O’Reilly Automotive Revs Up Store Growth

O’Reilly Automotive Inc. (Springfield, Mo.) said it plans to open 190-200 new stores next year. The automotive aftermarket retailer disclosed that number in announcing record revenue and earnings for its third quarter ended Sept. 30.

Year-to-date, the chain has opened 140 new stores, and said it is on track to achieve its goal of 180 to 190 such openings in 2023.

“We remain very pleased with the performance of our new stores and are confident in our ability to profitably grow in new and existing markets, driven by our team’s ability to gain market share by relentlessly providing industry-leading customer service, supported by best-in-class parts availability,” said CEO Greg Johnson. “Looking ahead into next year, we are pleased to announce an increase to our expected annual new store openings with our 2024 target of 190 to 200 net new store openings.”

Overall, the chain currently has 6063 stores in 48 U.S. states and Puerto Rico, and 48 ORMA stores in Mexico, its website reports.

As for its third quarter financial results, the chain posted an 8.7 percent increase in comparable store sales, a 17 percent increase in diluted earnings per share, a sales increase of 11 percent, and a gross profit jump of 12 percent.