What drove O'Reilly's gross profit growth in Q1 2024?

O'Reilly's gross profit growth in Q1 2024 can be attributed to several key factors:

1. **Revenue Growth**: O'Reilly anticipates total revenues for 2024 to be in the range of $16.8 billion to $17.1 billion, up from $15.8 billion in 2023. This increase in sales contributes to higher gross profits.
2. **Earnings Per Share (EPS) Projection**: Analysts forecast EPS for 2024 to be in the range of $41.05 to $41.55, up from $38.47 in 2023. As gross profit is a significant component of total earnings, the projected increase in EPS aligns with expectations of higher gross profits.
3. **New Store Openings**: The company plans to open 190 to 200 stores in 2024, with capital expenditures forecasted to be between $900 million and $1 billion. New store openings can lead to increased sales and, consequently, higher gross profits.
4. **Technological Investments**: O'Reilly has been investing in technology and store infrastructure, positioning itself to capitalize on trends such as electric and autonomous vehicles. These investments can enhance operational efficiency and customer satisfaction, driving gross profit growth.

In summary, O'Reilly's gross profit growth in Q1 2024 is likely a result of anticipated revenue growth, projected increase in earnings per share, new store openings, and technological investments.