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PEP BOYS ANNOUNCES FOURTH QUARTER EARNINGS UP 44 PERCENT

 PEP BOYS ANNOUNCES FOURTH QUARTER EARNINGS UP 44 PERCENT
 PHILADELPHIA, March 26 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack


(NYSE: PBY) recorded record sales and a substantial increase in earnings for the 13 weeks ended Feb. 1, 1992.
 OPERATING RESULTS
 Fourth Quarter: Sales for the quarter ended Feb. 1, 1992, rose to a record $243,424,000, 15 percent greater than the $212,547,000 that was recorded last year. Total comparable store sales increased 7 percent, which includes 7 percent, 15 percent and 7 percent increases in comparable merchandise sales, comparable tire sales and comparable service revenue, respectively.
 Earnings for the period were $9,586,000, a 44 percent increase over the $6,678,000 that was achieved last year. Earnings per share were $.17, a 42 percent increase over the $.12 that was recorded last year.
 Fiscal Year: Sales for the fiscal year ended Feb. 1, 1992, climbed to a record $1,001,508,000, 13 percent greater than the $884,674,000 recorded last year. Total comparable store sales rose 5 percent, which includes 5 percent, 2 percent and 6 percent increases in comparable merchandise sales, comparable tire sales and comparable service revenue, respectively.
 Earnings for the year were a record $38,872,000, a 4 percent increase over the $37,530,000 that was achieved last year. Earnings per share were $.69, 3 percent greater than the $.67 that was recorded last year.
 STORE EXPANSION PROGRAM
 Fourth Quarter: Nine automotive supercenters were opened during the fourth quarter. These units were opened in New Orleans and Shreveport, La.; Columbia, S.C.; Knoxville, Tenn.; Tampa and Daytona Beach, Fla.; Exton, Pa.; Denton, Texas, and Nogales, Ariz. Two outmoded units were closed during the quarter.
 Fiscal Year: Twenty-seven automotive supercenters were opened during the year and three outmoded units were closed. As of Feb. 1, 1992, Pep Boys operated 337 units in 18 states.
 COMMENTARY
 Pep Boys Chief Executive Officer Mitchell G. Leibovitz made the following comments: "Although we were dissatisfied with our results for the year, we were pleased with the solid earnings increases that we achieved in the third and fourth quarters. The 11 percent increase in January same store sales enabled us to finish fiscal 1991 in solid fashion and begin the first quarter with strong sales momentum. With quarter-to-date comparable store sales running in excess of January's 11 percent increase, we are off to an excellent start in fiscal 1992."
 PEP BOYS -- MANNY, MOE & JACK
 13 weeks ended Feb. 1, 1992 Feb. 2, 1991 Pct. Change
 Total revenues $243,424,000 $212,547,000 15
 Net earnings 9,586,000 6,678,000 44
 Earnings per share $.17 $.12 42
 52 weeks ended Feb. 1, 1992 Feb. 2, 1991 Pct. Change
 Total revenues $1,001,508,000 $884,674,000 13
 Net earnings 38,872,000 37,530,000 4
 Earnings per share $.69 $.67 3
 /delval/
 -0- 3/26/92
 /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


JS-MK -- PH011 -- 1951 03/26/92 12:04 EST
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Date:Mar 26, 1992
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