Store sales growth in Pep Boys 2Q results

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The Pep Boys — Manny, Moe & Jack, has released the results second quarter and first half financial results.

Sales for the 13 weeks ended July 28, 2012, increased by $3.1 million, or 0.6%, to $525.7 million from $522.6 million for the same period last year. Comparable sales were flat consisting of a 3.1% comparable service revenue increase and a 0.9% comparable merchandise sales decrease.

In accordance with GAAP, service revenue is limited to labor sales, while merchandise sales include merchandise sold through both service center and retail lines of business.

Re-categorizing sales into the respective lines of business from which they are generated, comparable service center revenue (labor plus installed merchandise and tires) increased 3.8%, while comparable retail sales (DIY and commercial) decreased 3.8%.

Net earnings for the second quarter of fiscal 2012 increased to $33 million from $13.9 million recorded in the same period last year.

Sales for the 26 weeks ended July 30, 2012 increased by $14.1 million, or 1.4%, to $1,050.3 million from $1,036.1 million last year. Comparable sales decreased 1.4%, consisting of a 1% comparable service revenue increase and a 2% comparable merchandise sales decrease. Re-categorizing sales (see above), comparable service center revenue increased 1.6%, while comparable retail sales decreased 4.2%.

Net earnings for the first half of 2012 increased to $34.1 million from the $26.3 million recorded in the same period last year.

“We continue to be rewarded by our strategy to lead with our service business, which grew 3.8% on a comparable store sales basis and experienced an impressive 7.8% customer count increase,” says CEO and President Mike Odell. “A strong July, particularly in our service business, allowed us to record flat comparable sales during the quarter. While industry fundamentals remain solid over the long term, with consistent demand for maintenance and repair services, short-term headwinds, including the recent spike in gas prices, continue to challenge consumer spending relative to discretionary and deferrable purchases.”

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