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PEP BOYS' THIRD QUARTER EARNINGS INCREASE 37 PERCENT

 PHILADELPHIA, Nov. 23 ~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 Oct. 31, 1992.
 Operating Results
 Third Quarter:
 Sales for the quarter ended Oct. 31, 1992, rose to a record $298,809,000, 14 percent greater than the $261,233,000 that was recorded last year. Comparable store sales for the quarter increased 11 percent.
 Earnings for the period were $14,755,000, a 37 percent increase over the $10,747,000 that was achieved last year. Earnings per share were $.24, a 26 percent increase over the $.19 that was recorded last year.
 Nine Months:
 Sales for the nine months ended Oct. 31, 1992, rose to a record $883,583,000, 17 percent greater than the $758,084,000 recorded last year. Comparable store sales increased 13 percent during the first 39 weeks of the fiscal year.
 Earnings for the nine-month period were $42,256,000, 44 percent greater than the $29,286,000 that was earned last year. Earnings per share were $.70, a 35 percent increase over the $.52 that was achieved last year.
 Store Expansion Program
 Six warehouse format automotive supercenters were opened during the third quarter including the company's first stores in Rochester and Syracuse, N.Y., and Corpus Christi, Texas. In addition, new units were opened in Fountain Valley and Huntington Beach, Calif., and White Marsh, Md., all of which are in existing markets. Two outmoded units were closed during the quarter.
 Pep Boys said it anticipates opening as many as 20 warehouse format automotive supercenters during the fourth quarter, including its initial units in Ft. Lauderdale and Miami, Fla., Buffalo, Utica and Long Island, N.Y., as well as Mobile, Ala. The unit in Mobile, which is expected to open in December, will make Alabama the 20th state in which Pep Boys stores are located.
 Commentary
 Pep Boys Chief Executive Officer Mitchell G. Leibovitz made the following comments:
 "Ten consecutive months of double-digit comparable store sales increases enabled us to achieve solid earnings gains for the first three quarters of the year. The 37 percent increase in third quarter earnings was achieved in comparison with a 30 percent increase that was recorded in the third quarter of 1991.
 "Although we have been pleased with the performance of all of our current year new store additions, we are particularly enthused about the sales levels being generated at our new units in Rochester, N.Y., White Marsh, Md., and Pompano Beach, Fla., all of which are performing substantially ahead of budget."
 PEP BOYS -- MANNY, MOE & JACK
 Financial Highlights
 13 weeks ended Oct. 31, 1992 Nov. 2, 1991
 Total revenues $298,809,000 $261,233,000
 Net earnings 14,755,000 10,747,000
 Average shares outstanding 61,730,000 56,828,000
 Earnings per share $.24 $.19
 39 weeks ended Oct. 31, 1992 Nov. 2, 1991
 Total revenues $883,583,000 $758,084,000
 Net earnings 42,256,000 29,286,000
 Average shares outstanding 60,304,000 56,404,000
 Earnings per share $.70 $.52
 ~delval~
 -0- 11~23~92
 ~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

MP-MK -- PH003 -- 0288 11~23~92 09:19 PST
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Publication:PR Newswire
Date:Nov 23, 1992
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