PHILADELPHIA - December 8, 2008 - The Pep Boys - Manny, Moe & Jack (NYSE: 'PBY'), the nation's leading automotive aftermarket retail and service chain, today announced the following results for the thirteen (third quarter) and thirty-nine weeks (nine months) ended November 1, 2008.
THIRD QUARTER
SALES
Sales were $464.2 million as compared to $528.8 million in 2007. Comparable sales decreased 10.4%, including a 10.3% comparable merchandise sales decrease and an 11.0% comparable service revenue decrease. In accordance with GAAP, merchandise sales includes merchandise sold through both our retail and service center lines of business, and service revenue is limited to labor sales. Re-categorizing Sales into the respective lines of business from which they are generated, comparable Service Center Revenue (labor plus installed merchandise and tires) decreased 8.2%, while comparable Retail Sales (DIY and Commercial) decreased 12.1%.
NET LOSS
Net Loss was $7.3 million or ($0.14) per share (basic and diluted) as compared to a loss of $28.0 million or ($0.54) per share (basic and diluted) in 2007. Net Loss for the third quarter of 2007 included $50.0 million in pre-tax costs for an inventory write down, asset impairment and increased legal reserves.
NINE MONTHS
SALES
Sales were $1,462.3 million as compared to $1,620.4 million in 2007. Comparable sales decreased 7.8%, including an 8.1% comparable merchandise sales decrease and a 6.3% comparable service revenue decrease. In accordance with GAAP, merchandise sales includes merchandise sold through both our retail and service center lines of business, and service revenue is limited to labor sales. Re-categorizing Sales into the respective lines of business from which they are generated, comparable Service Center Revenue (labor plus installed merchandise and tires) decreased 3.2%, while comparable Retail Sales (DIY and Commercial) decreased 11.3%.
ABOUT PEP BOYS
Pep Boys has over 560 stores and approximately 6,000 service bays in 35 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting www.pepboys.com.
NET EARNING
Net Earnings were $2.8 million or $0.05 per share (basic and diluted) as compared to a Net Loss of $20.6 million or ($0.40) per share (basic and diluted) in 2007.
Contact Us
Investor Contact Ray Arthur, 215-430-9720 Media Contac Peter A. Robinson, 215-430-9553