Retail

Pep Boys posts third quarter results, including tire revenue drop

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Pep Boys -- Manny, Moe & Jack achieved $559 million in sales during the third quarter, a 4% increase over the same period last year.

Pep Boys´ comparable retail sales for the quarter grew 10.3%. However, its service center revenue -- which includes labor, plus installed merchandise and tires -- dropped 3.4%.

The Philadelphia, Pa.-based chain´s 3Q net earnings were $7.8 million vs. $13.4 million during the third quarter of 2003.

"While the current quarter´s sales and margins in our service and tires business were unacceptable, we are making concerted and significant strides in rebuilding our service capabilities and infrastructure," says Pep Boys Chairman and CEO Larry Stevenson. "It will, however, take us a number of quarters before that progress is apparent."

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