O’Reilly to Open 180-190 New Stores This Year

O’Reilly Automotive Inc. (Springfield, Mo.) said it plans to open 180-190 stores this year. The automotive aftermarket retailer provided that information – along with an upcoming c-suite succession plan – in announcing it had record revenue and earnings for its second quarter ended June 30.

“We have opened 100 net new stores across 34 U.S. states, Puerto Rico and Mexico so far in 2023 and are on pace to meet our goal of 180 to 190 net new store openings in 2023,” said CEO Greg Johnson. “We continue to be very pleased with our new store performance, driven by our well-trained and technically proficient Professional Parts People. We are also excited to celebrate the expansion of our distribution network with the opening of our first O’Reilly distribution center in Mexico in July. This new, 370,000-square-foot facility strengthens our existing store network with enhanced inventory availability, empowering higher service levels and establishing the critical foundation for long-term store growth in Mexico.”

The company, which currently operates 6071 stores, also announced that Johnson is retiring as CEO on Jan. 31, 2024. Brad Beckham, currently the company’s Co-President, will be promoted to CEO, and Brent Kirby, the company’s other Co-President, will be promoted to President.

As for its financial results, O’Reilly’s second quarter sales rose 11 percent, to $4.07 billion, from the same period one year ago, and gross profit for the quarter also increased 11 percent from a year earlier, to $2.09 billion. Net income for the quarter increased 9 percent, to $627 million