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Pep Boys - Manny, Moe & Jack Message Board

  • pepboystrader pepboystrader Feb 13, 2009 11:22 PM Flag

    Remember December 2000:

    Remember what it was like to be a PBY shareholder at the beginning of this decade?

    On December 22, 2000, PBY closed at $3.44 a share (roughly what it is today), and their seemed to be no hope for shareholders.

    But then, miraculously, Pep Boys started to turn their business around. And when I say turn around, I simply mean things started to get somewhat less worse than before. What happened to the shares? PBY ended June, 2001 at $11.23 (i.e., a triple from December 22, 2000). By the end of 2001, PBY was at $17. Things slipped a bit in 2002 thanks to the recession, and the market tanking as a result of the likes of WorldCom, Enron, and Tyco. But then, by the end of 2003, PBY was at $23, on its way to $29 by April 2004.

    Here's a story from a Philly newspaper in August 2001:

    Aug. 20--After almost running off the road, The Pep Boys -- Manny, Moe & Jack is performing like a company with an overhauled engine.

    The Philadelphia-based auto parts-and-services retailer, which turns 80 this year, has been under stress from heavy borrowing and management focus on a five-year, 150-store expansion in the late 1990s, and the failure of its retail-only PartsUSA chain in 1998. Executives said the effort was such a distraction that it clouded Pep Boys executives' day-to-day thinking.

    As a result, its stock, which traded as high as $36.63 in November 1996, bottomed out last December at $3.63. The company posted a net loss, its first, of $51.1 million for its 2000 fiscal year ended Feb. 3.

    Since then, Pep Boys has shown signs of a turnaround. With back-to-back profitable quarters, the company's stock price is up to $11.85 as of Friday's close, though sales for the first half of the fiscal year are down 10 percent to $1.1 billion.

    "Right now, we're taking a path that has the least risk associated with it: Generate cash, pay down debt, reduce our interest expense, and focus our efforts on improving the performance of our stores, our assets, our bottom line, and, of course, our stock price," Mitchell G. Leibovitz, Pep Boys' chairman and chief executive officer.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • This guy would lie his ass off and left the shareholders wondering everyday what direction the company was going.

      The analysis eventually just didn't believe him either and since then the stock and its following has plummetted.

      Pepboys just can not find honest CEOs to run the business.

    • "The Philadelphia-based auto parts-and-services retailer, which turns 80 this year, has been under stress from heavy borrowing and management focus on a five-year, 150-store expansion in the late 1990s, and the failure of its retail-only PartsUSA chain in 1998. Executives said the effort was such a distraction that it clouded Pep Boys executives' day-to-day thinking. "

      This is why they need to fix what they have before they go off adding more service bays that will also lose money because they haven't addressed the basics......It will be another distraction. DaninFW

 
PBY
10.91-0.11(-1.00%)Jul 23 4:04 PMEDT

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