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O'Reilly Warns Sales Could Flatline as Car-Parts Retailers Slump
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By Counterman
AutoZone reported net sales of $5.7 billion for its fiscal-2023 fourth quarter, a 6.4% year-over-year increase.
Domestic same-store sales for the fourth quarter, which ended Aug. 26, were up 1.7%.
Operating profit increased 10.8% to $1.2 billion. Net income for the quarter increased 6.8% to $864.8 million, while diluted earnings per share increased 14.7% to $46.46, according to the company.
“While we started this quarter slowly, we saw improvements in the back half of our quarter,” AutoZone CEO Bill Rhodes said in a news release. “Despite lower-than-expected growth in domestic commercial, we believe that the initiatives we have in place and are implementing will drive stronger growth in fiscal 2024. Additionally, we continued to be pleased with our international stores’ performance and we are excited about future growth prospects across both Mexico and Brazil.”
Same-store sales in Mexico and Brazil were up 4.5% on a year-over-year basis.
During the quarter, AutoZone opened 53 new stores and closed one in the United States, and opened 27 new stores in Mexico and 17 in Brazil for a total of 96 net new stores. For the fiscal year, the company opened 197 net new stores.
As of Aug. 26, the company had 6,300 stores in the United States, 740 in Mexico and 100 in Brazil for a total store count of 7,140.
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By AutoZone
MEMPHIS, Tenn. , Sept. 19, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $5.7 billion for its fourth quarter (16 weeks) ended August 26, 2023 , an increase of 6.4% from the fourth quarter of fiscal 2022 (16 weeks). Same store sales, or sales for our domestic and
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By Counterman
Genuine Parts Co. (GPC) reported second-quarter sales of $5.9 billion, up 5.6% compared to second-quarter 2022.
GPC reported a 4.9% increase in comparable sales. A 1.8% benefit from acquisitions contributed to the quarterly results, the company noted.
Net income jumped 10% to $344 million. On a per-share diluted basis, net income was $2.44, an increase of nearly 11% compared to adjusted diluted earnings per share of $2.20 last year.
“We are pleased to report another solid quarter, which includes record sales and double-digit adjusted earnings growth,” said Paul Donahue, chairman and CEO. “Our second-quarter performance, once again, highlights the value and benefit of our global Automotive and Industrial business mix and geographic diversity, which we believe are competitive advantages that differentiate GPC in the marketplace.”
Sales for the Automotive Parts Group, which includes NAPA Auto Parts, increased 5.4% to $3.7 billion. The results include a 4.3% increase in comparable sales and a 2.6% benefit from acquisitions, according to the company.
“Global Automotive sales continue to benefit from our global diversification, as our businesses outside the U.S. posted mid-single-digit to double-digit growth in local currency in the second quarter,” said Will Stengel, president and chief operating officer.
“Our Industrial sales growth was broad based, with all product categories and major industries served growing from the prior year, allowing the Industrial team to post its 12th consecutive quarter of margin expansion. The global GPC team delivered a solid second quarter and our teams remain focused on the consistent execution of our strategic initiatives. We believe our investments in our people, customer solutions, technology, supply chain and emerging technology will continue to enhance our capabilities and leadership positions.”
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By Counterman
O’Reilly Automotive reported record revenue and earnings for its second quarter, which ended June 30.
Second-quarter sales were $4.07 billion, up 11% from second-quarter 2022. Gross profit increased 11% to nearly $2.1 billion.
Diluted earnings per common share increased 16% to $10.22 on 61 million shares, versus $8.78 on 66 million shares for second-quarter 2022.
Comparable-store sales jumped 9% year-over-year.
“Team O’Reilly’s commitment to providing consistently excellent customer service drove robust double-digit professional and solid DIY comparable-store sales growth in the quarter,” O’Reilly CEO Greg Johnson said in a news release. “I want to congratulate our over 88,000 dedicated team members on their incredible performance in the second quarter and express my sincere appreciation for their relentless focus on delivering industry-leading service to our customers each and every day.”
Sales for the first six months of 2023 increased 12% to $7.78 billion compared to the first six months of 2022.
“The strong top-line performance we delivered through the first half of the year exceeded our expectations, and we remain pleased with our performance thus far in July,” Johnson said. “We believe the core underlying demand drivers of our industry remain solid, and more importantly, we remain confident in our team’s ability to consistently execute our proven dual market strategy and expand our market share.”
The year-to-date results “and continued robust sales trends” prompted O’Reilly to boost its full-year comparable-store sales guidance from a range of 4% to 6% to a range of 5% to 7%.
New DC in Mexico
So far in 2023, O’Reilly has opened 100 net new stores across 34 U.S. states, Puerto Rico and Mexico and is on pace to meet the company’s goal of opening 180 to 190 net new store openings this year, according to Johnson.
In July, O’Reilly opened its first distribution center in Mexico.
“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,” Johnson said.
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By Counterman
Second-quarter U.S. sales of new cars and trucks will post a year-over-year increase, according to an Edmunds forecast.
The firm is forecasting second-quarter sales of more than 4 million new cars and trucks. That’s up 16.1% compared to second-quarter 2022 and up 13.8% compared to first-quarter 2023, according to
link hidden, please login to view. “If you look at Q2 in the aggregate, new-vehicle sales appeared to settle into a stable groove, which is a nice departure from the tumult that the industry has witnessed over the last few years,” said Ivan Drury, Edmunds’ director of insights. “More consumers returned to the market with older trade-ins, which indicates that pent-up demand helped buoy sales. But digging a bit deeper into the data, June tells a slightly conflicting story. After five consecutive months of increasing discounts and vehicles sitting on dealer lots for longer periods of time, June shows that those trends are stalling a bit.”
Edmunds data reveals that the average age of vehicles traded in toward new-car purchases increased in Q2 2023, climbing to 5.6 years, compared to 5.2 years in Q2 2022 and 6.1 years for Q2 2019. Edmunds analysts note that inventory also has continued to slowly improve but isn’t close to returning to pre-pandemic levels – which is keeping prices elevated.
“This road to recovery for the industry has been a winding one,” Drury explained. “With many automakers committing to better aligning production and demand, we might be on the cusp of seeing what a new normal sales pace looks like compared to the pre-pandemic years, when bloated inventories and deep discounts shaped the industry. Automakers and dealers are well-prepared to pivot amid shifting market dynamics, but this isn’t the best news for consumers hoping for more generous deals heading into the Fourth of July weekend. A return of summer sales banners, waving inflatables and tent events are more likely to be an exercise in advertising over the next few months than desperation to move the metal.”
Edmunds analysts advise consumers to approach car shopping with a pragmatic mindset even if they encounter sales messaging or promotions this summer, because interest rates are expected to stay elevated and discounts likely will be limited.
“If holding off on a car purchase is no longer possible this summer, it’s time to seriously evaluate your list of must-haves versus nice-to-haves,” said Drury. “Are you really planning on using that third row? Do you really need those extra bells and whistles? Because any of those upgrades are likely going to cost you far more than you might expect.”
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