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PEP BOYS FIRST QUARTER EARNINGS RISE 24 PERCENT

 PHILADELPHIA, May 25 /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 May 1, 1993.
 OPERATING RESULTS
 Sales for the quarter ended May 1, 1993, rose to a record $299,147,000, 9 percent greater than the $275,563,000 that was recorded last year. Comparable store sales increased 3 percent during the quarter.
 Earnings for the period were a record $13,442,000, a 24 percent increase over the $10,836,000 that was achieved last year. Earnings per share were $.22, a 16 percent increase over the $.19 that was recorded last year.
 STORE EXPANSION PROGRAM
 Three warehouse format automotive supercenters, which are approximately 23,000 square feet and feature 10 service bays, were opened during the first quarter. On April 17, Pep Boys made its entry into Seekonk, Mass., the company's first store in New England. On April 23, the company opened its third unit in Ft. Lauderdale, Fla., and a new store in Temecula, Calif., was opened on April 30. An outmoded, two-service-bay store in Los Angeles was closed on April 3.
 Pep Boys, which operates 359 stores in 21 states, said it anticipates opening as many as 37 additional automotive supercenters during the balance of the fiscal year, including its first units in Arkansas, Rhode Island, Missouri and Illinois.
 COMMENTARY
 Pep Boys Chief Executive Officer Mitchell G. Leibovitz made the following comments:
 "Despite poor weather conditions and somewhat predictable weakness in the sale of tires brought about by a complete revamping of our tire program as well as lower freon sales resulting from strict federal regulations, we were pleased to generate record results for the quarter. Below-budget sales were partially offset by an improvement in our merchandise margins as well as solid expense control.
 "On June 6, the tedious tire program transition will end and we will come to market with a more efficient and more appealing tire offering which will feature three top-quality, national brands -- Michelin, B.F. Goodrich and Uniroyal as well as our private label, Cornell. We are hopeful that this new program, coupled with new television advertising support, will generate an improved level of tire sales and related installation revenue over the balance of the year.
 "We continue to be extremely enthused by the sales levels being generated by our first year stores and consumer receptivity to Pep Boys' unique, one-stop shopping format in new markets."
 PEP BOYS -- MANNY, MOE & JACK
 Thirteen weeks ended May 1, 1993 May 2, 1992
 Total revenues $299,147,000 $275,563,000
 Net earnings 13,442,000 10,836,000
 Average shares outstanding 61,899,000 57,622,000
 Earnings per share $.22 $.19
 /delval/
 -0- 5/25/93
 /CONTACT: Michael J. Holden, senior vp-finance and treasurer of Pep Boys, 215-227-9202, or fax, 215-227-4067/
 (PBY)


CO: Pep Boys -- Manny, Moe & Jack ST: Pennsylvania IN: REA SU: ERN

MK-MP -- PH005 -- 2020 05/25/93 09:10 EDT
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Publication:PR Newswire
Date:May 25, 1993
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