Costa Mesa may be "just one property", but what about: Westminster, Anaheim, Fullerton, Downey, Artesia, La Mirada & downtown Santa Ana? Property values in So Cal are through the roof right now, and these are a sample of stores in the area. Does anyone know if PBY owns these lots? I think they do. Last I heard, PBY owns the whole lot under the Downey store and 2 other adjacent stores, and gets rent from at least 2 other stores on the lot. I believe Huntington Beach, Lake Forest, Aliso Viejo & Santa Ana/Harbor Bl are on leased lots. Anyone know the breakdown of owned vs leased lots in So Cal? What about other hot real estate areas like Los Angeles, New York or Florida?
Looks like the gang is going for a record,the most consecutive losses in a row. I can't believe that margin %. Why is it so low? Does he cut prices to generate sales? It only works in the book business, auto parts is an inelastic commodity (excluding oil) That will put greater pressure on the team to deal with Mr M. and his group. Probably lots of yelling and screaming going on at corporate.
Wall street was expecting worse and the stock goes up? Go figure! service area is a disaster.