O'Reilly Automotive Falls Lower Pre-Market After Cutting Q2 Outlook
O'Reilly Automotive (NASDAQ: ORLY) is trading lower pre-market after the company lowers its Q2 outlook yesterday. O'Reilly now expects comparable store sales to increase by 2.0% to 2.5% versus the previous guidance of 3.0% to 5.0%. The company also expects to report Q2 EPS at lower end of previous guidance of $1.13 to $1.17.
Greg Henlsee, CEO and Co-President said, "Our previously announced second quarter comparable store sales guidance reflected our slow start to the quarter in April due, we believed, to the shift of some business into the first quarter as a result of the early spring weather in many of our markets, and we expected sales trends would stabilize as the quarter progressed. We saw improved comparable store sales results for the month of May; however, comparable store sales in June were below our expectations, and we now expect comparable store sales for the second quarter to finish in the range of 2.0% to 2.5%."
O'Reilly Automotive is currently trading at $78.31, down $18.13 or 18.80% pre-market.
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