PEP BOYS ANNOUNCES THIRD QUARTER SALES
PEP BOYS ANNOUNCES THIRD QUARTER SALES PHILADELPHIA, Nov. 7 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack
(NYSE: PBY), the nation's leading automotive aftermarket retail and service chain, today announced that sales for the 13 weeks ended Nov. 2, 1991, were $261,233,000, a 16 percent increase over the $224,823,000 that was recorded last year.
During the period, total comparable store sales increased 7 percent, which includes 9 percent and 7 percent increases in comparable service revenue and comparable merchandise sales. Earnings for the third quarter are expected to be released during the last week of November. STORE EXPANSION PROGRAM Five new automotive supercenters were opened during the third quarter, one of which replaced an outmoded, non-service unit in Fontana, Calif. The other new stores were opened in Nashville and Knoxville, Tenn., Orlando, Fla., and Raleigh, N.C. Pep Boys, which currently operates 330 stores in 18 states, said it expects to open 10 additional stores and close one outmoded unit during the fourth quarter. COMMENTARY Pep Boys' Chief Executive Officer Mitchell G. Leibovitz made the following comments: "We are pleased with the continued improvement in sales on a quarter to quarter basis. Despite the ongoing impact of the recession, especially in Southern California and the Mid-Atlantic states, our 7 percent increase in same store sales compares favorably with the 1 percent and 3 percent increases that were recorded during the first and second quarters, respectively. We remain optimistic about our ability to achieve a continuation of this positive sales trend in the fourth quarter." /delval/ -0- 11/7/91 /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: CC-MK -- PH025 -- 2312 11/07/91 14:43 EST
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|Date:||Nov 7, 1991|
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