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Pep Boys 1H Sales Up, Net Off

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126042PepBoysre_00000075063Pep Boys’ first half 2014 sales edged up slightly compared to the year prior, even as net earnings fell year-over-year.

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For the period, Pep Boys reported first half sales of $1.065 billion, up 0.1% from $1.064 for the same period last year. Overall comparable store sales feel 1.6%, but comp service sales rose 4.3% for the period.

Net earnings came in at $1.3 million for the first half, down from $9.2 million last year.

“Our service maintenance and repair business, as well as our digital and commercial operations, continue to be bright spots,” said president and CEO Mike Odell. “However, these gains were outpaced in the second quarter by declines in DIY and tires. During the first five weeks of the third quarter, our performance has improved to a small overall comp sales increase.

Mike continued, “In an effort to grow our top line, we have been investing in our business.

“Our investments in the Road Ahead, Digital Operations and Service & Tire Centers continue to produce positive results,” he said. “With four markets – Tampa, San Francisco, Boston and now Charlotte – re-opened in our Road Ahead format, we are growing marketshare with our target customer groups and, in turn, our sales. As we convert the next three markets– Cincinnati, Denver and Baltimore – in 2014 and plan for 50 additional stores in 2015, we have refined our model and expect to reduce the average per-store investment from $550,000 to $400,000.”

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