Pep Boys has reported sales for fiscal year 2012 (ended Feb. 2) increased by $27.1 million, or 1.3%, to $2.09 billion from $2.06 billion for fiscal 2011. Net earnings were $12.8 million, compared to $28.9 million recorded in fiscal 2011.
“Our strategically important service maintenance and repair categories remain a bright spot in what was a disappointing year from a sales and profit perspective,” said Mike Odell, president and CEO. “To date, in the first quarter of 2013, comparable store sales trends have improved in both lines of business, with a low single-digit increase in service center revenue mostly offset by a low single-digit decline in retail sales.”
“With our refinancing completed and pension liabilities settled in 2012, we are in a strong position to continue to invest in our people and our business in order to grow Pep Boys’ market share in the service business,” added David Stern, executive vice president and CFO.