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Pep Boys - Manny, Moe & Jack Message Board

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  • shorthighcoverlower shorthighcoverlower Mar 16, 2010 4:34 PM Flag

    danin-help on the bonds?

    are you out of the bonds???since they more than doubled and are trading near the maturity price, I assumme you probably rung the cash register to ink some juicy profits.I think pby is going to come in at 12 cents for the quarter--they are way past due for a "grand slam" earnings report

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    • I had expected 10 cents EPS this quarter with about 1/2% down in same store sales. I think they could be down 2-3% based on reports I have received. If so, we may see only 3-4 cents which would beat estimates but a large decrease in sales is real scary as it would be a decrease on top of a decrease, on top of a decrease, on top of a decrease, year after year. Anyone can have an increase for one quarter. PBY still has only one in last 4-5 years........IMVHO earnings mean little as they could fudge accrual accounts, etc. to make the numbers. Sales is the issue. You cannot grow a business without sales. i am not a proponent of their hub/spoke plan. If the spoke stores are that close to a hub store to be serviced by that hub store.....then they are close enough to also take away sales........that negates much of the benfit derived from incremental sales at the spoke. Much better plan would be to focus on getting sales up in existing stores where fixed costs would decrease with sales increases. Management at PBY is worst in industry. DaninFW

    • Still sitting on $200K face of PBY bonds. I can't find anything better with the assets to back the bond. I could sell at $93-$95 but I expect them to be called within next 2 years at $100+......DaninFW

 
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