Pep Boys expects to post sales loss
Pep Boys - Manny, Moe & Jack says it expects 2008 sales will total $1.9 billion, down 9.8% from 2007 levels.
For the fourth quarter of 2008, Pep Boys expects to post sales of $466 million, a 10% decrease over 2007 sales.
"The general pullback in consumer spending during the fourth quarter of 2008 resulted in a weak holiday season and the deferral of tire purchases," say Pep Boys officials.
However, sales are improving in some areas. "The company is experiencing positive sales comparisons year on year in both it service and commercial businesses, particularly in the Northeast.
"Sales trends in the retail business have also improved but are still running at double-digit declines due to reduced customer demand in our discretionary categories."