The company opened 186 net new stores in 2023, and plans to open 190 to 200 net new stores in 2024. This expansion strategy aims to increase penetration in existing markets and expand into new contiguous markets.

The company completed the acquisition of Groupe Del Vasto in January 2024, expanding its presence into Eastern Canada. This acquisition includes two distribution centers and six satellite warehouses, supporting a network of 23 company-owned stores and thousands of independent jobber and professional customers.

The company is focused on offering customers an enhanced and seamless research and buying experience through various channels, including digital platforms and brick and mortar locations. This strategy aims to meet the evolving customer preferences in researching and completing purchases.

The company's management team is comprised of individuals with significant experience in the automotive aftermarket, with many having been promoted from within the company. This approach has resulted in a very experienced leadership team.

The company continually updates the location and condition of its store network through systematic renovation and relocation of existing stores. This commitment to maintaining an attractive store network is seen as a key factor in achieving comparable store sales growth.

The company emphasizes training and knowledge of its professional parts people, particularly with respect to hard part repairs. This is seen as a competitive advantage over less specialized retail operators.

The company acknowledges that its sales are impacted by the economic health of its customers, which is affected by factors such as interest rates, inflation, consumer debt levels, and unemployment. These factors could lead to a decrease in customer purchases.

The company faces intense competition in both the DIY and professional service provider portions of the automotive aftermarket. Competitors include national retail chains, regional chains, wholesalers, and online retailers, which could lead to pricing pressures.

Unusually inclement weather can discourage customers from visiting stores, and extreme weather conditions can impact demand for products. Coastal regions are also subject to increased unrecoverable losses from weather conditions.

The company's ability to effectively serve both DIY and professional service provider customers is considered a unique competitive advantage. This strategy enables the company to target a larger base of automotive aftermarket consumers.

The company aims to provide customers with an efficient and pleasant in-store experience, with a wide selection of products and highly-motivated, technically-proficient store personnel. This focus on customer service is a key element in attracting and retaining customers.

The company's robust, regional, tiered distribution network provides superior replenishment and access to hard-to-find parts, enabling it to optimize product availability and inventory levels throughout its store network.

The company operates 30 regional DCs and 385 Hub stores, which provides same-day or overnight access to a broad range of products. This tiered network is a key competitive advantage in satisfying customer demand.

The company plans to continue to enhance its distribution network through engineering, design, expansion, or relocation of new or current DCs and utilize software to improve logistics efficiencies and labor management.

The company continuously refines inventory levels and assortments based on sales movement, market vehicle registration data, and management's assessment of changes and trends. This ensures the right products are available to customers.

The company's marketing strategy includes national media channels, in-store, digital, and social media activation, as well as marketing through automotive event sponsorships. This integrated approach aims to reach a broad range of customers.

The company offers online ordering for professional customers through www.FirstCallOnline.com and for DIY customers through www.OReillyAuto.com, providing convenient options for both customer segments.

The company utilizes a robust point-of-sale system integrated with a proprietary electronic catalog, providing team members with tools to source products in its extensive supply network.

The company has an active share repurchase program, with the board of directors approving additional authorizations of $1.5 billion, $2.0 billion, and $2.0 billion in 2023, resulting in a cumulative authorization amount of $25.8 billion.

The company's capital expenditures are primarily driven by store and distribution enhancement and expansion projects, as well as an increase in vehicle fleet upgrade investments.

The company has not declared any cash dividends since its common stock began trading on April 22, 1993, and does not anticipate paying any cash dividends in the foreseeable future.

The company is committed to providing a work environment that allows Team Members to feel highly valued and to be productive and effective in their jobs by maintaining an inclusive environment and healthy work/life balance.

The company emphasizes diversity and inclusion through its policies, recruitment and selection procedures, onboarding processes, and training efforts. This is seen as a way to build upon its successful 'promote from within' philosophy.

The company provides a recycling program for batteries and the collection of used lubricants at certain stores as a service to its customers, demonstrating a commitment to environmental responsibility.

The company estimates its addressable market within the U.S. automotive aftermarket to be approximately $145 billion to $155 billion, highlighting the significant size and potential of the industry.

The company notes that the automotive aftermarket industry is still highly fragmented, which presents opportunities for consolidation through strategic acquisitions.

The company's business is sensitive to macroeconomic conditions such as inflation, unemployment, and interest rates, as well as regional economic and weather conditions, which can impact sales and costs.