Pep Boys 4Q, full year sales drop slightly
Pep Boys - Manny, Moe & Jack achieved sales of $549.8 million during the fourth quarter of 2005, .7% less than 4Q 2004 sales. Its service revenue dropped 4.3% during that period, while its merchandise sales increased by .7%.
"Net loss from continuing operations before cumulative effect of change in accounting principle increased from a net loss of $9.7 million to a net loss of $22.7 million," say Pep Boys officials.
The company's sales for the fiscal year of 2005 (which, for Pep Boys, ended Jan. 28, 2006) were $2.23 billion, 1.5% lower than 2004 levels.
"Comparable merchandising sales decreased .2% and comparable service revenue decreased 6.1%."
"For 4Q, comparable service center revenue accelerated from recent quarters," says Pep Boys CEO Larry Stevenson.
"We have been emphasizing the stability and training of our re-invigorated store and field team, and that is starting to show results with customer volumes. As we begin 2006, our primary focus transitions from sales growth to increasing labor productivity and gross profit rates, while maintaining sales momentum."