O’Reilly Automotive Inc. said profit and sales rose at the fiscal second quarter as consumers spent authorities stimulation paychecks and optional income on fixing their own cars and driving on the street as Covid-19-spurred lockdown steps increased.
“There have been several favorable macroeconomic elements that affirmed the strong need in our sector in the next quarter, for example, amongst others, the authorities stimulation along with unemployment benefits and the re-opening of customer action as stay-at-home orders started lifting,” stated Chief Executive Greg Johnson in prepared remarks.
The specialty retailer of automotive aftermarket components said net gain was $531.7 million, or $7.10 a share, up from $353.7 million, or $4.56 a share, a year before. Analysts polled by FactSet anticipated GAAP earnings of $4.46 a talk.
General, administrative and selling expenses climbed 3.5% to $900.7 million.
Revenue rose almost 20% in the year ago to $3.09 billion, ahead of analysts’ projections of $2.66 billion.
Same-store sales increased by 16% from a year ago.
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