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PEP BOYS FIRST QUARTER COMPARABLE STORES SALES INCREASE 13 PERCENT

 PEP BOYS FIRST QUARTER COMPARABLE STORES SALES INCREASE 13 PERCENT
 PHILADELPHIA, May 6 /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 May 2, 1992, were a record $275,563,000, a 17 percent increase over the $235,051,000 that was recorded last year.
 During the quarter, total comparable stores sales increased 13 percent, which included 13 percent, 6 percent and 14 percent increases in comparable merchandise sales, comparable tire sales and comparable service revenues, respectively.
 Earnings for the quarter are expected to be released during the last week of May.
 Two warehouse format automotive supercenters were opened during the first quarter. The new units are in Gainesville and Melbourne, Fla. An outmoded, non-service unit in Poway, Calif., was closed. At the close of the first quarter, Pep Boys operated 333 stores in 18 states.
 Pep Boys' CEO, Mitchell G. Leibovitz, made the following comments:
 "We are extremely pleased with our first quarter sales results. Including January, we have now achieved double digit same store sales increases for four consecutive months despite the recession. The 13 percent increase in comparable store sales is well in excess of the 6 percent increase that was budgeted for the quarter. We are particularly encouraged by the 14 percent increase in comparable service center revenue and are hopeful that it represents an end to the deferral of automotive maintenance and repair that has been prevalent throughout the recession."
 /delval/
 -0- 5/6/92
 /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:


KA-MP -- PH010 -- 6972 05/06/92 10:06 EDT
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Publication:PR Newswire
Date:May 6, 1992
Words:290
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