Pep Boys Reports First Quarter 2011 Results
June 06 2011 - 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 April 30, 2011.
Sales
Sales for the thirteen weeks ended April 30, 2011 increased by
$3.5 million, or 0.7%, to $513.5 million from $510.0 million for
the thirteen weeks ended May 1, 2010. Comparable sales
decreased 0.6%, consisting of a 1.6% comparable service revenue
increase and a 1.2% 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 (labor plus installed
merchandise and tires) increased 0.3%, while comparable Retail
Sales (DIY and Commercial) decreased 1.5%.
Earnings
Net earnings for the first quarter of fiscal 2011 increased to
$12.4 million ($0.23 per share) from $12.0 million ($0.23 per
share) recorded in the same period last year.
Commentary
“We recognize that our customers’ spending is constrained due to
gas prices, and that the rainy spring reduced demand for appearance
products, but this does not alter our long-term strategy to be the
Automotive Solutions Provider of Choice for the Value Oriented
Customer,” commented President & CEO Mike Odell. “In fact, we
deliver a great value every day, which is well-suited to the needs
of our customers.”
Mike continued, “In the face of these macroeconomic trends, we
continued to improve our operational disciplines and achieved our
ninth consecutive quarter of improved profitability
(period-over-period). Our service business, which is the lead
business in our transformation, continued its positive sales comp
trend and continues to grow through the addition of Service &
Tire Centers. During the first quarter, we opened nine new
locations, including the acquisition of seven locations in
Seattle-Tacoma. In May, we acquired 85 Big 10 locations in Florida,
Georgia and Alabama. This brings the total number of Service &
Tire Centers currently in operation to 147.”
“After funding all of our Service & Tire Center acquisitions
to date with cash on hand, we currently have approximately $50
million in cash and remain undrawn on our revolver,” said CFO Ray
Arthur. “In addition, we recently had our owned store real estate
reappraised at a value of approximately $690 million, of which half
is unencumbered. All of which translates into a balance sheet that
is well positioned to continue our aggressive growth.”
Pep Boys has more than 7,000 service bays within over 700 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 (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 7 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 7 on
Pep Boys’ website at www.pepboys.com.
Pep Boys Financial Highlights
Thirteen weeks
ended
April 30,
2011
May 1,
2010
Total revenues $ 513,540,000 $ 510,033,000 Net
earnings $ 12,368,000 $ 11,950,000 Basic earnings per share:
Average shares 52,881,000 52,526,000 Basic earnings per
share: $ 0.23 $ 0.23 Diluted earnings per share: Average
shares 53,566,000 52,933,000 Diluted earnings per share: $
0.23 $ 0.23
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