On Wednesday, shares of auto parts retailer O’Reilly Automotive (ORLY Quick QuoteORLY - Free Report) are plunging, down about 20% to $174.30 per share in morning trading after the company reported weak second-quarter same-store sales growth.

O’Reilly said same-store sales only grew 1.7% during the quarter, well below its projections of 3% to 5% growth, and also falling short of FactSet’s estimated guidance of an increase of 3.9%. This caused the stock to be the S&P 500’s biggest decliner so far today.

"We faced a more challenging sales environment than we expected for the remainder of the quarter," after April, O'Reilly CEO Greg Henslee said, "due to what we believe were continued headwinds from a second consecutive mild winter and overall weak consumer demand." 

He added, “The comparable store sales shortfall will also have a consequent impact on our operating profitability.” The company reports its full second-quarter earnings on July 26.

O’Reilly’s disappointing performance has had a rippling effect on other auto parts stocks. Both Advance Auto Parts (AAP Quick QuoteAAP - Free Report) and AutoZone (AZO Quick QuoteAZO - Free Report) shares are down about 15% and 10%, respectively, in trading so far today.

Shares of ORLY are down over 21% year-to-date. The company currently sits at a #4 (Sell) on the Zacks Rank, with a VGM score of ‘A.’

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