Pep Boys posts first quarter gains
Pep Boys - Manny, Moe & Jack posted sales of $510 million on net earnings of $12 million for its fiscal first quarter, which ended May 1. This compares to sales of $496.5 million on earnings of $10.9 million achieved during the same period in 2009.
Pep Boys' comparable store sales increased 1.4% 1Q 2010 vs. 1Q 2009.
This was the chain's fifth consecutive quarter of improvements, says Pep Boys CEO Mike Odell. "And for the first time in many years, we achieved increased in both consumer count and sales across all lines of business."
Pep Boys opened five additional Service & Tire Centers, as well as a 14,000-square-foot prototype Supercenter and two more of its branded Speed Shops, "since the beginning of the fiscal year," according to CFO Ray Arthur. "Our growth plan remains on track and we expect to achieve our previously disclosed store opening and return targets."