First quarter earnings increase 15%.PHILADELPHIA--(BUSINESS WIRE)--May 15, 1997--Pep Boys -- Manny Manny may refer to: In nobility:
See: New York Stock Exchange : `PBY'), the nation's leading automotive aftermarket retail and service chain, announced record sales and earnings for the thirteen weeks ended May 3, 1997. OPERATING RESULTS Sales for the quarter ended May 3, 1997, which were negatively impacted by unseasonably cool and rainy weather in a number of key markets, rose to a record $489,278,000, 14% greater than the $428,614,000 recorded last year. Comparable store sales and service labor revenue increased 2% and 11%, respectively, during the quarter. Earnings for the period were $23,146,000, 15% ore than the $20,116,000 earned last year. Earnings per share were 37 cents, 12% more than the 33 cents achieved last year. STORE EXPANSION PROGRAM Sixteen stores -- nine Supercenters and seven PartsUSA stores -- opened during the quarter. The Supercenters were opened in South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. , Ind., Yuba City Yuba City (y  `bə), town (1990 pop. 27,437), seat of Sutter co., N central Calif., on the Feather River; founded 1849 during the gold rush; inc. 1908. , Calif., Pittsburgh, Pa. (2), Detroit, Mich., Bradenton,
Fla., Berlin, N.J., Chicago, and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , while the PartsUSA stores
were opened in Washington, D.C., Bronx, N.Y. (2), Buffalo, N.Y.,
Douglas, Ariz., Brooklyn, N.Y., and Modesto, Calif.The impact of excessive rain on site work caused the store opening schedule to be delayed. As a result, eight of the sixteen new stores opened during the last week of the quarter and two stores scheduled to open late in the quarter slipped into the second quarter; however, both of the stores opened by May 8. Pep Boys, which operates 620 stores in 33 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico, anticipates opening approximately 104 stores during the balance of the fiscal year including as many as 26 new stores during the second quarter. COMMENTARY Pep Boys' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mitchell G. Leibovitz, made the following comments: "Although we were disappointed with our first quarter results, we continue to be optimistic about our prospects for the future. "The long awaited consolidation in the 'do-it-yourself' sector is upon us as is increased demand and opportunity in the huge and rapidly growing 'do-it-for-me' category; both of these factors should be beneficial for Pep Boys. "Despite the sluggishness in 'do-it-yourself' sales that has impacted our industry over the past few years, we believe that our unique ability to also serve the 'do-it-for-me' segment and our recent entry in the professional or 'buy-for-resale' segment makes Pep Boys the best positioned retail company in the changing automotive aftermarket." -0-
PEP BOYS FINANCIAL HIGHLIGHTS
Thirteen Thirteen
Weeks Ended Weeks Ended %
May 3, 1997 May 4, 1996 Change
------------ ------------ ------
Total Revenues $489,278,000 $428,614,000 +14
Net Earnings $ 23,146,000 $ 20,116,000 +15
Net Earnings
Per Share $ .37 $ .33 +12
CONTACT: Pep Boys Nancy R. Kyle, director of Investor Relations Investor relations The process by which the corporation communicates with its investors. 215/226-9720, Fax: 215/223-5267 e-mail address See Internet address. e-mail address - electronic mail address :nkyle@pepboys.com Internet:http://www.pepboys.com |
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