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Pep Boys posts second quarter results

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Pep Boys - Manny, Moe & Jack 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.

"During the quarter, we settled our synthetic lease obligation through a combined ue of $41.1 million of cash on hand and $76 million in cash generated from a sale leaseback transaction of 22 properties," says Pep Boys CFO Ray Arthur. (For more about the leaseback deal, see the Sept. 2 moderntiredealer.com news report, "Pep Boys unloads 20-plus properties.")

For the first half of 2008, Pep Boys achieved sales of $998 million versus $1 billion during the first six months of 2007. The company's first half net earnings totaled $11 million, $3 million more than it posted during last year's first half.

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