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Inflation Dents DIY Spending, Crimps O’Reilly’s Q2 Sales

Counterman

By Counterman
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O’Reilly Automotive reported second-quarter sales of $3.67 billion, up 6% from second-quarter 2021.

Comparable-store sales increased 4.3%, while net income was down 1% to $577 million. Comparable-store sales are up 30.4% on a “three-year stack,” which blends comparable-sales growth from the past three years.

“After experiencing volatility in our sales results in the first quarter, the trends in our business improved and were steady throughout the second quarter,” Johnson said in a news release. “We continue to be very pleased with the strong growth in our professional business, which performed in line with our expectations for the second quarter, while our DIY business faced more pronounced pressure from the impact of high fuel prices and continued significant broad-based inflation.

“Even facing these macroeconomic challenges, we are pleased with the strong sales volumes our team is generating in 2022, against comparisons to record comparable-store sales results the last two years. We are extremely proud of Team O’Reilly’s ability to deliver continued growth on top of the strongest years in our company’s history, and I am grateful for the unrelenting focus each of our team members places on taking care of our customers.”

Regarding its outlook for 2022, O’Reilly lowered its sales guidance. O’Reilly now expects full-year revenue between $14 billion and $14.3 billion, down from its previous guidance of revenue between $14.2 billion and $14.5 billion. The company now expects full-year comparable sales to grow between 3% and 5%, down from its previous guidance of 5% to 7%.

“The pressure on our DIY customers from heightened inflation and fuel prices has impacted our year-to-date performance, and we have factored the current environment into our expectations for the second half of the year,” Johnson said. “ … Despite these pressures, we remain confident in the strength of the core underlying demand drivers of our business. We are pleased with our start to the third quarter in July and are extremely confident in our team’s ability to execute our business model and provide the excellent customer service that drives our success as we finish out 2022.”

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