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April 16, 2013

Pep Boys Q4 sales up $25 million

The Pep Boys - Manny, Moe & Jack announced that sales for the 14 weeks ended Feb. 2, 2013 increased by $25.5 million, or 5.1%, to $530.8 million from $505.3 million for the 13 weeks ended Jan. 28, 2012. Excluding the 14th week of Q4 2012, comparable sales decreased 2.6%, consisting of an increase of 3.2% in comparable service revenue and a decrease of 4.1% in comparable merchandise sales.

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. Excluding the 14th week of Q4 2012 and re-categorizing sales into the respective lines of business from which they are generated, comparable service center revenue decreased 1.6%, while comparable retail sales decreased 3.6%.

Net loss for Q4 2012 was $14.5 million compared to a net loss of $4.4 million last year. Excluding the items discussed below, our loss from continuing operations before income taxes and discontinued operations for the fourth quarter of fiscal 2012 improved by $3.0 million as compared to the fourth quarter of fiscal 2011.

Sales for fiscal year 2012 increased by $27.1 million, or 1.3%, to $2,090.7 million from $2,063.6 million for fiscal 2011. Excluding the 53rd week of 2012, comparable sales decreased 2.0%, consisting of a 1.3% comparable service revenue increase offset by a 2.9% comparable merchandise sales decrease.

Excluding the 53rd week of 2012 and re-categorizing sales, comparable service center revenue (labor plus installed merchandise and tires) increased 0.3%, while comparable retail sales (DIY and Commercial) decreased 4.4%.

Net earnings for fiscal year 2012 were $12.8 million compared to $28.9 million in fiscal 2011. The fiscal 2012 results include, on a pre-tax basis, a net benefit of $3.9 million comprised of $42.8 million of merger termination fees, net of related expenses and a $1.3 million gain from the disposition of assets, mostly offset by a $17.8 million pension settlement charge, a $10.6 million asset impairment charge, $11.2 million of debt refinancing expense and $0.7 million of severance expense.

For more information visit www.pepboys.com.

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