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PEP BOYS' SECOND QUARTER EARNINGS INCREASE 47 PERCENT

 PEP BOYS' SECOND QUARTER EARNINGS INCREASE 47 PERCENT
 PHILADELPHIA, Aug. 24 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack


(NYSE: PBY), the nation's leading automotive aftermarket retail and service chain, today announced record sales and earnings for the 13 weeks ended Aug. 1, 1992.
 Operating Results:
 Second Quarter:
 Sales for the quarter ended Aug. 1, 1992, rose to a record $309,211,000, 18 percent greater than the $261,800,000 that was recorded last year. Comparable store sales for the quarter increased 16 percent.
 Earnings for the period were $16,665,000, a 47 percent increase over the $11,311,000 that was achieved last year. Earnings per share were $.27, a 35 percent increase over the $.20 that was recorded last year.
 Six Months:
 Sales for the six months ended Aug. 1, 1992, rose to a record $584,774,000, 18 percent greater than the $496,851,000 recorded last year. Comparable store sales increased 14 percent during the first half of the fiscal year.
 Earnings for the first half of the year were $27,501,000, 48 percent greater than the $18,539,000 that was earned last year. Earnings per share were $.46, a 39 percent increase over the $.33 that was achieved last year.
 Store Expansion Program:
 Two warehouse format automotive supercenters were opened during the second quarter. The new units are in New Orleans, the company's seventh store in that market, and Santa Maria, Calif. At the close of the second quarter, Pep Boys operated 336 stores in 18 states.
 Pep Boys said it anticipates opening approximately 25 supercenters over the balance of the current fiscal year, including its initial units in Ft. Lauderdale and Miami, Fla., as well as Rochester, Syracuse, Buffalo and Utica, N.Y. Pep Boys' supercenters, which are approximately 23,000 square feet, include a large retail area that stocks more than 19,000 items for cars and light trucks as well as a 10-bay service center.
 Pep Boys Chief Executive Officer Mitchell G. Leibovitz made the following comments:
 "We continue to be pleased with the high level of customer receptivity to our market leading 'Everyday Low Pricing' policy and our catalog advertising program. The 16 percent increase in comparable store sales as well as substantial increases in both customer count and average customer purchase are evidence of the effectiveness of these programs. Since both of these new programs commenced in June 1991, it is encouraging to achieve sales increases of this magnitude on a post- anniversary basis.
 "Our strong month-to-date results for August, versus a 9 percent comparable store sales increase last August, support our belief that we will continue to achieve significant sales and earnings increases over the balance of the year."
 PEP BOYS -- MANNY, MOE & JACK
 Periods ended Aug. 1, 1992 Aug. 3, 1991
 13 weeks 13 weeks
 Total revenues $309,211,000 $261,800,000
 Net earnings 16,665,000 11,311,000
 Average shares
 outstanding 61,561,000 56,316,000
 Earnings per share $.27 $.20
 Periods ended Aug. 1, 1992 Aug. 3, 1991
 26 weeks 26 weeks
 Total revenues $584,774,000 $496,851,000
 Net earnings 27,501,000 18,539,000
 Average shares
 outstanding 59,591,000 56,191,000
 Earnings per share $.46 $.33
 /delval/
 -0- 8/24/92
 /CONTACT: Michael J. Holden, senior vp-finance and treasurer of Pep Boys, 215-227-9202/
 (PBY) CO: Pep Boys -- Manny, Moe & Jack ST: Pennsylvania IN: REA SU: ERN


MJ-MK -- PH005 -- 2514 08/24/92 10:35 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
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