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Pep Boys - Manny, Moe & Jack Message Board

  • futureripplemovers futureripplemovers Dec 9, 2013 6:28 PM Flag

    Pep Boys Reports Third Quarter 2013 Results

     

    Pep Boys Reports Third Quarter 2013 Results

    -Continues to Grow its Footprint and New “Road Ahead" Format-
    PHILADELPHIA – December 9, 2013 – The Pep Boys – Manny, Moe & Jack (NYSE:
    “PBY”), the nation’s leading automotive aftermarket service and retail chain, announced the
    following results for the thirteen (third quarter) and thirty-nine (nine months) weeks ended
    November 2, 2013.
    Third Quarter
    Sales
    Sales for the thirteen weeks ended November 2, 2013 decreased by $2.6 million, or 0.5%, to
    $507.0 million from $509.6 million for the thirteen weeks ended October 27, 2012. Comparable
    sales decreased 2.8%, consisting of a 0.5% comparable service revenue increase and a 3.6%
    comparable merchandise sales decrease. In accordance with GAAP, service revenue is limited to
    labor sales, while merchandise sales include merchandise sold through both our service center
    and retail lines of business. Re-categorizing sales into the respective lines of business from
    which they are generated, comparable service center revenue decreased 2.5%, while comparable
    retail sales decreased 3.1%.
    Earnings
    Net earnings for the third quarter of fiscal 2013 were $1.0 million ($0.02 per share) as compared
    to a net loss of $6.8 million ($0.13 per share) for the third quarter of fiscal 2012. On a pre-tax
    basis, the 2013 results included a $2.0 million asset impairment charge and a $0.6 million
    severance charge, while the 2012 results included $11.2 million in debt refinancing expense and
    an $8.8 million asset impairment charge, partially offset by the reversal of $0.9 million of
    compensation expense.

    Nine Months
    Sales
    Sales for the thirty-nine weeks ended November 2, 2013 increased by $11.0 million, or 0.7%, to
    $1,570.8 million from $1,559.9 million for the thirty-nine weeks ended October 27, 2012.
    Comparable sales decreased 1.0%, consisting of a 1.6% comparable service revenue increase and
    a 1.7% comparable merchandise sales decrease. Re-categoriz

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