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Sales up, income down for Pep Boys in 2011

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Pep Boys-Manny, Moe & Jack posted net earnings of $28.9 million on net sales of more than $2 billion for its 2011 fiscal year ended Jan. 28, 2012. That compares to earnings of $36.6 million on sales of nearly $2 billion for fiscal 2010.

The company's income-to-sales ratio was 1.4%. Comparable store sales decreased 0.6%, consisting of a 0.6% comparable service revenue increase offset by a 0.9% comparable merchandise sales decrease.

Recategorizing sales into the respective lines of business from which they are generated, comparable service center revenue (labor plus installed merchandise and tires) increased 1.3%. Comparable retail sales (DIY and commercial) decreased 2.3%.

Pep Boys recorded a net loss of $4.4 million on net sales of $505.3 million for its 13-week fourth quarter ended Jan. 28, 2012.

Comparable sales increased 0.8%, consisting of a decrease of 0.1% in comparable service revenue and an increase of 1% in comparable merchandise sales. After recategorizing sales (see above), comparable service center revenue increased 4.6%, while comparable retail sales decreased 2.7%.

Pep Boys has more than 7,000 service bays in more than 730 locations in 35 states and Puerto Rico. For more information, visit www.pepboys.com.

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