Pep Boys reports sales increase

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Pep Boys -- Manny, Moe and Jack achieved sales of $566 million during the first quarter, 10.8% more than the same period last year.

Pep Boys' comparable merchandise sales increased 12.3% and its comparable service revenue jumped 5.6%.

The Philadelphia, Pa.-based company's net earnings from continuing operations improved from a net loss of $7.3 million to net earnings of $16.1 million.

Pep Boys' CEO Larry Stevenson says that while company officials are happy with the chain's first quarter performance, "we are in the early stages of our retail renewal and will be facing tougher comparisons throughout the balance of the year."

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