Sales down, profits up at Pep Boys
Pep Boys - Manny, Moe & Jack posted sales of $558.8 million for the second quarter of 2007, 3.6% less than during the same period last year. However, the chain's 2Q operating profit increased to $17.2 million.
"We have accelerated the company's execution of previously initiated programs to improve its operational efficiency and move towards monetizing certain real estate assets," says Pep Boys CEO and President Jeffrey Rachor.
"Our efforts to expand margins and manage down our cost structure have yielded improved operating performance in the first half of the year."