Tire sales remain 'stable' at Pep Boys
Discussing Pep Boys - Manny, Moe & Jack's second quarter business, Pep Boys Interim CEO Mike Odell says tires and maintenance "have been stable categories" for the 560-store chain.
However, repair work "has been challenging," Odell mentioned during an investor conference held earlier today, Sept. 9. "We are seeing customers repair only what is necessary. And we're feeling the effects of fewer miles driven."
Pep Boys posted sales of $500 million on net earnings of $5.8 million during the second quarter. That compares to sales of $552 million on earnings of $3.9 million posted for the same period in 2007.
Odell told investors and analysts that Pep Boys has implemented a number of changes at its stores, "including drive-up service. We know we need to move quickly to improve our customer experience. Faster customer service is important."