Pep Boys Reports Lower Fourth Quarter Results But
Higher Fiscal Year Returns.
The Pep Boys - Manny, Moe & Jack said sales for the thirteen
weeks ended February 1, 2003, were $482.8 million, 5 percent less than
the $508,.5 million recorded last year. Comparable store sales, which
were negatively impacted by a 12.5 percent decline in comparable tire
sales, declined 5.2 percent.
Improved merchandise and service center margins and effective
expense control did not offset the decline in sales. As a result, the
Company reported comparable net earnings of $1,470,000 ($.03 per share
basic and diluted) as compared to $5,615,000 ($.11 per share basic and
diluted).
Sales for the fiscal year ended February 1, 2003 were $2.17
billion, 0.6 percent less than the $2.18 billion recorded last year.
Comparable store sales declined 0.7 percent. An improvement in
merchandise and service center margins as well as effective expense
control more than offset the 0.7 percent decline in comparable store
sales. As a result, comparable net earnings were $48.7million ($.95 per
share basic and $.90 per share diluted), 26 percent greater than the
$38.7 million ($.75 per share basic and $.74 per share diluted) that was
earned last year.
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