Pep Boys posts its first quarter results
Pep Boys - Manny, Moe & Jack posted sales of $496.5 million on earnings of $20 million for the first quarter of its fiscal 2009 year, ended May 2. That compares to sales of $498 million on earnings of $9.4 million for the same period during its previous fiscal year.
First quarter 2009 earnings include a $6.2 million gain resulting from bond repurchases, according to Pep Boys officials.
"We are pleased with our progress and our first quarter results," says Pep Boys CEO Mike Odell. "As our turnaround continues, we will build upon this momentum in the second quarter and throughout 2009.
"Our television and radio promotions continue to drive customer traffic and sales in our core categories, and our expense reductions are making us profitable."