Tire sales down at Pep Boys
Tire sales at Pep Boys - Manny, Moe & Jack were down "across the board" during the third quarter, Pep Boys CEO Mike Odell said earlier today during a conference call.
The reduction in miles driven during the quarter contributed to lower sales, he explained.
However, tires will remain a significant part of the chain's business, he added. "It's a good business for us. People are going to need tires; it's just a matter of (waiting for) them to wear out."
Earlier today, Pep Boys published its third quarter financial results. Sales were $464.2 million, down $64 million from the same period last year. Pep Boys also took a $7.3 million loss during the third quarter.