Pep Boys releases second quarter results
Pep Boys - Manny, Moe & Jack posted sales of $488.9 million for the second quarter vs. $500 million during the same period last year. Earnings for the second quarter of 2009 rose to $12.8 million, an increase of $6.2 million from 2Q 2008.
"We are pleased with our performance for the quarter and year-to-date remain on track with our turnaround," says Pep Boys CEO Mike Odell. "Our service center and commercial businesses show strong revenue growth and our core DIY retail business is stable.
"On our store growth front," he continues, "we have started to prove out our hub and spoke strategy by opening five new service and tire centers since our first quarter earnings release, bringing our year-to-date openings to six."