Earnings up, sales down for Pep Boys
Pep Boys - Manny, Moe & Jack posted $1.91 billion in sales for its fiscal year, ended Jan. 30, 2010. That compares to sales of $1.92 billion the previous year. Pep Boys' fiscal year net earnings totaled $23 million vs. a loss of $30.4 million last year.
The chain's comparable sales for the year decreased by 1.2% vs. the previous fiscal year.
For the fourth quarter, Pep Boys posted sales of $452.9 million, a 2.7% drop from the same period the previous year. However, the company's net earnings increased to $2.3 million during the fourth quarter vs. a loss of $33.3 million during the same period last year.
"We are pleased to report that we met our 2009 'Back in Black' commitment -- to return to profitability," says Pep Boys CEO Mike Odell. "The foundation of our turnaround has been our commitment to our customers and our focus on core automotive products and services. While we did not enjoy a comparable store sales increase in the fourth quarter, we did achieve customer count increases in both service and commercial.
"Our commitment for 2010 is 'Get to Great' as we focus on growing sales and continue to improve our execution, disciplines and profitability."
Odell adds that Pep Boys, which currently has 580-plus stores, plans to run "a single digit total sales increase this year. A portion of that sales increase will come from our growth strategy of opening new Service & Tire Centers."