of operational metrics, O'Reilly opened 198 new stores in 2024, compared to 186 in 2023, and plans to open an additional 200 to 210 stores in 2025. The company operated a total of 6,378 stores across the U.S., Puerto Rico, Mexico, and Canada as of December 31, 2024. The acquisition of Vast Auto, completed on January 22, 2024, marked O'Reilly's entry into the Canadian automotive aftermarket, enhancing its distribution capabilities with two distribution centers and six satellite warehouses.
The company's gross profit for 2024 was $8.55 billion, representing 51.2% of sales, slightly down from 51.3% in 2023. This decline was primarily due to the lower gross margin from the acquired Vast Auto business and a higher proportion of sales from professional service providers, which typically yield lower margins than do-it-yourself sales. Selling, general, and administrative expenses increased to $5.30 billion, or 31.7% of sales, reflecting higher costs associated with additional team members and operational expenses related to the acquisition.
O'Reilly's strategic focus remains on expanding its market share through its dual market strategy, which serves both DIY and professional service provider customers. The company emphasized its commitment to superior customer service and efficient inventory management, which are critical to maintaining its competitive edge. Looking ahead, O'Reilly anticipates continued growth driven by new store openings, enhanced service offerings, and a focus on customer satisfaction, despite potential challenges from economic conditions and competitive pressures in the automotive aftermarket industry.
About O REILLY AUTOMOTIVE INC
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