SPRINGFIELD, Mo. -- O’Reilly Automotive has announced its revenues and earnings for the first quarter ended March 31.

Sales for the three months ended March 31 totaled $646 million, up 5.4 percent from $613 million for the same period a year ago. Gross profit for the first quarter of 2008 increased to $288 million (or 44.6 percent of sales) from $269 million (or 43.9 percent of sales) for the first quarter of 2007, representing an increase of 7.1 percent. Selling, General and Administrative expenses increased to $214 million (or 33.2 percent of sales) for the first quarter of 2008 from $192 million (or 31.3 percent of sales) for the first quarter of 2007, representing an increase of 11.6 percent.

Net income for the first quarter totaled $46.3 million, down 4.3 percent from $48.4 million for the same period in 2007. Diluted earnings per common share for the first quarter of 2008 decreased 4.8 percent to 40 cents on 116.3 million shares compared to 42 cents for the first quarter of 2007 on 115.5 million shares.

“With softer sales resulting from a very challenging macro environment, our first quarter results were short of our expectations. However, even in the midst of these obstacles, we were able to increase gross profit to 44.6 percent of sales,” said Greg Henslee, CEO and co-president. “Although customer demand in our markets during the first quarter was sluggish, we continue to see opportunity to expand our market share on both the DIY and DIFM sides of our business. We remain excited about our upcoming acquisition of CSK Auto Corporation (“CSK”) and look forward to implementing our dual market strategy in CSK’s markets. Team O’Reilly will remain focused on our core values of customer service and expense control as we move forward in 2008.”

Comparable store sales for stores open at least one year decreased 0.4 percent for the first quarter of 2008 compared to a 6.8 percent increase in the first quarter of 2007.

“We opened 37 new stores during the first quarter and are on track to hit our revised target of 140 to 150 new stores in 2008,” said Ted Wise, COO and co-president. “As we expand in 2008, our Team remains dedicated to the O’Reilly culture and values that have made us successful for over 50 years. Our goal to be the dominant supplier in each of our markets continues to be our top priority, and we will continue to move toward that goal by providing industry leading customer service and parts availability. This will be a historical year for O’Reilly as we look forward to completing the CSK acquisition and beginning the integration process.”

Assuming no significant change in the macroeconomic environment, the company estimates that diluted earnings per share for the second quarter of 2008 will be approximately 47 cents to 51 cents with an expected comparable store sales increase of 3 percent to 5 percent. The company projects full-year earnings to range from $1.81 to $1.85 per share, which has been adjusted slightly downward from the original guidance provided on Feb. 20 of $1.84 to $1.88 per share, with an expected comparable store sales increase of 3 percent to 5 percent.

For more information about O'Reilly Automotive, go to: www.oreillyauto.com.