The Pep Boys � Manny, Moe & Jack (NYSE: �PBY�), the nation�s
leading automotive aftermarket service and retail chain, today
announced results for the thirteen (fourth quarter) and fifty-two
weeks (fiscal year) ended January 31, 2009 and improved sales
trends for the first quarter to date of 2009.
As previously announced, the general pullback in consumer
spending during the fourth quarter of 2008 resulted in a weak
holiday season and the deferral of tire purchases. However, sales
trends have greatly improved from the 10.1% decline the Company
experienced in the fourth quarter of fiscal 2008 to flat for the
first quarter to date of fiscal 2009.
First Quarter to Date of Fiscal 2009 (February 1, 2009
through April 7, 2009)
In order to enable the Company to conduct investor meetings
during the week of April 13, the Company is providing information
for the first quarter to date of fiscal 2009 in advance of its
customary public reporting schedule in accordance with SEC
Regulation FD. The Company assumes no obligation to update this
information, nor should investors expect similar �guidance� in
future periods.
For the first quarter to date of fiscal 2009, comparable service
revenue increased 3.5% and merchandise sales decreased 1.3% versus
the same period last year. In accordance with GAAP, service revenue
is limited to labor sales and merchandise sales include merchandise
sold through both our retail and service center lines of business.
Re-categorizing Sales into the respective lines of business from
which they are generated, comparable Service Center Revenue (labor
plus installed merchandise and tires) increased 2.7%, while
comparable Retail Sales (DIY and Commercial) decreased 3.0%. Within
Retail Sales, core automotive sales were flat and commercial
merchandise sales increased by 8.1%, while sales of complementary
merchandise decreased by 10.9%. In addition, for the first quarter
to date of fiscal 2009, the Company�s gross margin rate has
improved, while gross media expense and payroll (as percentage of
sales) have declined versus the same period last year.
�We now have two promotional events under our belt demonstrating
how our new advertising, coupled with improved store execution, is
beginning to pay off,� said CEO Mike Odell. �Our Does Everything.
For Less. branding is resonating with our customers and our
customer-focused process improvement and training is helping our
associates to deliver a more satisfying customer experience.�
Fiscal 2008 Operating Results
Fourth Quarter
Sales
Sales for the thirteen weeks ended January 31, 2009 were
$465,536,000 as compared to the $517,639,000 recorded for the
thirteen weeks ended February 2, 2008. Comparable service revenue
decreased 5.5% and comparable merchandise sales decreased 9.1%.
Re-categorizing Sales into lines of business (see above),
comparable Service Center Revenue decreased 1.9% and comparable
Retail Sales (DIY and Commercial) decreased 13.2%.
Net Loss
Our Net Loss increased to $33,267,000 (($0.63) per share - basic
and diluted) for the fourth quarter of fiscal 2008 from the
$20,403,000 (($0.39) per share - basic and diluted) recorded in
same period last year. The fourth quarter 2008 results included
$8.0 million in increased legal and inventory-related accruals,
$4.4 million of asset impairments, $1.2 million in debt pre-payment
costs, $0.6 million in costs associated with previously announced
cost-cutting initiatives and a reduction of the Company�s tax
provision benefit by approximately $7.0 million due to changes in
the Company�s effective tax rate. The fourth quarter 2007 results
included $8.5 million of margin reductions related to the exiting
of non-core merchandise, $6.2 million in store closure costs and
$6.0 million in debt pre-payment costs.
Fiscal Year
Sales
Sales for the fiscal year ended January 31, 2009 were
$1,927,788,000 as compared to the $2,138,075,000 recorded last
year. Comparable service revenue decreased 6.2% and comparable
merchandise sales decreased 8.4%. Re-categorizing Sales into lines
of business (see above), comparable Service Center Revenue
decreased 2.9% and Retail Sales decreased 11.8%.
Net Loss
Our Net Loss improved to $30,429,000 (($0.58) per share � basic
and diluted) for fiscal 2008 from the $41,039,000 (($0.79) per
share � basic and diluted) recorded for fiscal 2007.
�While our 2008 results were certainly challenging, we were
encouraged by the confidence that our lenders expressed in Pep Boys
by committing to a new $300 million credit facility. We are pleased
to reinforce that confidence by starting off 2009 with improved
results,� said CFO Ray Arthur.
Pep Boys has approximately 6,000 service bays within over 560
retail stores located in 35 states and Puerto Rico. Along with its
full-service vehicle maintenance and repair 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.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of The Private Securities Litigation
Reform Act of 1995. The word "guidance," "expect," "anticipate,"
"estimates," "forecasts" and similar expressions are intended to
identify such forward-looking statements. Forward-looking
statements include management's expectations regarding
implementation of its long-term strategic plan, future financial
performance, automotive aftermarket trends, levels of competition,
business development activities, future capital expenditures,
financing sources and availability and the effects of regulation
and litigation. Although the Company believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. The Company's actual results may
differ materially from the results discussed in the forward-looking
statements due to factors beyond the control of the Company,
including the strength of the national and regional economies,
retail and commercial consumers' ability to spend, the health of
the various sectors of the automotive aftermarket, the weather in
geographical regions with a high concentration of the Company's
stores, competitive pricing, the location and number of
competitors' stores, product and labor costs and the additional
factors described in the Company's filings with the SEC. The
Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
Investors have an opportunity to listen to the Company�s
quarterly conference calls discussing its results and related
matters. The call for the fourth quarter and year end will be
broadcast live on Thursday, April 9 at 8:30 a.m. ET over the
Internet at the Investor Calendar Web site, located at
http://www.investorcalendar.com. To listen to the call live, please
go to the Web site at least 15 minutes early to register, download
and install any necessary audio software. For those who cannot
listen to the live broadcast, a replay will be available shortly
after the call. Supplemental financial information will be
available the morning of April 9 on Pep Boys� Web site at
www.pepboys.com.
�
Pep Boys Financial Highlights � � � �
Thirteen weeks ended
January 31, 2009
February 2, 2008
� Total Revenues $ 465,536,000 $ 517,639,000 � Net Loss $
(33,267,000 ) $ (20,403,000 ) � Basic Loss Per Share: Average
Shares 52,223,000 51,903,000 � Net Loss $ (0.63 ) $ (0.39 ) �
Diluted Loss Per Share: Average Shares 52,223,000 51,903,000 � Net
Loss $ (0.63 ) $ (0.39 ) � � � �
Fifty-two weeks ended
January 31, 2009
February 2, 2008
� Total Revenues $ 1,927,788,000 $ 2,138,075,000 � Net Loss $
(30,429,000 ) $ (41,039,000 ) � Basic Loss Per Share: Average
Shares 52,136,000 52,130,000 � Net Loss $ (0.58 ) $ (0.79 ) �
Diluted Loss Per Share: Average Shares 52,136,000 52,130,000 � Net
Loss $ (0.58 ) $ (0.79 ) �
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