Pep Boys Reports First Quarter 2010 Results
June 07 2010 - 4:30PM
Business Wire
The Pep Boys — Manny, Moe & Jack (NYSE: “PBY”), the
nation’s leading automotive aftermarket service and retail chain,
today announced results for the thirteen weeks (first quarter)
ended May 1, 2010.
Sales
Sales for the thirteen weeks ended May 1, 2010 increased by
$13.5 million, or 2.7%, to $510.0 million from $496.5 million for
the thirteen weeks ended May 2, 2009. Comparable sales
increased 1.4%, consisting of a 0.1% comparable service revenue
increase and a 1.7% comparable merchandise sales increase. 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 (labor plus installed
merchandise and tires) increased 0.9%, while comparable Retail
Sales (DIY and Commercial) increased 1.8%.
Earnings
Net earnings for the first quarter of fiscal 2010 increased to
$12.0 million ($0.23 per share) from $10.9 million ($0.21 per
share) recorded in the same period last year. The first quarter
2009 results included, on a pre-tax basis, a $6.2 million gain
resulting from bond repurchases.
Commentary
“For the fifth consecutive period, our quarter-over-quarter
profitability has improved,” commented CEO Mike Odell. “And for the
first time in many years, we achieved increases in both customer
count and sales across all lines of business.”
Mike commented further, “We continue to earn the trust of our
customers every day by delivering an experience that is based on
speed, expertise, respect and value. We recently launched a new
marketing campaign, social media efforts and an improved website to
more fully communicate the breadth of automotive services, tires,
parts and accessories available at Pep Boys. And, of course, our
18,000 associates stand ready to deliver on our vision to be the
automotive solutions provider of choice for the value-oriented
customer.”
“We have opened five more Service & Tire Centers, another
14,000-square-foot prototype Supercenter and two more Speed Shops
within existing Supercenters since the beginning of the fiscal
year,” noted CFO Ray Arthur. “Our growth plan remains on track and
we expect to achieve our previously disclosed store opening and
return targets.”
Pep Boys has more than 6,000 service bays within over 590 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 first quarter will be broadcast live
on Tuesday, June 8 at 8:30 a.m. ET over the Internet at
the Vcall website, located at http://www.investorcalendar.com. To
listen to the call live, please go to the website 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 June 8
on Pep Boys’ website at www.pepboys.com.
Pep Boys Financial
Highlights
Thirteen weeks ended
May 1, 2010
May 2, 2009
Total Revenues $ 510,033,000 $ 496,488,000 Net
Earnings $ 11,950,000 $ 10,909,000 Basic Earnings Per Share:
Average Shares 52,526,000 52,333,000 Basic earnings per
share: $ 0.23 $ 0.21 Diluted Earnings Per Share: Average
Shares 52,933,000 52,376,000 Diluted earnings per share: $
0.23 $ 0.21
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